If you think you and your better half's income will be similar next year, just send in a quarterly estimated tax payment. You can print the blank forms off the IRS website.
Claim 0 on W-4. Still owe taxes. WTF?
- Thread starter Branhammer
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When I built my house in 06' I had to pay a $10K "impact fee" while applying for my building permit. The fee was described to me that it would go to the school system because of a new house being built in our county school district, and that the district was growing too fast and overcrowded. I didn't even have any kids...
Didn't know about this calculator.
Combined income with my Wife and I (approx. 125K) with Sanders, we'd pay $13,500 more per year, and with Cruz/Trump we'd pay almost $10,000 less.
Yeah, not voting for Sanders, LOL.
We must make about the same amount then, because that's roughly where I'm at. Although it's partly my fault since I don't own my house (I rent) and I haven't knocked some random up yet. I'm always ready to cry around tax season.
Add me to the list as well. I owe $2100 this year... But I also got divorced last year... And my company borked up my W4. I had changed it from "Married withhold at single rate" to Single 0... but some jackass in HR changed it to single 1... I know this because I kept a copy of the original I sent in... Fixed it in February...FML...
Not trying to sound like a financial advisor but Are any of you guys contributing to retirement plans 401s 457s? This is an excellent way to lower your taxable income. So if you're owing at the end of year try upping your contribution amount by a larger %. Another method to reduce the chances of owing at the end of the year is getting a traditional IRA and contributing the max 5500 allowed per year or 6500 if you're over 50yrs old
Well I think the reason they use more tax breaks for kids is the theory that it encourages more people to have them so they can pay for the ponzi scheme of social security down the road.
Never have wanted Clinton to win the DNC more in my life till that calculator.
The idea is that people are birthing future tax payers.
If it makes you feel any better, I've paid almost $20,000 in federal taxes this year and will be writing a check to the IRS for another almost $30,000 in two weeks. And I don't get to take the whopping $1,000 tax credit for having a kid, just to add salt to the wound.
I hear ya on that. Could be, but oh well.
In total, it was 19,0xx in just federal for us. Adding state and the other 2, probably over 30K easily.
It sucks for the single/married folk that don't have kids.
Old co-worker had 2 kids, wife didn't work and he claimed head of household, walked away with almost as much as he paid in taxes ($10,000) tax refund. Total shit if you ask me.
It also sucks for my kid that will be stuck paying social security to support the elderly who never had kids to pay in. The knife cuts both ways.
Word up man. I hear you on this.
What i tell people is this: if you are making over 65K a year, combined, get a CPA to do your taxes. You will be glad. And you can retroactively re-file taxes up to five years back, I think.
As to your situation, Branhammer, my wife and I are in the same boat, and have been for ten years, at least. Our accountant looked at our situation, recommended we have an additional amount deducted, and that problem is solved.
In my opinion, payroll deduction of taxes should be flat-out against the law. We should have to write a check, every year, for what we owe and pay it. If we did that, there would be huge riots as people saw exactly how much is being taken from them. Payroll deduction prevents that by most people not knowing how much is being taken from them. I say if the Federal Government wants to tax us, they should make it so in-our-faces clear how much they are taking that no one has any doubt. Then the next politician who comes along promising midnight basketball or whatever in the hell else piece of dipshittery with your money will get run out of town.
Bitter? Why, yes, yes I am.
Wait till you hit the 39.6% bracket and lose the ability to itemize deductions and personal dependents.
And then be told by the politicians that you just need to pay more so you can pay your fair share....
And then be told by the politicians that you just need to pay more so you can pay your fair share....
A ****n men brothah.
IMO, the thing that matters is your effective tax rate.
Mine was 12.1, highest ever, was even lower when I was single. Course, I have 2 rentals now and a wife, so there are way more variables.
Next year it will be less as I just spent $30k on improvements.
But effective tax rate is, in my opinion, the thing to compare.
I know some will disagree.
Mine was 12.1, highest ever, was even lower when I was single. Course, I have 2 rentals now and a wife, so there are way more variables.
Next year it will be less as I just spent $30k on improvements.
But effective tax rate is, in my opinion, the thing to compare.
I know some will disagree.
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I totally feel your pain on this. Im single and had to to pay almost $1K last year. Its shitty when you get a dick bag who doesnt pay anything with 7 chillren. I hate being ****ed for working my damndest to just make my way. Im young/white, but that doesnt have anything to do with it....
wife and I claim zero at 100k combined and get back 3,500 combined state and federal with one kid.
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Paid almost 20k this last year in taxes. Single and claimed 0
HR block said I'm getting $700 back.
But the IRS is holding it so I have to call them.
HR block said I'm getting $700 back.
But the IRS is holding it so I have to call them.
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