tax time ...

[randal]

We use to get 14k-16k back a year until my wife started working, she doesn’t have much taken out but roughly looks like 10k back this year.. y’all can all give me the “your giving the gov. a free loan and “take control of you money” but i don’t care, I’m glad I don’t have to pay in and we don’t depend on what we get back..

[randal]

I’m in the 35% and my wife is in the 32% and we have no kids.

We get hammered every year because we have to take the standard deduction. We used to itemize but the new tax laws took a lot of write offs away.

Can’t write off my difference in mileage anymore because I have a car package and I can’t wire off my cell phone or home interest. I probably need to start a side business to write off stuff.


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Can’t you use itemized deduction if it exceeds the 24k standard??

[Black Ice]

Can’t you use itemized deduction if it exceeds the 24k standard??

I’m sure I can but the new tax laws that went into effect changed so I can’t use most of my deductions.


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[KNP16]

A good accountant will pay for himself

This is really a common misconception. I’ve done literally thousands of tax returns in my life and yes a good cpa can help you, if you have ways to lower your income (schedule C, D, E, or F). For this individual it’s pretty straight forward he has W2s and can’t itemize, depending on where you live (higher or lower property taxes and mortgage interest) with the new tax laws it can be very difficult to get anything above the std deduction. There is really nothing he can do besides take more taxes out per check so he doesn’t have such a big bill on April 15. If you do your own taxes (assuming you just have W2s) and you owe and you then take it to a cpa and somehow your getting money back. You better check out what’s going on. Pretty much any run of the mill online tax service will check what deductions/credits you may be allowed just by answering simple questions. You need to remember once you sign the dotted line and it goes to the irs the liability is on you not the cpa.

[hchntr]

This is really a common misconception. I’ve done literally thousands of tax returns in my life and yes a good cpa can help you, if you have ways to lower your income (schedule C, D, E, or F). For this individual it’s pretty straight forward he has W2s and can’t itemize, depending on where you live (higher or lower property taxes and mortgage interest) with the new tax laws it can be very difficult to get anything above the std deduction. There is really nothing he can do besides take more taxes out per check so he doesn’t have such a big bill on April 15. If you do your own taxes (assuming you just have W2s) and you owe and you then take it to a cpa and somehow your getting money back. You better check out what’s going on. Pretty much any run of the mill online tax service will check what deductions/credits you may be allowed just by answering simple questions. You need to remember once you sign the dotted line and it goes to the irs the liability is on you not the cpa.

I tell people this all the time.....


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[HeyMikey]

Following...

[WItoTX]

Unbelievable ... we had extra tax held out in 2019 and still having to pay in? I guess us folks that try and do right, live mostly debt-free, faithful to our church, have successful kids, don't buy new cars, etc. etc. are penalized the most!

Better than them getting your money interest free for a year.

I am all for a flat tax. But who knows how many untold thousands of people would become unemployed and unemployable if that happened.

[hooligan]

I can't complain that we owe money, Q2 and 3 were good to me last year and between my commissions and my wife's raise and bonus we jumped a bracket. My fault for not staying on top of it.

Need to get an accountant to take care of all of it, would be cheaper than what I'm paying to Uncle Sam. Need to get a tax id for a side business so I can write off business expenses for this year

also, taxation is theft

[cap50948]

Pay taxes on money you already have taxes taken out of to spend that money on sales tax to buy property that you have to pay taxes on.

Remember our country was started because colonists were tired of paying taxes.

[jaime1982]

Whats your overall tax rate?

That's what you need to look at vs what you pay or get back at the end of the year.

This

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[Hooverfb]

Pay taxes on money you already have taxes taken out of to spend that money on sales tax to buy property that you have to pay taxes on.

Remember our country was started because colonists were tired of paying taxes.

Isnt that the amazing part of all this lol.
Although it was more taxation without representation.
We have representation. Just crappy voters.

[DanielLee5]

There are some changes in Tax Season 2021 , if I am not mistaking. 2020 was rather wild, and I decided to prepare for 2021-2022 beforehand, at least we have some time till deadline (April 15, 2021).

[RiverRat1]

But why? Giving an interest free loan to the government.

Thank you!!!! I never understood why someone would be excited about getting their own money back after loaning it, interest free, to the government.


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You guys may want to ask how much he paid in. I'm sure it's exciting to get $5k in a "refund" when you didn't have a job and/or paid in far less than $5k. Heck I know some that pay in zero and get huge checks.

[miket]

Thank you!!!! I never understood why someone would be excited about getting their own money back after loaning it, interest free, to the government.


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Because we are lucky the MFrs didn't keep it all and tell us to eff off.

[Box-R]

Anyone know a GOOD farm & ranch CPA ? Central Texas.