$94 tax return...

[mysticsvt]

Me every year. WTF am I paying this much in taxes and paying an extra 100 a month to Federal and still owe 3 grand in Federal???

My Tax Guy....you're doing your part...your wife is not doing her part.

To Wife...you need to be putting away more money...tax guy said so.

Wife...end of year.....I forgot.

Me...SIGH.

Gonna have my tax guy draw up anything owed to her and to me as individuals.

 

[FIVEHOE]

I'll be happy if I owe less than 20k this year...

 

[Double"O"]

Ill be happy i write a check for less than 1k lol

 

[svtfocus2cobra]

Last year my tax return went from $1200 down to $400 after I uploaded my stock transactions or whatever they call that file you upload. I didn't even come out on top overall that year so I don't know why I got hit so hard on that. Pretty sure I did something wrong unless you get taxed for every trade you make or on the money you put in initially.

 

[sleek98]

Last year my tax return went from $1200 down to $400 after I uploaded my stock transactions or whatever they call that file you upload. I didn't even come out on top overall that year so I don't know why I got hit so hard on that. Pretty sure I did something wrong unless you get taxed for every trade you make or on the money you put in initially.

Federally you pay tax on the gain (net of losses) on every trade made in a non retirement account, if its short term (held 365 days or less) then it is at ordinary tax rates. If its held 366 or more days its at qualified tax rates 0/15/20% depending on income.

If it was short term and you are in the 24% bracket then $800 in tax is only $3,333 worth of gains.

 

[svtfocus2cobra]

Federally you pay tax on the gain (net of losses) on every trade made in a non retirement account, if its short term (held 365 days or less) then it is at ordinary tax rates. If its held 366 or more days its at qualified tax rates 0/15/20% depending on income.

If it was short term and you are in the 24% bracket then $800 in tax is only $3,333 worth of gains.

That's what I was told might be the case. It just seemed excessive because I never pulled the money out and it was put in towards the end of 2021. Put $5k in initially to play with crypto and the investment had doubled at one point in the year but ultimately was down to less than my initial investment when everything dropped off and I have just left it in there ever since and haven't touched it other than pulling out $500 at one point to pay for something but that was it.

 

[PhoenixM3]

.....lol...smh

Thanks Big Guy!

Somehow, while paying my taxes all year and claiming zero dependents, I've managed to nearly OWE this time. I wonder how they would've justified that? At $94 we were almost there. That's the edge.

Wow. You can almost buy 1 share of Tesla stock…

 

[PhoenixM3]

I'll be happy if I owe less than 20k this year...

Yeah, not that for us but probably close to $10K

 

[CompOrange04GT]

I’ll probably get $4800 back

But that’s because my company didn’t put on payroll that I moved from a state with state tax to one without …


And my dumb ass never looked at my checks til now and didn’t notice.

 

[JimCSHO]

I believe the new IRS agents will join existing IRS agents and be focusing on earners of over 400k per annum as well as corporations and partnerships.

Dream on. There is no way Biden can get what is looking for without hitting the middle class HARD. That is where those new agents will spend most of their energy and time.

 

[JimCSHO]

One of the problems is that people look at the size of their refund to determine whether the tax law changes helped them. That's why we keep seeing the Democrats talking about "tax cuts for the rich". If you didn't pay less taxes after the 2017 change then either 1. good for you because you have been doing WAY better than before, or 2. get a better CPA to do you taxes because your guy doesn't know what he is doing. Or 3, suck to live in California and New York and have that SALT effect and the rest of us not subsidizing your high tax rates.

And the Democrats, for all their talk about "tax cuts for the rich", want to increase the SALT deduction to $80,000 from $10,000.

 

[sleek98]

One of the problems is that people look at the size of their refund to determine whether the tax law changes helped them.

Bingo. People dont realize the withholding tables have changed and they are getting more or less money withheld and only focus on the refund. BUT BUT BUT I got 2k last year why do I owe 50 this year. Your withholding is 2,600 less than last year, but you didnt notice the extra 100 a check.

 

[gmtech]

$155 refund here. I always owe every year but now I have 2 kids so I get the big payout!

 

[*Jay*]

Until I get to decide where my money goes, taxation is theft. Wife and I owe every year withdrawing at higher rates, this year neither of us are claiming a dependent so we will see how it shakes out. We always shoot for no refund or owing less than $1K.

 

[VegasMichael]

Dream on. There is no way Biden can get what is looking for without hitting the middle class HARD. That is where those new agents will spend most of their energy and time.

The hiring of an additional 87,000 IRS agents is misleading. Tens of thousands of current IRS agents are due to retire soon and others are leaving and they will not be focusing on the middle class, unless red flags come up but that is nothing new.

 

[Steve@TF]

just remember:

tax avoidance is good
tax evasion is bad

And whats the difference between the two?

A really good tax attorney.


Sent from my iPhone using the svtperformance.com mobile app

 

[Steve@TF]

OP you think you have it bad? What about all the people who dont work and are getting smaller refunds as well? It affects everyone!


Sent from my iPhone using svtperformance.com

 

[MG0h3]

OP you think you have it bad? What about all the people who dont work and are getting smaller refunds as well? It affects everyone!


Sent from my iPhone using svtperformance.com

Did you know that people that don’t make shit get a “refund” that’s more than they pay?


Sent from my iPhone using the svtperformance.com mobile app

 

[L8APEX]

I'm always paying in, even with 0 deductions and more held from each pay period to the IRS and State. Multiple jobs does that easily. Just always a fun time of year as it lines up with tags and personal property on the vehicles .

We need to get rid of having employers doing the withholdings, they can still figure them. But force employees to physically write the IRS and state individual checks each pay period. I figure people might become a bit more concerned with the whole process at that point. But at least it'll give those 87k new tax men something to do when people get bigger checks and go, " I'm just gonna hold onto this a bit longer..."

 

[CompOrange04GT]

The hiring of an additional 87,000 IRS agents is misleading. Tens of thousands of current IRS agents are due to retire soon and others are leaving and they will not be focusing on the middle class, unless red flags come up but that is nothing new.

Man:. You really need to get your head out of the sand