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All-In [31520]
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Have we talked about taxes this year?
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Apr 3, 2024, 4:56 PM
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I had been under the assumption I would have short term cap gains tax liability for the sale of my home last year, as I didn’t own it for the 2 years required for the exemption. HOWEVER, apparently there are exceptions for “unforeseen” circumstances, one of which is moving >50 miles for change of employment. SO the gubmint can suck on my hairy beanbag, they ain’t getting any of that cash.
I sat down to do my taxes assuming I would have to write a big check, and instead am due a big refund because both places I worked last year withheld the max SS tax, and apparently you only have to pay that for one employer.
In short, this is most excellent news. Unfortunately, I’m sure my wife will just spend it all.
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Lot o points [181076]
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I didn't have to write as big a check as normal
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Apr 3, 2024, 4:58 PM
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Thanks Joe?
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All-TigerNet [14479]
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Re: I didn't have to write as big a check as normal
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Apr 3, 2024, 9:17 PM
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it is the trump tax cuts that are still in effect but run out next year. the pedophile with dementia can not wait to get rid of them.
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All-In [43849]
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Hi Deroberts!
Apr 4, 2024, 10:15 AM
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SMH YOU GOOBER WHAT ARE YOU DOING IN HERE?
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Oculus Spirit [81130]
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"Trump tax cuts"..what a joke.
Apr 4, 2024, 10:26 AM
[ in reply to Re: I didn't have to write as big a check as normal ] |
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I never paid less in any withholdings, but sure had to more at year end.
How is that a tax cut? My taxes at year-end have been effed up since then.
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Oculus Spirit [85453]
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Sounds like somebody's goin in the RED
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Apr 3, 2024, 4:59 PM
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LOBSTER!!!!
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Oculus Spirit [76401]
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Bro, Texas Roadhouse
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Apr 3, 2024, 6:15 PM
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Ride or die.
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Lot o points [163012]
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Hit my estimated tax pretty close
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Apr 3, 2024, 5:35 PM
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1st quarter estimate going out soon though.
Nice surprise on the SS tax and the partial exclusion rules. Good for you.
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Oculus Spirit [81130]
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Why are you telling her?***
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Apr 3, 2024, 6:02 PM
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Hall of Famer [21978]
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Three quick things
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Apr 3, 2024, 7:58 PM
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1- #### you. How TF do you get money back as a doc???
2- I'm so sick of paying taxes. All these morons involved in politics all talking bout somfuckshit. I hate everything in Washington. All of em can choke on a ####.
3- I didn't pay cap gains taxes either in 20, same circumstances as when we left ATL.
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Hall of Famer [21978]
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Caveat
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Apr 3, 2024, 8:01 PM
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We did pay taxes on all the money given as part of relocation package
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All-In [31520]
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Re: Three quick things
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Apr 3, 2024, 9:06 PM
[ in reply to Three quick things ] |
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They withhold a metric ####### shitload
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Oculus Spirit [75780]
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Quit your job and never pay taxes again!***
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Apr 4, 2024, 9:38 AM
[ in reply to Three quick things ] |
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Oculus Spirit [81979]
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We got a refund surprisingly.***
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Apr 3, 2024, 8:52 PM
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All-In [49216]
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I need to start mine. Software loaded, documents gathered. Will prolly have to
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Apr 3, 2024, 8:59 PM
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pay.
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CU Medallion [60075]
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$28k owed. Lol
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Apr 3, 2024, 10:14 PM
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It is what it is at this point. Been this way for years now and no stopping….at least Biden made it less this year.
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All-In [31520]
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Re: $28k owed. Lol
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Apr 3, 2024, 10:25 PM
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I assume this only happens when you’re not a W2 employee? The bean counters at the hospital seem to know to the nickel how much to withhold out of my paychecks to make me really close to even.
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CU Medallion [60075]
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Bonuses and Cap Gains
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Apr 3, 2024, 11:33 PM
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toooooooo much.
Well, not too much, but too much.
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All-In [31937]
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Bonuses normally get more withheld than normal earnings....
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Apr 4, 2024, 12:22 AM
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So that shouldn't drive up what you owe
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CU Medallion [60075]
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We both claim max and then get taxed
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Apr 4, 2024, 12:49 AM
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nearly 40%, to be exact 38 on her last and 32 on my last. Then we are doing other transactions that drive it up. Cap gains taxes are horrific.
This happens multiple times a year. It is what it is. I am not complaining and we have an amazing financial advisor and tax accountant. I just want to scream when others are complaining about their $2k back.
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Lot o points [156046]
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Manac, dont get angry with me here,
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Apr 4, 2024, 9:20 AM
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But if you’re paying an effective tax rate of 40%, it may be time to question the awesomeness of your CPA.
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All-In [31520]
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Re: Manac, dont get angry with me here,
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Apr 4, 2024, 9:32 AM
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Yeah not possible. My effective rate state + fed was 25.7% this year
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Hall of Famer [21978]
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Hall of Famer [24171]
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CU Medallion [60075]
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Well, it mostly has to do with me selling a
Apr 4, 2024, 12:06 PM
[ in reply to Manac, dont get angry with me here, ] |
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Condo this year. I had good renters and should have just kept it that way. But they wanted to buy it, so I sold. Income tax bracket had us at 20% when I sold.
Lots of irons in the fire that I don’t want to talk about on here.
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Oculus Spirit [81130]
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All-In [43849]
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Can't do that working in a gym!***
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Apr 4, 2024, 9:35 AM
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Oculus Spirit [81130]
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Re: Can't do that working in a gym!***
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Apr 4, 2024, 9:43 AM
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Oculus Spirit [75780]
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This is because the calculators ADP uses will think
Apr 4, 2024, 9:58 AM
[ in reply to Bonuses normally get more withheld than normal earnings.... ] |
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somebody with a $10000 bonus check is suddenly making $260K more than what their salary is. I would run a separate payroll at at the bank to keep the folks making between $60k $100k from getting slammed too hard, wasn't much to be done for the big earners though.
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All-In [31937]
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My understanding from my Finance dept is that...
Apr 4, 2024, 3:45 PM
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Bonus checks are required to have higher withholding because they're considered supplemental income by the IRS. It all works out when you file of course. But my point was that a bonus shouldn't drive up what one would owe when filing because it should have had a withholding higher than your reflective tax rate when you file.
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Oculus Spirit [85453]
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I just needed to finish a couple things last night
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Apr 4, 2024, 9:18 AM
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and it took almost 2 hours.
Hate we are only getting back $2,100 this year. Was too tired to get driver's license to file before bed.
Poot.
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Oculus Spirit [81130]
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When are they due--April 15?
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Apr 4, 2024, 9:32 AM
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I'll start them around the 13th, stew on it for a day or two, and file on the 15th, or if I get p!ssed off..on the 16th.
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Oculus Spirit [85453]
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You know you can do them earlier and set up the payment for the 15th
Apr 4, 2024, 9:39 AM
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right?
You aren't hurting the gubmint by procrastinating.
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Oculus Spirit [81130]
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Why would i do them earlier?***
Apr 4, 2024, 9:44 AM
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Oculus Spirit [85453]
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I think the longer you think about them the more unhappy you are.
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Apr 4, 2024, 9:50 AM
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Methinks you would be happier if you completed them sooner and set up to pay on the 15th so you wouldn't think about it anymore.
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Oculus Spirit [81130]
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I like that I'll have to sell some RSU's (that I'll have to pays taxes on) to
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Apr 4, 2024, 10:00 AM
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pay extra the taxes on my income that I haven't already paid taxes on throughout the year.
Its like a tax on a tax on a tax.
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All-In [40946]
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I never know and it always seems to be worse than I expected.
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Apr 4, 2024, 9:36 AM
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small businesses up and down from year to year. Estimated taxes are based on last year. Capital gains can really hurt if property is sold and I don't want to 1031.
2 years ago my accountant said I was about 14k short on tax day. She was wrong we were actually close. The IRS took the rest for the next year's taxes and sent me a refund of $1. I guess it was some sort of rounding difference.
I am guessing that I am short this year by about 10k, but I won't find out until a few days before the deadline and we will file an extension, like I have every year for the last 28 years or so.
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Oculus Spirit [81130]
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Filing an extension doesn't change when your taxes are due.
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Apr 4, 2024, 9:46 AM
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I never understood that. I need to figure some stuff out that's going to take until after teh 15th..but I need to pay what I owe by the 15th. How do I know what I'll owe??
This whole tax thing is bullchit and needs to be changed.
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All-In [40946]
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yes, My accountant guesses and I send in a check on the 15th
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Apr 4, 2024, 9:59 AM
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if she guesses too low, I get hit with fees and penalties. If she guesses high, the IRS keeps it and applies it to future estimated taxes.
I never seem to have all my K-1's by the 15th. My small business tax returns are 100s of pages. I have two businesses. They are S-Corps so all gets dumped into my personal tax return. So I get to pay a lot of taxes on money that doesn't really exist. The company made money but some of the expenses are not tax deductible yet I can't not pay them.
Almost every year I get a letter saying I didn't pay this or that and I was a few hundred dollars short and the penalties interest are 50% or so. The IRS will never give you an explanation and it costs more to fight it, so you just pay.
I miss the W-2 and interest only days.
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Hall of Famer [21978]
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Oculus Spirit [75780]
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Yeah, it is, but I like roads and the fire department.
Apr 4, 2024, 10:12 AM
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Do you honestly think people could move in one direction long enough to get that stuff done if we tried another way?
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Oculus Spirit [81130]
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The way we do taxes could certainly be improved.
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Apr 4, 2024, 10:14 AM
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Every time I do my taxes (or have someone else do them) I feel like I just left a car dealership and got screwed, because I didn't know some secret loophole.
Its shouldn't be like that.
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Oculus Spirit [75780]
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True, good luck getting people to agree to that as well.
Apr 4, 2024, 10:23 AM
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Not to get all political board, but what I think should happen for a few years is we get a report showing exactly how much of our federal taxes go to whatever program. After getting this for a few years then we change it up so all of those programs get half of what they used to then an individual gets to pick where the rest goes.
The idea is people will feel like they are getting more or what they want out of their tax dollars. Some programs will die, quickly.
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Hall of Famer [21978]
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Oculus Spirit [75780]
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Close, but I need to see where my $0.33 went
Apr 4, 2024, 11:41 AM
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without much trouble. I also want to see specific programs/bills/whatever.
I saw one years ago back when the government was doing that $8000 to buy a house. The calculator suggested some very small portion of my tax burden went to that program. Then I cashed in on that program, and now I'm rich.
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Hall of Famer [21978]
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fairly simple math
Apr 4, 2024, 11:50 AM
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take % of chart I sent you, apply % to total cash outlay to uncle sam. and there you have it.
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Oculus Spirit [75780]
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Those charts aren't granular enough is what I'm getting at.***
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Apr 4, 2024, 12:09 PM
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Hall of Famer [21978]
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Posts: 8616
Joined: 9/11/11
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All-In [43849]
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Posts: 18149
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Oculus Spirit [75780]
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I didn't even think about EMS...if EMS is already tax funded why does
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Apr 4, 2024, 10:17 AM
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an ambulance ride cost so much?
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Oculus Spirit [81130]
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And unles you're FBcooch, how often does one take an ambulance ride?
Apr 4, 2024, 10:23 AM
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I took one once after a motorcycle accident when I was knocked out...in 1988, but that was the last time I remember ever riding in one.
Maybe we should just save up for that and not be taxed for it??
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Oculus Spirit [75780]
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Yes, but here is the rub...the poorest can't.
Apr 4, 2024, 10:29 AM
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the next few rungs will spend it on toys of varying types. A few rungs will do the responsible things. Higher up don't even have to worry about it but somehow those responsible rings will have to pay for everybody. This is my same fear about social security/ forced retirement savings.
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Oculus Spirit [81130]
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You are correct. Do the worst in life, and someone takes care of you.
Apr 4, 2024, 1:31 PM
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Try your best, do the right thing....you are the person that ends up taking care of others, whether you want to or not.
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Hall of Famer [21978]
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Oculus Spirit [75780]
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You are fooling yourself if you think
Apr 4, 2024, 11:10 AM
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people could pull that rope in the same direction.
It is like you've never seen the nextdoor app or a neighborhood Facebook page.
You'd probably end up with bears and tashy tent cities if left in charge.
https://www.youtube.com/watch?v=5S1Us-sjTZs
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Hall of Famer [21978]
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I could outfit
Apr 4, 2024, 11:27 AM
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every single person in my neighborhood w/ a 10MM w/ half of what I paid the us gov in taxes this year.
stop.
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Oculus Spirit [75780]
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Sounds like you just need to elect to be poor so you don't have to pay as
Apr 4, 2024, 11:51 AM
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much. The idea that services we use would even stay at the pitiful level they are not if we all got to keep 100% of our gross pay but then pay out of pocket is insane.
This isn't a suggestion that taxes aren't too high or that things cannot be done better. I just think you'll still end up seperated from said money in a manner you don't like.
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110%er [7004]
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Oculus Spirit [75780]
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fair***
Apr 4, 2024, 11:42 AM
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Heisman Winner [135687]
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If any of you guys are looking for a great tax shelter, I suggest looking into a
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Apr 4, 2024, 10:27 AM
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Gastonia-based mutual fund. The government can't tax what doesn't get reported.
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