We’re supposed to pay taxes?
Do not know yet. Waiting on a receipt. Probably going to get slammed. We have not had a refund in over ten years.
Aside from the fact the IRS had cashed my check, they said they had not received my completed forms. I had to refile my taxes.
Well our tax liability increased, however I overpaid by $3200.
What’s a “tax refund?”
I was thinking on using it to pay down the balance on the HELOC I used to buy the solar system. But I decided to invest it instead. (For now in only money market while I wait on equities to drop, then I'll buy in.)
We also like to file early as possible. It may or may not be true but an uncle of mine who worked for the IRS once told us that the returns of early filers are usually processed right away without much scrutiny as they figure they have their act together. On the other hand, returns of late or last minute filers are more likely to be scrutinized or even audited.
Well this year we screwed up as we were owed a refund. We filed about two weeks ago and the refund was automatically posted and deposited to our account about three days later. We went to the casino yesterday and blew most of it.
I dont think the rates have been changed yet. I thought a few more years before the Trump rates time out. So what was the cause of your increase? Higher income? Fewer deductions?
I have paid ALOT in taxes the last two years (and will for a while) as I rollover non-Roth retirements to Roth. But I am racing to complete this effort before the brackets and rates go up. Before I starting rolling over 401ks, I broke almost even every year on tax owed vs previously collected by withholding.
I pay as I go.
No income taxes last year. No income taxes this year.
I’ll like them better than the last two years. I changed how I make money to avoid paying as much.
I still have 2 months for AARP to do my taxes. Will we still have a government then?
There is no reason to suffer at tax season. It’s trivial to use tax prep software such as TurboTax and input your projected data for next year. If your tax return is simple, ie, standard deduction, it’s even easier to use a simple exel spreadsheet to estimate your taxes for next year.
My spreadsheet has been accurate to within a few hundred dollars. The key is to do your estimates early, like right now, so you can adjust your withholding up or down. I’ve already done my estimate for next year.
Trump’s tax cut with the increased availability of the standard deduction makes this a snap.
(But yes, waaay too high - not poor enough and not rich enough).
Similar.
We have not done ours yet, but seem to get hit on the capital gains, and expect it will be a problem again this year. We have been getting refunds, for several years, though, but expecting we will find it to conclude in a lower refund this time.
It’s really not too tough to manage the Income Tax yet.
One just needs to pay attention and work one’s plan.
Almost always best to have it work out to pay a small amount with the return.
So what changed?
I sold my house after 20 years and will owe probably 5 or 6 grand after all deductions. Even after the 250k exemption. Paying turbotax to do them.
I’m retired, have no savings, no dependents, own no property, no investments, etc. I always file the short form. I’ll be getting about the same amount as I got last year. I feel bad for people like you. I don’t know what I’d do if I had to pay an amount like that to the IRS.