tax time ...

[tdwinklr]

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!

[Traildust]

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!

Who's doing your taxes?

[tdwinklr]

I do my own, and we usually get something back. Paid in last year too, although more.
Can't itemize, not enough to count.

[Turbo6]

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.

[mmoses]

unless the amount changes from year to year, it should be very easy to figure out how much to withhold.

[thegrouse]

I switched to Freetaxusa from turbo tax. It is free and handles most 1099 situations. My effective tax rate is what I monitor.

[BLee15]

Got a new job mid year and I owe 4K. Wasn’t expecting that when I loaded my W2’s into TurboTax.

[duckmanep]

happens to a lot of people where you have 2 people in the household working.

here is a simple explanation of why (someone check my math).

your withholding happens at a rate only taking into account YOUR salary, and so does the other person's withholding in your household. But once your income crosses into the 22% tax bracket, neither of you had withholding at that rate because neither of you made enough on your own to hit that bracket. Combined you do.

Here is an example where 2 people make $80k each. They both had withholding done at the 12% rate, but combined they landed in the 22% bracket and underpaid by $4k





and yes it sucks if you are not prepared for it.

[MBV77]

tax time ...

Just did mine and had to send them another $5,000. It’s way past time for a 10% flat tax. 5% would be better.


Sent from my iPhone using Tapatalk

[150class]

Makes me nervous...

Took a new job halfway through the year and still waiting for my W2 from the prior company...

[EastTexasMan]

Just go spit out a few more babies, seems to work for some folks.

[TN_boy]

This year is going to suck. I just ran preliminary numbers and it's bad. We both crossed brackets and didn't think to update W4s.

First pass says that I should have withheld $264/pay period extra and my wife $348/per.
***? That's an extra $876 PER MONTH!

It's incredible how you can claim 0 dependents on your W4 and still need to pay $500+ per month just to break even. I should just "become" homeless and work for cash. These guys...just for ****s, you get 25 cents from 400 cars during the day that's $100/day * 365 = $36.5k per year tax free. If you were to be a good upstanding citizen that paid taxes you would have to make approx $48k/year to match. Now that good citizen pays rent (1500), electric (200), food (600) and is left with ~$750/month ish. While Mr homeless is still banking $3k per month minus his gym membership where he takes showers.

Rant off. Sorry for the derailment.

[southtx]

Tax

This year is going to suck. I just ran preliminary numbers and it's bad. We both crossed brackets and didn't think to update W4s.

First pass says that I should have withheld $264/pay period extra and my wife $348/per.
***? That's an extra $876 PER MONTH!

It's incredible how you can claim 0 dependents on your W4 and still need to pay $500+ per month just to break even. I should just "become" homeless and work for cash. These guys...just for ****s, you get 25 cents from 400 cars during the day that's $100/day * 365 = $36.5k per year tax free. If you were to be a good upstanding citizen that paid taxes you would have to make approx $48k/year to match. Now that good citizen pays rent (1500), electric (200), food (600) and is left with ~$750/month ish. While Mr homeless is still banking $3k per month minus his gym membership where he takes showers.

Rant off. Sorry for the derailment.

Shouldn’t you run preliminary numbers at the beginning of the year to give yourself a chance to adjust if needed. If you’re running them at the beginning of tax season then you’re too late

[MRWHITE87]

Taxes are not rocket science. Just pay attention, and keep your deductible receipts.
And be thankful that at least in TX we have no state tax.

[TN_boy]

I know. Must have missed the lessons in adulting classes.
Teaching your children how taxes work and how to do them is a must now. My parents never showed me that. All I knew is that we had money every year from tax refund and were able to go out for dinner at a steak house buffet.

Here I am an adult who has repeatably gotten refunds in the past and now shocked that we have to pay. Time to buckle up and and start being proactive.