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horsesandbulls
| Favorite team: | LSU  |
| Location: | Destin, FL |
| Biography: | |
| Interests: | Football, Baseball |
| Occupation: | Accountant |
| Number of Posts: | 4868 |
| Registered on: | 6/4/2008 |
| Online Status: | Not Online |
Recent Posts
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re: Capital gains question on real estate
Posted by horsesandbulls on 4/26/24 at 9:08 pm
Yes, you increased your basis in the property....
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re: Capital gains question on real estate
Posted by horsesandbulls on 4/26/24 at 6:32 pm
If you are single, you get a 250k exemption on capital gains if you have lived in the house 2 of the last 5 years. 500k if you are married.
If the house went up more than your exemption, you still have to pay capital gains on anything over that amount....
re: Minimizing Tax Bill
Posted by horsesandbulls on 4/26/24 at 2:53 pm
Have more withheld from your check.
Look at HSAs
Give more than the standard deduction to charities.
...
re: 2024 Formula 1 season Thread
Posted by horsesandbulls on 4/2/24 at 10:08 am
Anyone going to Miami?...
re: How many of you get a big tax refund check?
Posted by horsesandbulls on 3/29/24 at 5:51 pm
Earned income tax credit, baby. One of the few things nearly every president and politician has agreed on and expanded since its inception.
...
re: First time ever I owe taxes
Posted by horsesandbulls on 3/26/24 at 2:30 pm
Sure.
But at face value your post stated it was the first time in a while you were getting a “return”.
You file a return every year. Sometimes you get a refund, sometimes you owe.
It’s nitpicky but I see it and hear it daily....
re: First time ever I owe taxes
Posted by horsesandbulls on 3/26/24 at 2:28 pm
[quote]You know what "just because" means, right?[/quote]
I do.
But this an example of injecting politics for the sake of injecting politics. Just because....
re: Steps for paying uncle sam in advance of tax return filing
Posted by horsesandbulls on 3/26/24 at 2:26 pm
Yeah people have a very hard time understanding this....
re: First time ever I owe taxes
Posted by horsesandbulls on 3/26/24 at 5:58 am
[quote]FJB[/quote]
You do know we are still under trumps tax plan right?...
re: First time ever I owe taxes
Posted by horsesandbulls on 3/25/24 at 1:56 pm
[quote]also it has a N next to my wife doesn't work and it should be Y. Will that make a difference[/quote]
Pretty sure that’s the answer. You’ve told your payroll administrator that your wife doesn’t work so the withholding being calculated with just your salary as your total taxable income.
...
re: First time ever I owe taxes
Posted by horsesandbulls on 3/25/24 at 1:16 pm
@rize:
[quote]First time getting a return in a long time. [/quote]
I know what you mean, but please fix this to say refund.
@dallastiger55, did you compare the tax summary to see if anything in 2023 jump drastically compared to the previous years?
I still feel like i'm missing somethin...
re: First time ever I owe taxes
Posted by horsesandbulls on 3/25/24 at 7:30 am
[quote] the 4k tax credit[/quote]
that's reduces your overall tax.
The standard deduction (or thousands in deductions) reduces your taxable income.
these are two different things.
[quote]I made about double what she made last year.[/quote]
this doesn't give any more information th...
re: First time ever I owe taxes
Posted by horsesandbulls on 3/24/24 at 9:20 pm
It’s hard to give weigh in on this without knowing your agi over the last 4-5 years.
But sounds like you’ve gotten steady raises and never adjusted your withholding.
Church donations usually won’t have any effect unless you gave more than the standard deduction, which this year is 27,700 for m...
re: Higher paying job offer
Posted by horsesandbulls on 3/15/24 at 7:17 am
Dude take the job. A buddy of mine is a sec reporter for a large accelerated filer and other than reporting windows has very low stress.
He did 8-9 years at a big four but hated the long weeks....
re: Elevated Perceptions - GameScent Automated Gaming Scent Atomizer
Posted by horsesandbulls on 2/29/24 at 6:31 am
Well there’s a market for everything. You can put me in the “not for me” category with a scent called “human exertion”...
re: Project Hail Mary - Andy Weir
Posted by horsesandbulls on 2/22/24 at 9:42 pm
Love this audio book. Ray Porter crushes it.
For those who like his narrating, check out the bobiverse. Less serious but pretty fun overall....
re: LLC home business for tax buffer?
Posted by horsesandbulls on 2/21/24 at 7:33 am
Talk to a cpa. Starting a business for the sole purpose of tax “benefits” doesn’t seem like a good idea.
Starting a business for extra retirement income will have an impact on your taxes but it depends on how you structure it.
...
re: I Watched Super Troopers For the First Time Ever Yesterday...
Posted by horsesandbulls on 2/19/24 at 6:35 am
Is it a cult if everyone is in it?
Hasn’t been mentioned:
It’s Afghanistanimation!...
re: What forms do you file with the state and fed for business taxes
Posted by horsesandbulls on 2/19/24 at 6:25 am
Based on the information you’ve provided, you will need to fill out a schedule c on your 1040.
Google it and you will see that it has places for you to report your gross receipts, cost of goods, business expenses, info on business use of a vehicle, etc. this will calculate your taxable net incom...
re: Are lobster tanks gross?
Posted by horsesandbulls on 2/15/24 at 5:46 pm
[quote]Mold was my term for ubiquitous spots…IDK, I’m no carcinologist[/quote]
So just a regular idiot....
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