Tax Season
- Thread starter bmcgc
- Start date
In fact, I told them I didn't even have my 1099s from those years since it was so long ago and that because of that I didn't know what amounts to put on the back taxes I was filing. They told me they don't have that info either and that after 7 years they no longer hold onto it.
Shit, I was 2 weeks late on a $1,100 payment one time, and they tacked on an extra $250.
BTW, didn't you vote differently back then? I wonder how that would work out today.
Shit, I was 2 weeks late on a $1,100 payment one time, and they tacked on an extra $250.
BTW, didn't you vote differently back then? I wonder how that would work out today.
I didn’t vote at all back then.
First time I voted in my life was 2016.
Oh don’t get me wrong, they tacked on 10k in interest for me. That was a huge part of what I owed them.
I never knew the rules, but it looks like the IRS pays interest on refunds accrued from the filing due date or the date you file until the payment is issued(whichever is later). I always file ASAP but I might just start waiting until the absolute last day so I can get a few extra bucks (which I would then of course owe taxes on
).I only ever got interest the one time I had a more complicated year than I could do with TurboTax and procrastinated and then filed by mail.
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getting back just under 14K this year, better than the $7K I had to pay last year.
yeah it just took a "good" loss on my business to get that...lol I would not call that a good success.
Capital gains snuck up and bit me on the ass this year. I’ll be e-filing my payment the evening of April 14th. Could have bought a nice second hand pickup with that money.
I had been doing my own taxes on paper from my first job at 16 so by 21 I thought I knew what I was doing. My dad gifted me a mutual fund with enough to cover about 2 years of in-state tuition and I used most of it by the time I graduated. It was only after graduation that the IRS caught on that I hadn't been paying for the capital gains and sent me a bill for the entire amount I'd withdrawn. I had to teach myself to figure it up with the cost basis to get the real number but it was still more than I had in my bank account at the time, so I basically put my basic life expenses on a credit card until i had enough to pay the IRS, and that started a cycle of credit card debt that would take 5 years to get out of.
It was also complicated by the fact that about 20% of my income was in quarterly "bonus" and my employer at the time didn't know the rules for withholding on those, so they were applying the standard quarterly paycheck withholding table instead of the flat 22% they were supposed to, and I ended up paying in about $3500 my first year out of college.
Geez, mine seems minor. I just made too much money and they want their pound of flesh.
We pay about the national average household income in taxes each year.
Now that I'm 54, I'm considering retiring. Maybe be a kept man.
Now that I'm 54, I'm considering retiring. Maybe be a kept man.
eh, I survived and I'm smarter for the experience.
We pay about the national average household income in taxes each year.
Now that I'm 54, I'm considering retiring. Maybe be a kept man.
Yikes.
Thanks to interest spiking while I was building my house I have plenty of mortgage interest to deduct. In 2023 I itemized deductions more than my gross salary was in 2010.
Our house is almost paid off. So we are down to the last 2 years of the higher standard deduction before that rolls off. (Unless Trump gets re-elected)
Not worth paying $1 in interest to get 30 cents back from taxes.
Not worth paying $1 in interest to get 30 cents back from taxes.
Other than the 30% my wife puts in her 401k, we don't have any tools to lower our income for tax purposes. Our IRA's are ROTH's. We lose out on the 12k taxable income reduction but will gain it back if we ever start taking distributions. Three years ago my wife went from full time to a 9 month contract, that dropped her pay 25% and kept us in the 12% tax bracket, but she has been getting raises and our investments did very well last year, so we are back in the 22% bracket.
Taxes are a necessary evil. I have lived and visited third world countries, no thanks.
A good video, that puts taxes in perspective for us beer drinking hillbillys.
Taxes are a necessary evil. I have lived and visited third world countries, no thanks.
A good video, that puts taxes in perspective for us beer drinking hillbillys.
Finally finished up a couple days ago. After a review to check the numbers, I will mail out today. We only owe $1180 to the Feds and Georgia owes us $260. So much better than I thought. Luckily, most of the capital gains are in the 401k and the ROTHs.
We will have a lot of financial changes in each of the next 3 years, so I will have to watch taxes carefully.
We will have a lot of financial changes in each of the next 3 years, so I will have to watch taxes carefully.
I would feel better about giving 50% of my income to federal, state, local income, property and sales taxes IF they spent the money better (with little going overseas) and weren't trillions in debt with trillion dollar deficits and monetary policies that will likely cause hyperinflation and austerity measures that crash life as we know in my lifetime.
I don't see my taxes going to as many worthwhile things that help the lives of a typical person.
I vote against any school tax levy increase. They use the money to build overpriced schools with huge sports complexes and overpay the non-teacher bloat. The average student cost in the state is around $13,500 per year. So an average class is $350,000 to $400,000 year. I doubt the individual classroom and teacher cost that. Test scores and graduation rates keep going down and they constantly complaign about under funding causing it instead of their focus on teaching garbage rather than actual life skills.
The federal government is a bloated joke that's $35 trillion under water and spending twice what it takes in yearly. If it was a person, we would have arrested them for fraud.
I don't see my taxes going to as many worthwhile things that help the lives of a typical person.
I vote against any school tax levy increase. They use the money to build overpriced schools with huge sports complexes and overpay the non-teacher bloat. The average student cost in the state is around $13,500 per year. So an average class is $350,000 to $400,000 year. I doubt the individual classroom and teacher cost that. Test scores and graduation rates keep going down and they constantly complaign about under funding causing it instead of their focus on teaching garbage rather than actual life skills.
The federal government is a bloated joke that's $35 trillion under water and spending twice what it takes in yearly. If it was a person, we would have arrested them for fraud.
