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Started By
Message
re: 2023 Tax Filing
Posted on 2/7/24 at 4:39 pm to Styxion
Posted on 2/7/24 at 4:39 pm to Styxion
quote:
wife's withholdings went down to zero at the beginning of the year due to the new tables. As a CPA, I knew better and changed it back but many people didn't even notice.
You're right but it is wild to me that people don't notice changes in their paycheck.
quote:
Also, the new W4s confuse a lot of people.
It doesn't matter what they come up with in regard to those forms. They could figure out the most straightforward W4 in the world and people would still frick it up.
0
Posted on 2/7/24 at 6:58 pm to Nu Iota Prophet
quote:
Thanks @slackster. You pushed me to think differently about this. Appreciate it.
Posted on 2/7/24 at 11:38 pm to LSUGUMBO
quote:
It's easily the hardest check I write. I generally underpay/over save, so if there is extras on April 15, it's in my savings account and not the government's. The downside to that strategy is that the IRS isn't always in a hurry to cash my checks (for some reason), so sometimes I'll hang around with an extra $10,000 in my checking account for most of April.
I'm the opposite after one year undershooting. I had 40k saved, owed 90 for Q4. Not something I ever want to experience again. I thought I was good, I wasn't.
Posted on 2/8/24 at 12:30 am to Billy Blanks
quote:
Abosolutely this. I'm self employeed so have to pay quarterly. The is quite frankly, my biggest bill I have and it's every damn quarter. There would be a revolution if everyone paid quarterly. It's laughable when I hear W2 only folks discuss taxes and how mad they are when they owe like 800 bucks.
W2 only and owe at least 10k to 15k per year. Last year was the first year in a long time where we owed under 10k. We got more back from the state of LA than we ever have. We also got back money because my wife changed jobs and had already maxed out the social security tax then changed jobs and was taxed again.
Having to take the standard deduction every year sucks.
This post was edited on 2/8/24 at 12:33 am
Posted on 2/8/24 at 5:54 am to Dawgfanman
quote:
I guess I’m a crazy person, but each year in January I project my liability for the next year and check my withholding to make sure it’s gonna be close. I then adjust my withholding if needed. My goal is as close to 0 owing/return at tax time as possible.
No you are not crazy. My CPA tells me at tax time of how much to withhold for the following year based on current income. I assume all CPA's do this. I then adjust my withholding and pay the appropriate amount each quarter.
We own a business, and we withhold 100% of my wife's salary and 100% of mine and take company draws as needed. It gets us in a routine that every two weeks taxes are being applied and prevents us from living a lifestyle above our means.
I meet with the CPA in November to fine tune what we expect to owe. From there we plan charitable giving and any other tax saving opportunities to take advantage of before years end. We killed it in 2023. This past November '23 we anticipated owing an additional $85,000. It's much easier to swallow the pill then rather than in late March/early April.
Everyone needs a tax planner or CPA. I still had one when I made a middle class income. Unless you are dirt poor then you should have assistance with taxes. I never used Turbotax but I hear it will do the job, so everyone should at least do that.
This post was edited on 2/8/24 at 5:57 am
Posted on 2/8/24 at 10:33 am to Mariner
quote:
No you are not crazy. My CPA tells me at tax time of how much to withhold for the following year based on current income. I assume all CPA's do this. I then adjust my withholding and pay the appropriate amount each quarter. We own a business, and we withhold 100% of my wife's salary and 100% of mine and take company draws as needed. It gets us in a routine that every two weeks taxes are being applied and prevents us from living a lifestyle above our means. I meet with the CPA in November to fine tune what we expect to owe. From there we plan charitable giving and any other tax saving opportunities to take advantage of before years end. We killed it in 2023. This past November '23 we anticipated owing an additional $85,000. It's much easier to swallow the pill then rather than in late March/early April. Everyone needs a tax planner or CPA. I still had one when I made a middle class income. Unless you are dirt poor then you should have assistance with taxes. I never used Turbotax but I hear it will do the job, so everyone should at least do that.
I disagree - most people do not need a tax planner or CPA. Most people are W-2 earners with maybe a few other predictable items, who would benefit much more from using the IRS W-4 calculator to adjust withholdings each quarter.
This post was edited on 2/8/24 at 10:44 am
Posted on 2/9/24 at 10:03 am to Styxion
quote:
Also, the new W4s confuse a lot of people.
I'm still running with the W4 I filled out in 2014 with extra allowances (8, I think). My wife went back to work last year and filled out the new one...they don't take out taxes unless there is a bonus.
I have a spreadsheet I use to track our income, taxes, donations, etc. throughout the year and pay quarterly estimated taxes myself.
This year, I need to write a $48 check. I was shooting for +/- $200 so I'm happy.
I did barely miss the ability to claim my son's tuition so I would probably have had a small refund...
Question - I have seen that some 1099s are delayed due to IRS changes...how long should I wait to see if my 1099-DIV will ever be posted? In the past, I have received one even if there were no taxable dividends from these mutual funds to declare. This year...no 1099 to date. ETA - my plan was to wait until mid-Feb and then call them.
This post was edited on 2/9/24 at 10:10 am
Posted on 2/9/24 at 1:30 pm to Dawgfanman
It's not crazy, if you just have a W-2 with minimal to no credits there is no reason to have Uncle Sam hold onto your money for the year just so you can get a large refund. Especially when you could have used that money to pay off debts, invested it, etc.
It gets harder to do this when you have multiple income streams and the occasional unforeseen taxable event.
It gets harder to do this when you have multiple income streams and the occasional unforeseen taxable event.
Posted on 2/9/24 at 1:41 pm to bikerack
quote:
I have seen that some 1099s are delayed due to IRS changes.
The only delays I've seen anything about are 1099-Ks, because the decided to once again delay the 600 dollar rule. You should have already been provided with any 1099-Div.
Posted on 2/9/24 at 1:56 pm to Nu Iota Prophet
My taxable income did go up about 10K, but las year we got back over $3,000 and this year we owe $200 for federal and are getting back $280 for stated. No changes to withholdings either.
Posted on 2/9/24 at 2:20 pm to 9Fiddy
quote:
My taxable income did go up about 10K, but las year we got back over $3,000 and this year we owe $200 for federal and are getting back $280 for stated. No changes to withholdings either.
Kids?
Posted on 2/9/24 at 4:21 pm to Styxion
quote:
The only delays I've seen anything about are 1099-Ks, because the decided to once again delay the 600 dollar rule. You should have already been provided with any 1099-Div.
I know of several smaller companies and smaller school districts that had to start scrambling in December when they found about some new IRS requirement about their credentials. They had to request new ones and they were seeing 45 day delays in getting them. Plus, the new credentials have to be tied to a person and if that person already had a personal account with the IRS, then they wouldn't issue another one. This whole thing mainly affected plain 1099 forms.
I was also told that several years ago, reporting requirements for some forms changed from 1/31 to 2/15. The forms mentioned were the 1099-B and consolidated reporting statements that contain 1099-B, 1099-DIV and 1099-INT all on one statement.
This post was edited on 2/9/24 at 4:24 pm
Posted on 2/11/24 at 6:15 am to dgnx6
quote:
No one understands tax because the tax code is retarded and our media. You have people who actually believe businesses and the wealthy pay zero taxes and only the poor pay taxes
Financial “gurus” on social media and their loaded half-truths in the form of simplified six second videos are not helping.
I’m sure that once you buy whatever rip-off they’re selling, “It’s not taxable because it’s passive” turns into “please consult your tax advisor” really quick.
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