Brace yourself...tax season is coming!!!

Discussion in 'Mayberry Lounge' started by Red Beard, Jan 13, 2020.

  1. Red Beard Black Belt

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    It's getting close to that time of year folks!!!! My personal favorite time of year...TAX SEASON!!!!! So this year, I'm doing my own taxes for the first time after going to H & R Block last year. It looked so easy watching the guy plug in our information that I don't want to pay for it. What say you Sherbros and @Clementine do you do your own taxes? Do you itemize those deductions or do you take the standard???? Standard crew checking in!!!! I'm decorating my house with lit up tax laws. It's the new Clipmas!!! @Clippy I need you and @paperclip101 to secure my documents.
     
  2. Clippy They call me the Swede. I'm Norwegian

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    My Dad in Law does my taxes
     
  3. Cole train Silver Belt

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  4. Red Beard Black Belt

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    Remember when he hated your party garage and you thought about hiding your LEGO pieces??? You get taxed for that.
     
  5. Clippy They call me the Swede. I'm Norwegian

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    ha ha!
     
  6. DarkneT Khamzat sucks Platinum Member

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    My bill is due any day and even though I’ve got it set aside
    I still hate paying it with a passion
     
  7. Red Beard Black Belt

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    You work for yourself? It must suck making decent money and knowing off the back that you need to factor in taxes. Uncle Sam doesn't get enough flack for being a creepy uncle in my opinion.
     
  8. DarkneT Khamzat sucks Platinum Member

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    Yeah I’m British so it’s a little different but same principal really
     
  9. Brampton_Boy Douchey Mc Douche

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    Last year I paid back $44,000 because I'm retarded and didn't bother incorporating myself or hiring an accountant to find ways to maximize deductions.

    It's a long story, but I took on about $100,000 of private consulting work in addition to my salaried job at the university, and then paid a marginal tax rate of 43%. That coupled with rental income, had me paying through the nose.

    This year, I took on no extra consulting work and should hopefully be getting back a chunk of change. It's not worth the headache of pulling 70 hour work weeks only to give back half of your pay to the government.
     
  10. Red Beard Black Belt

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    My Dad is a retired CPA and he used to ask people would you rather pay $1,000,000 in taxes or $50? Everyone would say $50 and I thought so too,but he said he'd rather pay $1,000,000 because that means he made a ton of money to pay that. Now that I'm older I see all these stories of tax shelters and millionaires paying super low taxes and I think it's all a sham haha. Hope you get that Khabib after tiramisu for weigh in day refund....FAT!
     
  11. TheLinguist You’ve yee’d your last haw Banned

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    Brutal, I’ve been using an accountant for years, just need to watch out for any red flags (which there haven’t been) and basically pay the amount on time.

    Hurts like a bitch thinking that money could be used for my daughter but that’s the US
     
  12. Red Beard Black Belt

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    I think your tax rate should factor in if you have kids in the school, if you have a shitty house, if you both work yada yada yada...things should lower your taxes to almost zero if you aren't a drain on the system.
     
  13. TheLinguist You’ve yee’d your last haw Banned

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    You’re preaching to the choir hoss
     
  14. Swiftie Taylor Swift Nation

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    I do my own taxes. I've been using Turbo Tax for years. I use to itemize, but I paid off my house and loss that deduction and when Trump changed the standard deductions amounts it was better for me to go that way.
     
  15. Red Beard Black Belt

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    I don't know how the hell people have enough deductions to exceed the maximum standard. I'm using turbo tax this year. My wife and I are both W-2 employees so it's all pretty much right there for the input. We paid $200 last year and I felt as though I could have done it faster.
     
  16. SalvadorAllende Yellow Card Yellow Card

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    No such thing as tax season here.

    If you work for a company the taxes are deducted from your salary so it's basically HR who does it. If you have deductions you inform HR and they do it.

    If you are independent you pay every month. Usually an accountant does that for you. At the end of the fiscal year, you recategorize yourself based on your last years income.

    We basically get fucked 365 days at year with taxes here. Our tax system is just plain terrible.
     
  17. Red Beard Black Belt

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    I though we did the whole #workMOBtactics thing well but that sounds like extortion! I bet the penalties for not complying are pretty severe too.
     
  18. SalvadorAllende Yellow Card Yellow Card

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    If you are someone elses employee you are good. In 13 years of career I have spent 0 minutes doing anything related to taxes and honestly is not that bad.

    If you work by yourself or own a company, you just throw everything to an accountant and tell him you want to pay the less possible and not go to jail.

    The biggest portion of the taxes regular Joes pay here comes from simple transactions. Our VAT is 21% and is included in the prices of anything you buy. A complete madness because it's a pretty regressive tax.
    That is why a good chunk of our economy is unregistered. Sometimes you have to do something kind of expensive and if you are dealing with a freelancer they will give you 2 prices: "with invoice (legal)" or "without invoce (non registered)".

    Regarding penalties it's a joke. You can get fines but nothing that bad. I honestly don't think people go to jail for tax evasion here.
    In fact there was a time when people used not to the real estate tax because every 5 years the government would launch a moratorium with a discount. My father always paid in time and he would always get angry AF.
     
  19. Red Beard Black Belt

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    We pay a ton for real estate taxes here in NH. I'd love to get rid of that! The Feds here are super serious about the tax laws but my father always told me the IRS is two years behind a good accountant. He said if you have a good accountant, they would tread the line in a way you'd always be safe. That's why they make so much per hour but my wife and I aren't complicated returns. We don't have rental properties or side businesses.
     
  20. SalvadorAllende Yellow Card Yellow Card

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    Oh yeah.. a good accountant is they key.

    My ex was a freelancer and made a good of money.

    At first one of her friends was her accountant.
    Then one of her uncles started doing her taxes instead (jewish family, great with numbers) she started paying 1/3rd of what she used to pay with her moronic friend.
     

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