Awww yeah tax season

[Nitrous Chevy]

Westley Snipes

 

[importcrew]

Dont you own a business? how in the fuck can you be paying in that much as a business owner? CA fist fucking you that bad? or is all of that paying in federal state or both?

Writing a 34k check. What am I doing wrong?

My wife pays about that much as well with her business.

Need moar deductions, haven't you learned from trump? where there is a will there is a way to skip out on 2 decades of taxes

I always try to maximize my deductions every year. My mileage, work tools, protective clothing/boots, vehicle maintenance, union dues, and so much more for work and deductions from my business. You'd be surprised what's deductable.

What hurts me is that I file "married, filing separate." Since my wife has her business and me, mine, it's better to separate our taxes. I always look forward to a tax "return" at the end of the year while my wife pays. If we were to file together, then my taxes would lessen the burden of hers.

 

[Rent Free]

cant people donate to keep the amount a business owner would have to pay in down? Or at least count it as a deduction?

Id throw money left and right to various "causes" if it meant less went to the feds!

Its way over my had how taxes work for a business but it certianly seems that more can or could be done to lessen paying in like 30someK in taxes F all that noise!!!

 

[RICH17]

Hoping for at least a grand. But I am sure I'll get fucked somehow

 

[FESTER665]

Expect my usual 1-2k return, and that will go straight towards the transmission for the car.

 

[importcrew]

cant people donate to keep the amount a business owner would have to pay in down? Or at least count it as a deduction?

Id throw money left and right to various "causes" if it meant less went to the feds!

Its way over my had how taxes work for a business but it certianly seems that more can or could be done to lessen paying in like 30someK in taxes F all that noise!!!

There's plenty that a business can do to lessen the burden and use as a deduction for business, work, and/or personal.

You can donate to charities but donations only account up to so much. There's limits to deductions. Depending on what kind of deductions that are taken, some deductions can carry over to the next year. You can also donate stuff you don't use or want to Goodwill and guess what....tax deductible.

Deductions (depending on what kind and whether for business, work, or personal), limits can be 2.5% of income (as of this year. Not sure if the percentage changes), or can be capped at a certain amount. A good tax preparer or CPA can also find ways to place deductions under certain catagories on the paperwork to help you out as well that would maximize deductions. There's also personal deductions you're allowed to deduct under certain conditions.

Home Improvement projects can possibly be deductable, but not all projects. Insulating a house is allowed (iirc), and projects that have a "greener" impact (solar panels).

Best thing to do is talk to a reputable tax preparer or CPA. Either that or research on the IRS website.

 

[bmoore04]

If you owe 34k you should be increasing your estimated tax payments.

 

[1quick]

He probably doesn't have taxes withheld during the year and just pays it at the end

 

[Rent Free]

i cant imaging sending the feds a check for pretty much the same amount as my car cost. i think id slit my wrists then again mike rocks the tesla and likely doesnt give a shit.

 

[BigJohnson]

He probably doesn't have taxes withheld during the year and just pays it at the end

I believe he works for himself. So at the end of the year he is going to have to pay taxes on his income. Seeing as he writes his own checks he's going to have to pay. So people saying that he's laying to much have no clue what's going on

 

[willizm]

So far i'm only getting about $1400 back but waiting to see if a couple more forms come in. I claim a ton of deductions on my w2 so as long as I can come out even with all my itemizations i'll be happy.

 

[Chester Copperpot]

Still waiting on all of my paperwork. Haven't received a single piece.

 

[Gone_2022]

Just got my w-2 gotta wait on the wife's stuff. Last year I filed our taxes then like 2 weeks after I filed, 1 random document showed up for interest or something. It was a very very small amount, but it was like late feb when it came in. I just ignored it because of the small amount. The gov already processed my stuff and businesses should have everything to consumers by the end of jan anyway

 

[Mike K]

LOL! Either making too much money or you need a new CPA.... I do my own taxes(small business) and have broke pretty even the past few years with a $2-4k return...My brother and his wife have their own business that runs $100's of thousands quarterly through the company(not profit) and find it easier to keep up with quarterly. They have fired 2 different CPA's in the past 6 years because of paying what you have(at the end of the year) even after paying $30k+ quarterly. They make too much money...LOL!

It's all legitimate. I do my own taxes now after having just fully incompetent CPAs. People get CPA's because they think the CPA is going to save them money and maybe they don't have a mind for numbers but almost every CPA I've dealt with is borderline incompetent. My last one forged my signature on a bunch of federal documents when he could have gotten a simple power of attorney from me. Then he didn't file paperwork in time, wasn't aware of certain deductions I was aware of, etc. My grandfather used to do it for me. He was an amazing accountant and got into it for the same reason. He had a few companies in the 60's and everyone he dealt with was horrible.

There was a $24,000 net profit on stocks this year which didn't help and I never bothered making any quarterly payments on those.

I don't mind writing big checks though. If you're not writing big checks you're not having big years, right? Right!

 

[crooks]

Hoping I dont have to wait till the end of February for one of my w2s like last year. I just called and reminded them I havent got it yet and got ya you should have it by Jan 31st line.

 

[Gone_2022]

Yea w-2's should be enroute to employees by the 31st at the latest. When our bank interest statement showed up late feb I was like wtf. Now granted we made like $1.00 dollar on that account in interest, so leaving that off my taxes that were already filed is nothing compared to leaving a w-2 off lol

 

[muskie]

Getting $800 back between Fed and State. I try and keep my refunds low or end up owing a little bit. Let me manage my money. The Fed doesn't need interest free loans from me.

 

[Primalzer]

Still waiting on W-2's

Work always is late getting them to me...I've got the rest of the stuff in order though, so all I need is the W-2's, and I'm ready to go

 

[Flyn]

Home office and other business deductions helped a lot. Still owe a grand to Uncle Sam. I try to keep it around there every year.

 

[SKYLINE]

Every year i only get around $300 back.
But they take about $480 off my paycheck every week :/

They tell me i should get married and have kids, So i can get a bigger refund.

 

[importcrew]

Home office and other business deductions helped a lot. Still owe a grand to Uncle Sam. I try to keep it around there every year.

All my work and business deductions is what helped me out this year as I made a pretty big decrease from last year's total income. Still got about the same as last year.

 

[Mr. SBF]

Every year i only get around $300 back.
But they take about $480 off my paycheck every week :/

They tell me i should get married and have kids, So i can get a bigger refund.

Fuck No.... #FindThemFeelThemFuckThem&ForgetThem

 

[blck10th]

The amount of $ you get back for a kid is pennies maybe even hay pennies compared to money spent.

Stay single and childless my friends.

There shouldn't IMO be lower tax rate for married people. Don't they know what single guys spend money on? Expensive hobbies. Cars, guns, boats, quads, strippers, and more.

 

[Dasfinc]

The amount of $ you get back for a kid is pennies maybe even hay pennies compared to money spent.

Stay single and childless my friends.

There shouldn't IMO be lower tax rate for married people. Don't they know what single guys spend money on? Expensive hobbies. Cars, guns, boats, quads, strippers, and more.

Tax rate isn't 'lower' as one may think, it's just common to drop tax brackets when you have dual income where one party may be lower.

I don't remember the numbers but say you make 42k a year, and your wife makes 12 because she is in school and working part time

Well the single bracket for 23% was 30-55, married is 55-80

So bam, you just dropped tax brackets because you are under 55k married.

(Again, I don't remember what the numbers actually are, just giving an example).

 

[1quick]

Tax rate isn't 'lower' as one may think, it's just common to drop tax brackets when you have dual income where one party may be lower.

I don't remember the numbers but say you make 42k a year, and your wife makes 12 because she is in school and working part time

Well the single bracket for 23% was 30-55, married is 55-80

So bam, you just dropped tax brackets because you are under 55k married.

(Again, I don't remember what the numbers actually are, just giving an example).

It's gross adjusted 70 something thousand bumps you to the 25% bracket anything under that is 15% if I remember right, married filing jointly