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That is bizarre that it is state limited, but includes the four largest states by population.
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Jan 7, 2024 15:54
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sullat posted:The IRS is piloting it's own tax filing software, you should try using it if you are able. You have to have less than $1,500 in interest income so back to freetaxusa we go. I’ll see if my fiancée can use it I guess.
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Jan 7, 2024 16:06
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smackfu posted:That is bizarre that it is state limited, but includes the four largest states by population. https://www.irs.gov/newsroom/irs-ad...rs-in-13-states Looks like states that don't have income tax plus 4 which agreed to integrate into the pilot? Strange to see Arizona on there. I assumed it would be decidedly blue states.
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Jan 7, 2024 23:24
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Any one weird trick to reduce my tax owed by about...$1224? Simple setup, W-2 and Standard Deduction. Just got a stock payout from the company this year that pushed my taxable way up. I have home mortgage interest, but not nearly enough to itemize (napkin math says about $7500, so I'd have to pull another $6k some of deductions out of my rear end to even match standard) It's not a huge deal, it just sucks.
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Jan 8, 2024 21:57
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Deviant posted:Any one weird trick to reduce my tax owed by about...$1224? Simple setup, W-2 and Standard Deduction. Just got a stock payout from the company this year that pushed my taxable way up. I have home mortgage interest, but not nearly enough to itemize (napkin math says about $7500, so I'd have to pull another $6k some of deductions out of my rear end to even match standard) State and Local taxes? For me, my state and local taxes plus mortgage interest is enough to go over the standard, and charitable contributions are a little more on top.
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Jan 8, 2024 22:07
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CellBlock posted:State and Local taxes? For me, my state and local taxes plus mortgage interest is enough to go over the standard, and charitable contributions are a little more on top. Not in the grand land of Florida, baybee! Not sure what local taxes would be deductible, but no state income tax.
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Jan 8, 2024 22:09
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Deviant posted:Not in the grand land of Florida, baybee! Property Tax or Sales Tax can count towards that deduction
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Jan 8, 2024 22:47
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Deviant posted:Any one weird trick to reduce my tax owed by about...$1224? Simple setup, W-2 and Standard Deduction. Just got a stock payout from the company this year that pushed my taxable way up. I have home mortgage interest, but not nearly enough to itemize (napkin math says about $7500, so I'd have to pull another $6k some of deductions out of my rear end to even match standard) Did you pay the taxes on that stock payout? Sounds like "not yet." This isn't extra taxes, it's just mis-estimation. You should be minimizing your tax burden annually regardless of if you owe or get a refund. (I know this isn't what you asked, but this year make sure you run the numbers as you get the payouts, they only withhold at 22% regardless of what your end of year marginal rate winds up.)
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Jan 8, 2024 23:36
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Jobert posted:Property Tax or Sales Tax can count towards that deduction Tried it. Still leaves me about $1000 below standard. H110Hawk posted:Did you pay the taxes on that stock payout? Sounds like "not yet." This isn't extra taxes, it's just mis-estimation. You should be minimizing your tax burden annually regardless of if you owe or get a refund. You are right that this is not what I asked. The stock is on my W2 and already worked in. I didn't say it wasn't accurate, I asked if I could weasel out of it. I'll stop complaining about my taxes when they start going to something besides Raytheon.
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Jan 9, 2024 00:25
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Deviant posted:Tried it. Still leaves me about $1000 below standard. Lmao good contribution to this thread
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Jan 9, 2024 01:00
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Deviant posted:I didn't say it wasn't accurate, I asked if I could weasel out of it.  I said you should always be trying to weasel out of it.(If you find something this year that's new you should be looking back 2 years and see if you can get even more refund out of those years!)
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Jan 9, 2024 01:18
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smackfu posted:My main worry is missing a form entirely. Balls
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Jan 9, 2024 01:51
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(Dumb) Question time! I got married in September of 2023. Fast forward to last week, W2's are available and my wife and I are going to file jointly for the first time. This then makes a lightbulb go off in my head realizing, "Hey, I never changed my filing status with my employer after getting married", so I log into our ADP platform and I updated my filing status to "Married filing jointly". With that being said, for filing 2023 taxes, will I need to request a revised W2 from my employer due to being married in September and the change in filing status OR is a revised W2 not needed because I made this filing status change in 2024 and I just have to eat poo poo with 2023 filing jointly while having been noted as filing "Single" for the year? Thanks in advance for any help/insight!
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Jan 9, 2024 18:14
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The change with your employer will adjust the withholding going forward. The status doesn't actually appear on your w2. If you both work and earn similar amounts of money, you might want to keep the single rate, since the married one assumes only one spouse works.
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Jan 9, 2024 18:27
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Your 2023 W2's are fine, they are just a record of how much you were paid and how much tax was withheld in 2023. Your 2023 tax prep/filing will take both W2 and your new status into account to determine what you owe or are owed for 2023. Going forward you can change your W4 withholding certificate that will adjust how much tax get withheld from your paychecks. If you and your wife are both working and make similar order of magnitude amounts then leaving them both on single is fine, and probably better than the minefield that is W4 with multiple incomes.
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Jan 9, 2024 18:28
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Just updated our W4s for this year. Excited to see how far off I end up from the estimation lol. Hopefully not as bad as the projected $6k+ I was gonna owe the feds if I didn’t make any changes.
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Jan 9, 2024 19:01
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Thank you for the insights!Guy Axlerod posted:If you both work and earn similar amounts of money, you might want to keep the single rate, since the married one assumes only one spouse works. I did not know or realize that the married filing status assumes only one spouse works. We both earn similar amounts...am I correct in assuming that if both of our W4's for 2024 are "Married" filing status and we file jointly for the year 2024, that we could run the risk of owing taxes because of this?
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Jan 9, 2024 19:42
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Yes, I would go as far as to say that you will owe a significant amount if you both put married on step 1 and don't do step 2.
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Jan 9, 2024 20:22
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If you're a DINK, there's a good chance that getting married will make your taxes go up. Congrats!
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Jan 10, 2024 17:25
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Deviant posted:Any one weird trick to reduce my tax owed by about...$1224? Simple setup, W-2 and Standard Deduction. Just got a stock payout from the company this year that pushed my taxable way up. I have home mortgage interest, but not nearly enough to itemize (napkin math says about $7500, so I'd have to pull another $6k some of deductions out of my rear end to even match standard) Start a small business and then deduct 100% of all your income including unrelated W2 income until after 12 years you get caught and then say “whoops I didn’t know I couldn’t do that” and then negotiate your back taxes down to 40% of what they should have been and pay a small fine. Which based on the tax returns of the person I’m suing seems to be his plan except he hasn’t been caught yet so the rest of it is hypothetical.
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Jan 10, 2024 17:37
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bird with big dick posted:Start a small business and then deduct 100% of all your income including unrelated W2 income until after 12 years you get caught and then say “whoops I didn’t know I couldn’t do that” and then negotiate your back taxes down to 40% of what they should have been and pay a small fine. Don't tell the IRS until after you collect your judgement money they probably can't afford to pay both of you 
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Jan 10, 2024 17:40
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KillHour posted:Don't tell the IRS until after you collect your judgement money Oh believe me, I know. He's also going to get reported to the state of California both for not paying CA income tax and for having like a dozen vehicles registered a different state despite living in CA.
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Jan 10, 2024 18:03
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KillHour posted:If you're a DINK, there's a good chance that getting married will make your taxes go up. Congrats! woohoo! 
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Jan 10, 2024 18:10
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GramCracker posted:woohoo! On the other hand, literally every other aspect of being a DINK is financially awesome.
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Jan 10, 2024 19:58
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Also, having an interesting time with TurboTax trying to report on my vending machine situation. They didn't really have an "investment" option that made sense, so I'm listing the ~$4500 I've gotten so far as "Other self-employed income including cash, checks, etc.", and putting the $6500 I've paid into the situation so far as "Expenses". Everything has been done via check so I've got copies of that if needed, and it's showing my net as $0 so I'm not worried that it'll try to make this loss count against any of the other income or anything. The situation was pretty easy this year, but next year if I do the same thing I'll have a few thousand in income and $0 in expenses. I don't know how long the situation will last since the guy I'm doing this with seems to be on some weird financial ground. (He's been waiting for a refinance of the house he was originally gonna flip and is now living in after he fixed it up.) I'll also have RSUs vesting and need to account for some other ETF shares I sold last week for a small profit, so I think this time next year I'm just gonna say "gently caress it" and hire an accountant.
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Jan 10, 2024 20:23
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I failed to notice a form/tax I owe, do I file an amended return? Does it depend on the time/amount? For 2018 I was supposed to pay $5.09 for this tax. I file by mailing paper, does that create a lag that affects amending?
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Jan 10, 2024 20:39
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Epitope posted:I failed to notice a form/tax I owe, do I file an amended return? Does it depend on the time/amount? For 2018 I was supposed to pay $5.09 for this tax. I file by mailing paper, does that create a lag that affects amending? 2018? What form. I don't recall any form. Just let it go unless there is some critical reason that form needs to be there for future year reference.
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Jan 10, 2024 21:36
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H110Hawk posted:2018? What form. I don't recall any form. The amount gets bigger in subsequent years. Grand total $780.
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Jan 10, 2024 21:42
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LanceHunter posted:On the other hand, literally every other aspect of being a DINK is financially awesome. Yes, but you get them whether you're married or not.
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Jan 10, 2024 22:33
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LanceHunter posted:Also, having an interesting time with TurboTax trying to report on my vending machine situation. They didn't really have an "investment" option that made sense, so I'm listing the ~$4500 I've gotten so far as "Other self-employed income including cash, checks, etc.", and putting the $6500 I've paid into the situation so far as "Expenses". Everything has been done via check so I've got copies of that if needed, and it's showing my net as $0 so I'm not worried that it'll try to make this loss count against any of the other income or anything. This should probably have gone on a Schedule C. I know that laymen like to call this kind of thing an "investment" or "passive income" but what you are doing is running a business.
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Jan 11, 2024 03:59
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Epitope posted:I failed to notice a form/tax I owe, do I file an amended return? Does it depend on the time/amount? For 2018 I was supposed to pay $5.09 for this tax. I file by mailing paper, does that create a lag that affects amending?
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Jan 11, 2024 04:26
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LanceHunter posted:Also, having an interesting time with TurboTax trying to report on my vending machine situation. They didn't really have an "investment" option that made sense, so I'm listing the ~$4500 I've gotten so far as "Other self-employed income including cash, checks, etc.", and putting the $6500 I've paid into the situation so far as "Expenses". Everything has been done via check so I've got copies of that if needed, and it's showing my net as $0 so I'm not worried that it'll try to make this loss count against any of the other income or anything. I looked at your earlier post and if I understand it correctly, it sounds like if all the formalities were observed you'd be a getting a K-1. Your deal looks a lot like a partnership. You might want to talk to a professional. If you call it "Self-employed income" it implies self-employment taxes which you haven't been paying.
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Jan 11, 2024 05:04
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Epitope posted:The amount gets bigger in subsequent years. Grand total $780. I would just go back and do last years (2022) and see what comes of it in the mail. You didn't know.
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Jan 11, 2024 05:34
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Agronox posted:I looked at your earlier post and if I understand it correctly, it sounds like if all the formalities were observed you'd be a getting a K-1. Your deal looks a lot like a partnership. Possibly, though there's about a 0% chance my friend is organized enough to be doing all that. I'm only sure he's paying sales tax because that's processed automatically through the credit card payment system (which also sends a nightly email showing all the machine's previous day sales, which is pretty neat). But yeah, it might be worth talking to a professional this year. If nothing else so that I'll already have someone ready for the poo poo-show that will be my 2024 taxes.
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Jan 11, 2024 18:13
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LanceHunter posted:Possibly, though there's about a 0% chance my friend is organized enough to be doing all that. I'm only sure he's paying sales tax because that's processed automatically through the credit card payment system (which also sends a nightly email showing all the machine's previous day sales, which is pretty neat). Your friend needs to hire an accountant, and you have the right to request that as an investor in the business. Just shrugging and saying its his fault isn't a defense for not recording income correctly.
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Jan 11, 2024 18:29
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LanceHunter posted:Possibly, though there's about a 0% chance my friend is organized enough to be doing all that. I'm only sure he's paying sales tax because that's processed automatically through the credit card payment system (which also sends a nightly email showing all the machine's previous day sales, which is pretty neat). One thing, the sales tax is being collected but it's a good idea to make sure it's actually being remitted to the government and that sales tax returns are being filed.
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Jan 11, 2024 21:09
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H110Hawk posted:I would just go back and do last years (2022) and see what comes of it in the mail. You didn't know. This does seem like it may be the best option. I tend to be fairly "boyscouty" in that I want to follow the rules, even if I could get away with it. Five amended returns is a lot of hassle though, not just for me but for them too. If they said "hey you owe this tax for previous years, here's the bill" that seems ideal. LanceHunter posted:But yeah, it might be worth talking to a professional this year. I think talk with your friend too, so you two are on the same page. Is this a loan? Is it an investment? Are you a passive investor, or are you an active member of the business? If you're active, what are your roles/responsibilities/authorities?
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Jan 11, 2024 21:25
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Epitope posted:This does seem like it may be the best option. I tend to be fairly "boyscouty" in that I want to follow the rules, even if I could get away with it. If there is one thing I learned in boy scouts it's that if the scout master didn't see it it didn't happen.
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Jan 12, 2024 03:08
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H110Hawk posted:If there is one thing I learned in boy scouts it's that if the scout master didn't see it it didn't happen. Most of my Boy Scouts experience tended to be about how many things you can burn in a campfire as I recall.
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Jan 12, 2024 20:31
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This year will be the first year I plan on paying estimated taxes to the IRS since last year I had to pay taxes. At some point this year, I will sell some stock to have long term capital gains. I can see online that it's pretty simple and I can pay the estimated amount online. But what happens in 2025 when I'm doing my taxes, do I get a form that I input into TurboTax that shows how much estimated taxes I paid in 2024?
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Jan 16, 2024 22:00
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