Tax Filing Experts - Semi-venting thread

DHG1078

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I have not read anyones response. But I've owed on taxes every year. I change what I claim every year to see if that's the problem but its not. I've given up lol.

We don't make quite enough to owe. We don't get much back either if any. I'm sure it will change when my wife finishes school though. Trump may be all of our saviors.
 

Screw-Rice

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We don't make quite enough to owe. We don't get much back either if any. I'm sure it will change when my wife finishes school though. Trump may be all of our saviors.
I pay out of the ass for taxes, I need a flat tax or at least the restructure he proposed months back.

OP I would have a CPA go over yours, you might be missing something without realizing.
 

MG0h3

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Turbo tax...dont like the outcome? Have Jack Daniels check your deductions. Works everytime!
 

DHG1078

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I pay out of the ass for taxes, I need a flat tax or at least the restructure he proposed months back.

OP I would have a CPA go over yours, you might be missing something without realizing.

I definitely pay taxes, just not enough where claiming zero on my tax forms isn't enough, yet. Probably not too far off from that though.
 

Klay

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That stinks man. My wife and I were fortunate. We got about 2600 for federal back and 900 something for state. Albeit, we are using the standard deduction and it sounds like you guys make more too (probably a higher tax bracket). Of course, we just had a daughter last year so that helped haha.

Another thing I didn't see mentioned is do both of you have health insurance? Maybe it is the tax penalty that is screwing you guys up?
 

MG0h3

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ya its their combined income along with not having enough deductions. They hammer you.

FWIW, the best way I know to get deductions is having rental properties. I have 3 and I pay about 8-9k less in taxes than friends that are paid the same. I probably pay 5k out of pocket yearly on the three so Im still ahead. Total principal reduction is about 1400 monthly. Keep thinking I want to cash out but I see how much its saves me in taxes and I cant do it.
 

Screw-Rice

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I hope she takes you to dinner first.
If I was 30 years older maybe... She only takes clients on referral and charges me half of what others charge, she's good at what she does. So I wont complain. Now when it comes to what I pay, I'll bitch all day, haha.
 

yellow03cobra

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my wife and I both claim zero and we got back 3,000 federal 1,000 state with 1 kid. My tax return is as basic as it gets.
 

Grabber

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Thanks for the responses guys.

Wife and I figured it out and added up all of our deductions. We were negative on the federal by a couple hundred bucks and the state bounced back with a $400+ return, so, it balanced out.

I think now we've got it in check and moving forward, should not be paying over $20,000+ in taxes and then another 2-3K the following year during tax season.

Thanks Obama.
 

rotor_powerd

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Time to get "creative" with your deductions. Or, just make shit up like a lot of people do lol.

After being in business for myself for the past several years, I've determined this is the only way that people can get by without losing their shirt. If I played strictly by the book rather than reading between the lines in the book, I'd owe so much money in taxes that I'd be lucky to feed my family. And to think the colonists filled the Boston Harbor with tea over a 3% tax.... how far we have come....
 

Dusten

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I always hear the kids are the way to go. :)

Well, the state tax only changed the total balance a hundred or two. It was the federal in which the previous year, my wife paid about 7.5-8K. Now, she's paying over 10K in JUST federal and I'm just under at 9,300. Both of our state taxes went up a few hundred dollars as well, but, that is small change in the bigger picture.

Our bracket should not have changed since we make the same amount of money (IIRC, I made 2,500 less than the previous year now that I think about it, could be wrong, though. )

I tried using TurboTax and HR Block calculators. Both were between $1,350 and $1,500 negative.
Depending on income level, the credit for kids can completely disappear
 

MG0h3

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After being in business for myself for the past several years, I've determined this is the only way that people can get by without losing their shirt. If I played strictly by the book rather than reading between the lines in the book, I'd owe so much money in taxes that I'd be lucky to feed my family. And to think the colonists filled the Boston Harbor with tea over a 3% tax.... how far we have come....

And itll only get worse unless Trump seriously changes the direction of spending and taxes. Im hopeful but skeptical.
 

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