Taxes : I Owe Uncle Sam

[Spectra18]

Damn guess I didn’t pay enough taxes last year. Now I owe $4-5. Man I was gonna go to Vegas, guess that’s canceled.

Anyone else finding they owe more ?

 

[wallnutz]

Damn guess I didn’t pay enough taxes last year. Now I owe $4-5. Man I was gonna go to Vegas, guess that’s canceled.

Anyone else finding they owe more ?

Yes, but I made a lot more, so did the wife. Trump 2020

 

[boatpi]

Hey, last year I had to write a check for $23,000 so I don’t cry.

 

[DWC]

Last year got waxed. Guessing this year will be the same.

 

[guest hs]

Been paying the IRS for the past 11 years

 

[lbhsbz]

I'm getting close to $8K back this year...which will promptly go to pay the second installment of my property taxes. This was the first year I had an income property for the whole year and also the first time in my adult life that I switched jobs...I went fairly conservative on my withholdings at the new company because I didn't know where things would end up, and I always like to get a little back rather than pay. I will be changing withholding a bit I think.

 

[Yellowboat]

I have not gotton a refund since i was 17....

 

[JB in so cal]

I've always thought people would think a whole lot different about how much the govt spends if everyone has to write checks to the IRS vs deduction from paychecks. I know I do

 

[The Prisoner]

I'm hoping I get my usual $2500. Maybe go to Disneyland for half a day.

 

[ka0tyk]

my w4 apparently says im single this year. been married for 8 years.

 

[Universal Elements]

I have not gotton a refund since i was 17....

and you were a contractor working for yourself?

 

[SOCALCRICKETT]

Ill be in the 10k range this year. Hoped the kid would come 12/31, but he ended up coming in at 0100 on 01/01.



....lol, damn it!!

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[Hypnautic]

Haven’t seen a refund in 20+ years.
I imagine it will be north of 20k this year
The thing that always pisses me off-is seeing tax returns where someone pays less than $500 in taxes all year and get a 4K refund. Never understood how broken our tax system is until I saw that.

 

[FROGMAN524]

Paid over $12,000 additional last year even after what I withheld from my checks. I quickly went to no exemptions on my W4 and quick math shows I still owe another $6,000 this year. Wouldn’t mind if like the above there weren’t people who don’t pay shit getting refunds of more than they paid in and if the government didn’t waste our money like $32 Million for Robert Mueller hoax investigations.


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[Backlash]

I cant remember the last time I had a refund.

 

[Done-it-again]

I don’t know how most don't get a refund if you are W2. My whole working career I’ve received a refund. Now 2 kids (7) and stay at home wife. Still get $$$$ back, to a point I should change my dependents higher to lower my refund.

 

[pronstar]

I don’t know how most don't get a refund if you are W2. My whole working career I’ve received a refund. Now 2 kids (7) and stay at home wife. Still get $$$$ back, to a point I should change my dependents higher to lower my refund.

You answered your own question...most people I’ve discussed it with, adjust their dependents accordingly, so they aren’t loaning money interest-free to the .gov



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[CLdrinker]

So are all of you who are paying each year claiming 0 all year? Or are you earning so much that you are hit again?

 

[Done-it-again]

You answered your own question...most people I’ve discussed it with, adjust their dependents accordingly, so they aren’t loaning money interest-free to the .gov



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I would give the majority the benefit of doubt that you can’t claim 9 and then bitch you have to pay at the end. The real goal is close to 0 as possible.

 

[EBT531]

I got a refund every year of my life until Trump. I like Trump, but his reform killed my deductions. No more home office etc.

 

[DrunkenSailor]

I claim zero and pay every year. 2 kids mortgage etc... Will be launching LLC this year.

 

[OldSchoolBoats]

I claim zero and pay every year. 2 kids mortgage etc... Will be launching LLC this year.

Just set mine up at the end of December to avoid paying the fee for 2019. $600 through Legal Zoom.

2018 we owed $2400 to Feds and got $4400 back from the state. Child tax credits helped tremendously as well as the short term rental in Havasu.

 

[Carlson-jet]

I just have to ask how some are paying $20k at the end of the year and not being penalized.
My overtime is all over the place. Some weeks are almost triple what base pay is. I claim more dependents due to that because the numbers get skewed.
My wife freaks, but it has always worked out since I have received a W-2.

I go out of my way to not give free loans to any Government.

 

[Cobalt232]

As an owner of an S-Corp, it really hurts when my year-end 'bonus' ALL goes to withholding.

 

[Inland Air Balance]

As an owner of an S-Corp, it really hurts when my year-end 'bonus' ALL goes to withholding.

I feel your pain, I had a excellent year (new record)! And it all pushed through. I was giving money to to every 501c3 I could find in late December and buying trucks and equipment like I won the damn lottery.

 

[Boat 405]

As an owner of an S-Corp, it really hurts when my year-end 'bonus' ALL goes to withholding.

With my s corp, I short pay myself all year long so that I have plenty to cover taxes and whatever doesn't go to IRS goes to me as a bonus.

 

[Cobalt232]

With my s corp, I short pay myself all year long so that I have plenty to cover taxes and whatever doesn't go to IRS goes to me as a bonus.

Not sure I follow you. I do know you have to take a 'reasonable' salary, but I'm afraid of not withholding enough and getting the penalty. I think they waived some penalties last year due to the new tax rules confusion.

That aside, the new pass-through (20%) is awesome! But then the State and Local tax loss of deductions suck.

 

[Cobalt232]

I feel your pain, I had a excellent year (new record)! And it all pushed through. I was giving money to to every 501c3 I could find in late December and buying trucks and equipment like I won the damn lottery.

I like buying stuff. I don't like buying stuff just for a deduction though.

Congratulations on a good year. Hoping the economy stays good!!

 

[bowtiejunkie]

I claim Married 10 for Fed (M8 for state) and still get a refund. Mainly due to child tax credits. Between state and Fed it’s a total $2500 refund this year. Per IRS’s new withholding calculator, I’ll leave it alone for 2020. Also, after 2020, there won’t be a state return so less work with the #2 pencil at tax time. I’m going to be the last mail in tax return individual. Lol

 

[Boat 405]

Not sure I follow you. I do know you have to take a 'reasonable' salary, but I'm afraid of not withholding enough and getting the penalty. I think they waived some penalties last year due to the new tax rules confusion.

That aside, the new pass-through (20%) is awesome! But then the State and Local tax loss of deductions suck.

Basically for the past 20 years I'm very conservative what I paid myself each month, basic minimum to keep things paid without going into debt. Then by end of year I either get nothing and all goes to taxes (rare) or I get to give myself a nice bonus (what my actually yearly salary ends up being). As an example each year I paid myself half of what I made the year prior. So, I make 100,000 previous year. I pay myself 50,000 the next year, and then I know I'm totally good for taxes.