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

[SoberAwakening]

I do my own taxes, but after talking to friends, I feel like I miss out on money all the time.

It's like when you think a test is easy, and then you talk to your smart friends about it and they're talking about equations and answers you never even thought to use on the test.

 

[TheNinja]

I work for someone else and take standard deductions. The only tough part is the buying and selling of stocks/funds/etc. but honestly nowadays almost all of that is handled easily online too. I use HR Block online and it can pull all my Etrade and Fidelity forms right into their system automatically. Very straight forward.

There is no reason to pay someone to do your taxes if you take standard deduction IMO.

 

[Chesten_Hesten]

I let the IRS do my taxes.

After all, it's their job.

 

[Fuzzybabyducks]

I do it by myself. I also do my taxes by myself . I use turbo tax

 

[MaureenCretis]

I was thrilled to discover I pay more income tax in one month than the average U.K. household pays in over a year. Really fucking cheered me up, that stat.

 

[ThinkGreen]

This is my first year of having an entire years worth of interest paid on my loan... so hoping for a nice little return this year.

 

[Medulla Omoplata]

right now I've got everything super simple so taxes take me like 30 minutes and I usually get a bit back, tax season don't matter to me

 

[EndlessCritic]

I'm expecting a $10,000 tax refund this year.

RRSP bless.

 

[SleepyBoy]

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.

I think the opposite. if you have kids ,then you're likely to cost the system a lot more than single people, so you should pay more not less.

They should also 100% get rid of child tax credits, that's the very definition of an entitlement.

 

[SleepyBoy]

I'm scared as shit this year. Made almost 3 times what i normally make and I'm worried that there's a big Bill coming for me.

 

[Holic]

I love tax season!!!
My wife and I both have our W4s set at 0 single along with 401ks, HSA, and health insurance to decrease our taxable income. The standard deduction for married is $24,400 so yeah we take that as we dont have more than that to itemize.

Time for the US to give back my 0% interest loan I gave them in 2019

Say word, son. What six figures? 20k in healthcare costs says I don't owe you jack shit...

 

[DaleBoca]

 

[Blayt7hh]

My taxes are to complicated. I did them a few years ago and fucked it up and overpaid. Then I had to file to get that money back. Of course, they aren't going to tell you if you overpay but the one time we didn't claim a small cash out on a stock they got us.

There was a really good bit about this by a comedian, John Mulaney I think. He joked about how they make you do work to figure out what you owe them even though they pretty much already know what you owe them. Virginia is also retarded with taxes. Waaaaay back in like 2008 I got a bill saying I owed them an additional $1.25 in taxes. Paid it, and then they mailed me a refund. Then after I cashed it, they sent me another letter saying I owed them $1.25. This literally went on for like 3-4 years. It even followed me when I moved to Texas.

 

[TheNinja]

My taxes are to complicated. I did them a few years ago and fucked it up and overpaid. Then I had to file to get that money back. Of course, they aren't going to tell you if you overpay but the one time we didn't claim a small cash out on a stock they got us.

There was a really good bit about this by a comedian, John Mulaney I think. He joked about how they make you do work to figure out what you owe them even though they pretty much already know what you owe them. Virginia is also retarded with taxes. Waaaaay back in like 2008 I got a bill saying I owed them an additional $1.25 in taxes. Paid it, and then they mailed me a refund. Then after I cashed it, they sent me another letter saying I owed them $1.25. This literally went on for like 3-4 years. It even followed me when I moved to Texas.

All for $1.25 - I wonder if I over paid by like 1 cent if I could drag it on for years and years. Or if I underpaid on purpose by 1 cent. Though I guess they'd probably get pissed and just decide to audit me.

 

[THE Red Beard]

I got back about 5 g's last year and im looking to do the same this year buddeh!

I'd almost say...you are living the American Dream. Sorry my joke book is Dusty. I take the Rhodes less traveled. Favorite rap group is N.W.A. I'm done...sorry and congrats on the return.

I do my own taxes, but after talking to friends, I feel like I miss out on money all the time.

It's like when you think a test is easy, and then you talk to your smart friends about it and they're talking about equations and answers you never even thought to use on the test.

This is literally my thoughts man! I feel like they would be like oh you are eligible for the basic dude credit...$5,000 but you missed it.

I let the IRS do my taxes.

After all, it's their job.

Reported for tax evasion.

I do it by myself. I also do my taxes by myself . I use turbo tax

Do you like to DO IT YOURSELF????????

I was thrilled to discover I pay more income tax in one month than the average U.K. household pays in over a year. Really fucking cheered me up, that stat.

It's a badge of honor I think.

I think the opposite. if you have kids ,then you're likely to cost the system a lot more than single people, so you should pay more not less.

They should also 100% get rid of child tax credits, that's the very definition of an entitlement.

I'm just saying it should be factored in. I don't think you should pay less I think the opposite. I'm just saying the rates should change depending on what services you use. I use very little but the roads so my rate should be less than a bloke with four kids in school on food stamps.

 

[Dusty Rhodes]

I'd almost say...you are living the American Dream. Sorry my joke book is Dusty. I take the Rhodes less traveled. Favorite rap group is N.W.A. I'm done...sorry and congrats on the return.

Hahaha well done.

 

[Pure Peace]

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.

might be true in your Ex's case, but people dont know the whole story

i had an accountant that retired on me then hired another guy. With the new guy I ended up paying more in taxes than with my previous accountant. Why?

bc my previous accountant was incorrectly deducting things that shouldnt have been deducted (entire loan payments, instead of just the interest portion, for example). he was also encouraging me to pay people as "contractors" instead of "employees", hence saving me money on employment taxes and such, when i should ahve been paying them as "employees" (got audited by the state)

my sister used this retired guy as well then switched to my current guy and is paying more taxes. The old accountant was inflating her "employee expenses" on her itemized deductions page to lower her tax bill.

the new accountant was following the correct rules, and we both ended up paying more, but doing it the correct way

 

[Pure Peace]

Tax return season hasn't been all that awesome for me the last few years. Neither the wife or I have a super high paying job, but our combined income gets us up into the six figures and we don't have any rugrats for deductions. We usually end up breaking even, owing a little, or receiving a very small amount.

that means you and your wife are paying just hte right amount of taxes throughout the year, instead of overpaying and the gov holding onto your money, or underpaying (getting charged interest/penalty)


i venture to guess that the VAST majority of Americans are misinformed about taxes and what a "Refund" entails. No blame on you guys, as not everyone understands boring taxes. But your situation, as W2 employees , is ideal.

if you get a large refund back, that just means they withheld more taxes from your takehome checks every pay period and you just get a "Refund" of it when you file your taxes. By breaking even or paying/getting back very little every year, means you are on the right track as far as tax payemnts go

 

[THE Red Beard]

that means you and your wife are paying just hte right amount of taxes throughout the year, instead of overpaying and the gov holding onto your money, or underpaying (getting charged interest/penalty)


i venture to guess that the VAST majority of Americans are misinformed about taxes and what a "Refund" entails. No blame on you guys, as not everyone understands boring taxes. But your situation, as W2 employees , is ideal.

if you get a large refund back, that just means they withheld more taxes from your takehome checks every pay period and you just get a "Refund" of it when you file your taxes. By breaking even or paying/getting back very little every year, means you are on the right track as far as tax payemnts go

I always pay a little extra and get slightly under $2,000 for my return. I do that because one year i had a nice return on some stocks and the dividends broke me even. I'd rather be safe than have a bill at the end of it all. I'm a pussy though so there's that. I am very conservative financially and i think a lot of people are when it comes to taxes.

 

[SalvadorAllende]

might be true in your Ex's case, but people dont know the whole story

i had an accountant that retired on me then hired another guy. With the new guy I ended up paying more in taxes than with my previous accountant. Why?

bc my previous accountant was incorrectly deducting things that shouldnt have been deducted (entire loan payments, instead of just the interest portion, for example). he was also encouraging me to pay people as "contractors" instead of "employees", hence saving me money on employment taxes and such, when i should ahve been paying them as "employees" (got audited by the state)

my sister used this retired guy as well then switched to my current guy and is paying more taxes. The old accountant was inflating her "employee expenses" on her itemized deductions page to lower her tax bill.

the new accountant was following the correct rules, and we both ended up paying more, but doing it the correct way

Yeah, that happens too. But in this case is was the other way around. Her uncle was really good and her friend sucks.