Official Tax Season Thread? vol Splash Out m8

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Joined Feb 5, 2011
I have a 1099-Misc. I believe last year Turbo Tax charged for trying to file with 1099 and doing mileage deductions or whatever. So I skipped that and I did it on FreeTaxUSA for free. I been out of the loop for this year, so does anyone know if this is the same? Does FreeTaxUSA still let you file your 1099 for free and do your deductions etc?
Yea u only gotta pay to file your state and it cost 12 dollars
 
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Joined Oct 14, 2008
Filed federal on 2/8 and still pending approval... should i be worried?

Nah it takes longer the longer you wait past the initial start date. As you get closer to the deadline you have more people submitting returns. Plus, if you are claiming certain credits, then the IRS withholds the refunds for a bit longer to verify some of the data.
 
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State took two days. Feds took 9 days including holiday weekend. I got paid$$$. It's bittersweet. I overpaid again.

shawndavinci shawndavinci Unless she has kids or does something truly tricky, sounds like she just overpaid. I feel bad for her.

It saddens and sickens me that most people see this as a refund. By all accounts via tax forms etc. It's an overpayment. You simply overpaid. TurboTax likes to call it a refund but within the tax forms, it's called an overpayment. The government won't give you a % back bonus or more $$$ back if you let them take out a whole lot. You are only due what is liable, which is a known figure.

Over the past five years my 'refund' has gotten smaller and smaller as I make more money. Yet my Tax bracket is about the same. I've taken hundreds they would've been 'refunded' and budgeted out to bump up my 401k. So now my liability is lessened come tax time. Putting money after the fact into A 401k does not lessen your liability.
 
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State took two days. Feds took 9 days including holiday weekend. I got paid$$$. It's bittersweet. I overpaid again.

shawndavinci shawndavinci Unless she has kids or does something truly tricky, sounds like she just overpaid. I feel bad for her.

It saddens and sickens me that most people see this as a refund. By all accounts via tax forms etc. It's an overpayment. You simply overpaid. TurboTax likes to call it a refund but within the tax forms, it's called an overpayment. The government won't give you a % back bonus or more $$$ back if you let them take out a whole lot. You are only due what is liable, which is a known figure.
2 kids
 
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I claim zero and owe 4 federal and 18 state. Now I was told I need to change my W2 to single zero and I wouldn't owe, but wouldn't that mean they take more taxes out my check. I thought the goal was to break even?
 
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Filed on 2/9

Got my state a week after, and now on the IRS website it says I'll get my federal return tomorrow 2/28
 
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Got my fed two weeks after filing, all I did was take my momma to Olive Garden and buy an Xbox lol it’s mostly still sitting there maybe a mini trip home soon
 
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Good morning my Niketalk fam. Your resident CPA/Tax Advisor here, I hope you guys are having a great tax season. Feel free to PM me any questions you might have regarding any tax/accounting situation you are unsure of, i'll try to get back to you as soon as possible. If anybody is thinking about walking into a chain such as a H&R or Jackson Hewitt, feel free to message me I can prepare your taxes at a discount (way less then them) and they will be prepared by a licensed professional not some kid who took a class for two weeks and can now prepare taxes with the computers guidance. I have a physical firm on Long Island, but I also help many out of state clients with my secure portal and e-mail, skype, or FaceTime.

I do implore you all to attempt to try your taxes yourself especially if you have just a W-2. But if you have a more complex situation such as your own business, installment sales, and real estate schedule E as an example, I would recommend contacting a tax professional like myself.
Wish I read this thread before. I'm located in LI as well, I ended up using H&R block because the accountant I intended to use became unavailable. I might have a question or two, so I'll shoot you a pm sometime soon.
 
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I claim zero and owe 4 federal and 18 state. Now I was told I need to change my W2 to single zero and I wouldn't owe, but wouldn't that mean they take more taxes out my check. I thought the goal was to break even?
Depends on how much you owe. Standard example. Using the irs wage bracket method, single claiming zero making $1,000/WK, they withhold $127. Same scenario if you claim married, they withhold $86. The difference between the two over the course of one year is about $2100. They are right to assume you owe much more as a single person. Many less tax breaks and credits.

Another thing you can do is simply add additional withholdings per paycheck. If you know you always tend to owe say $600, add about additional $12 per weekly paycheck to your w-4 form.

I'm noticing many young families with young kids could be withholding zero and still get enough credit to get a refund. But they struggle week to week claiming zero and ending up with a huge over payment. It's definitely not free money at that point.
 

cs02132

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Joined Nov 1, 2007
I used to get paid cash so I didn’t get a tax return for my first few years of working, but I have been for the past probably 6 years (including this year) and I’ve only gotten to keep maybe 2 of them. I always seem to have car troubles around this time of year :smh: .. this year I need some new brakes, an oil change, and my inspection is this month and I already know I’m gonna have to fix something

I guess it’s a “good” time to have car problems, when I have “extra” money coming in but it’d be nice to be able to keep it for once :lol:. I like to keep it as an emergency/splurge fund. I still have a few hundred from last years return
 
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Also, if you are looking at changing your withholdings for the future do to under underpayment or overpayment in 2017 make sure you do so using the new 2018 w4 form. Since tax brackets have changed along with deductions and other things it could be a lot different. I am looking at changing my withholdings per check since I always get a return, I'd rather have that money monthly. No point in giving the gov a free loan every year.
 
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Did my taxes last week. I owe the Fed $640, but I'm getting back $477 from state. Weird, I've never gotten this much back from state. Ever.
 

antidope

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If you're single the max you're "supposed" to list on your W4 is one correct?
 
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how long does the state return take? it feels like a month plus passed and i still havent gotten mines... good thing i got the federal so i did some ignant stuff and used it on a chain :lol: :pimp:
 
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how long does the state return take? it feels like a month plus passed and i still havent gotten mines... good thing i got the federal so i did some ignant stuff and used it on a chain :lol: :pimp:
They say about 2 weeks from the date you submit it.
 

snkrfollower

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Here's a question for NT Accounting fam:

I was selected as a "winner" by StockX in their "Buy a Supreme Bogo for Retail" contest a couple months ago. So I bought a hoodie from them for $181 shipped, which they appear to have purchased directly from one of their "Ask" listings at $1300. They took the loss as part of the promotion. I simply paid retail price, and received nothing for free (even had to pay the shipping).

Shortly thereafter, they contacted me asking me to fill out a W-9 form for them. I still have the hoodie, and have not yet sold it, and as much as I like them as a a business, I'm not comfortable providing a retailer/third-party broker with my SSN for multiple reasons, especially since they also have my bank and personal info on record, as well, since I've sold a few things with them.

My question is, am I required to provide StockX with my SSN simply for making a purchase through them? Or should I only be required to provide them with that info if/when I resell the item through their service?

Any tips you could offer, I'd appreciate. Thanks!
 
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Joined Apr 10, 2017
Here's a question for NT Accounting fam:

I was selected as a "winner" by StockX in their "Buy a Supreme Bogo for Retail" contest a couple months ago. So I bought a hoodie from them for $181 shipped, which they appear to have purchased directly from one of their "Ask" listings at $1300. They took the loss as part of the promotion. I simply paid retail price, and received nothing for free (even had to pay the shipping).

Shortly thereafter, they contacted me asking me to fill out a W-9 form for them. I still have the hoodie, and have not yet sold it, and as much as I like them as a a business, I'm not comfortable providing a retailer/third-party broker with my SSN for multiple reasons, especially since they also have my bank and personal info on record, as well, since I've sold a few things with them.

My question is, am I required to provide StockX with my SSN simply for making a purchase through them? Or should I only be required to provide them with that info if/when I resell the item through their service?

Any tips you could offer, I'd appreciate. Thanks!
Don't give them your social security number
 
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