Official Tax Season Thread? vol Splash Out m8

I got my W2's but not my 1099. Did any NT Uber drivers file theirs yet?

anyways, with my returns I'm doing three things - stash, pay off some debt and plan another vaca
 
adobecs4 said:
So what can I claim at work to get it so that I get more money each paycheck, but not owe during tax season next year?
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Youre talking withholding allowances.
Page 48 here has what they call the wage bracket method
https://www.irs.gov/pub/irs-pdf/p15.pdf
Basically if you know how much you make weekly, you can figure out your tax liability for the whole year. Then from there you can figure out how many allowances to have for your paycheck.

Say you make $52,000 a year. Using another website to estimate your tax liability, it comes Around to $6200. So you will want to have about $119 per paycheck taken out to reach zero liability. On page 49, for $1,000/ WK, at zero allowances, they would take out $127. So it's close to balancing out. The problem is most people do have some deductions and credits so their true liability may be closer to say $3,000. So in reality they may want to up their allowances to say 5 to have them take out $59/ week.

A buddy of mine was working part time, had a wage of $20,000 for the year. His liability was only $974. With zero allowances they were taking out almost $800 too much when it was all said and done. At two allowances, he was under paying by about $200. But got back some $19 more per weekly paycheck.

Some people get so many credits and deductions that they truly don't need to withhold any money for the year. My uncle has zero allowances and gets it all back every year. He should be in the 5 allowance range where it zeros out and he'd still receive a small refund.
 
I honestly want to try my hand at investing my return. Guy at my job preaches it to me every time he gets a chance. I want to jump, but I kinda don't know where to start.
 
tr1ll said:
I honestly want to try my hand at investing my return. Guy at my job preaches it to me every time he gets a chance. I want to jump, but I kinda don't know where to start.
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commercial real estate or land .
 
fdub said:
I'm getting 6,808 on my taxes from federal and state, but i'm debating if I should just blow it on this credit card bill. I owe close to 7k that is hurting me financially, but it's other things I want to use it on as well. I want to buy a engagement ring, but i'm going to figure this out one way or the other. Looks like I will use it on the credit card debt. It will help me in the future and my credit
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If you are paying interest on that credit card it is a no-brainer--pay it off. But if it is in an interest-free period there is a little more wiggle room. If you pay off the card, your credit will improve and you would likely have more buying power when you go to buy that ring. Good luck!
 
I’m in CA as well. Usually get my state first but got my fed this mornin. Maybe my state will come in the next few days...
 
Congress really ****ed me up with the **** they didn’t renew. :smh:

Still getting a refund but significantly less than last year despite us making slightly less. Thanks Republicans.
 
superblytrife said:
Congress really ****ed me up with the **** they didn’t renew. :smh:

Still getting a refund but significantly less than last year despite us making slightly less. Thanks Republicans.
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The taxes you’re getting a refund for is based on the old tax bill so I have no idea what you’re talking about :lol:

You probably made more money this year so you’re in a higher bracket. Or you took some aggressive credits and deductions last year that you shouldn’t have or you were eligible or you are no longer eglible for those with the higher bracket or you just forgot to take them this year.

Taxes aren’t some rocket science for individuals until you have to start tax planning inheritances and such. They are actually pretty damn simple for 75% of the population.
 
biggie62 said:
The taxes you’re getting a refund for is based on the old tax bill so I have no idea what you’re talking about :lol:

You probably made more money this year so you’re in a higher bracket. Or you took some aggressive credits and deductions last year that you shouldn’t have or you were eligible or you are no longer eglible for those with the higher bracket or you just forgot to take them this year.

Taxes aren’t some rocket science for individuals until you have to start tax planning inheritances and such. They are actually pretty damn simple for 75% of the population.
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Nope. We made slightly LESS.

Nope. Didn’t take aggressive credits and deductions that I shouldn’t have. I don’t fool around with the IRS—been there, done that.

Yep. I’m not eligible because Congress let some of the credits/deductions expire and didn’t renew them. How do I know this? The tax program I’m using tells me. I’m not making this stuff up. :lol:

And yes, taxes are very simple, which is why I’ve never paid anyone to do them for me.
 
Federal came in last night. Now just waiting for one more state refund.
 
My wife and I are looking at at least $2200.

Got to figure out deducting the mileage between two jobs to counterbalance the minimal pay listed on the 1099-MISC I received for the secondary job.
 
My girl and I did our taxes about two weeks ago. Got both our fed and state deposited already. Went straight to our wedding fund :ohwell:
 
Gonna start running projections soon. My wife stepped down her business considerably, however, did an online botique for a portion of the year to which we have yet to receive a 1099. So we're moving forward without it.

next year will be nuts - I'll be able to do it again as we'll be under standard deduction and two kids versus one.
 
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