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Started By
Message
Owing Taxes - Can I try itemizing deductions?
Posted on 2/4/22 at 8:11 pm
Posted on 2/4/22 at 8:11 pm
I’ve been filling taxes for 10-12 years now and I’ve never owed a dime. My wife and I have always both claimed married and zero dependents. This year we both got new jobs and I’m pretty certain we claimed the same with holdings that we always have. I’m waiting on our copies of W4s for 2021 to confirm that.
Anyways, is my only option to try and itemize as many items to get over the standard deduction amount? I’ve previously used TurboTax to file taxes, I’ll be utilizing a CPA this year.
Anyways, is my only option to try and itemize as many items to get over the standard deduction amount? I’ve previously used TurboTax to file taxes, I’ll be utilizing a CPA this year.
10
Posted on 2/4/22 at 8:14 pm to GeauxTime9
Doubtful to happen in most scenarios.
Posted on 2/4/22 at 8:36 pm to GeauxTime9
Unlikely you’re going to exceed standard deduction if you’re both W2 employees.
Posted on 2/4/22 at 8:52 pm to GeauxTime9
Go to a good CPA and ask for advice on how to complete your W-4 to your liking.
If you and your wife make a similar income, the chances of married and none being adequate are low.
If you and your wife make a similar income, the chances of married and none being adequate are low.
Posted on 2/4/22 at 8:56 pm to GeauxTime9
Look at past returns vs your current ones to see if your tax liabilities did indeed change. If your tax liability and income has remained consistent then it's probably just an issue with your w-4 and withholding.
Otherwise sure you can try to itemize, but with increases in standard deduction and caps on SALT deductions many people don't have enough itemization to exceed the standard deduction.
Otherwise sure you can try to itemize, but with increases in standard deduction and caps on SALT deductions many people don't have enough itemization to exceed the standard deduction.
Posted on 2/4/22 at 9:18 pm to Puffoluffagus
Yeah, after digging into it further, I think this is the first year we are truly filing together.
2018 is the year we got married and our W4 was filled out as single.
2019 and 2020 my wife did not work.
2021 is the first year that we both claimed married and zero on our W4. My income is over double of her income. I’ll get with the CPA and see what they suggest for withholdings.
2018 is the year we got married and our W4 was filled out as single.
2019 and 2020 my wife did not work.
2021 is the first year that we both claimed married and zero on our W4. My income is over double of her income. I’ll get with the CPA and see what they suggest for withholdings.
Posted on 2/4/22 at 10:19 pm to GeauxTime9
Retired CPA here. If you want to break even or maybe owe them some $$ then claim exactly what you are entitled to claim. Assuming no children, you would claim Married and 2 on both W 4's.
If you want to make sure you get a refund then claim Married and 1.
You can figure it out for yourself without paying any fees. Open the existing Turbo Tax you have even if it is for 2020. Take your check stub earnings, assuming both of you are salaried and are paid bi weekly. Multiply your earnings by 24 and your FIT by 24. Same thing for SS Tax and medicaire tax.Do for both your stub and her stub. Start a new return on TurboTax and call it experiment. Enter those earnings and look for the refund amount. If satisfied then leave as is.
Other option on W 4 is to tell them to take an extra flat amount or percentage.
If you want to make sure you get a refund then claim Married and 1.
You can figure it out for yourself without paying any fees. Open the existing Turbo Tax you have even if it is for 2020. Take your check stub earnings, assuming both of you are salaried and are paid bi weekly. Multiply your earnings by 24 and your FIT by 24. Same thing for SS Tax and medicaire tax.Do for both your stub and her stub. Start a new return on TurboTax and call it experiment. Enter those earnings and look for the refund amount. If satisfied then leave as is.
Other option on W 4 is to tell them to take an extra flat amount or percentage.
Posted on 2/4/22 at 10:53 pm to GeauxTime9
Standard deduction for married filing jointly is 25,100 for 2021.
Posted on 2/4/22 at 11:07 pm to Puffoluffagus
quote:this is almost certain, and I've seen it with several clients already. Just know that you aren't getting robbed (if taxes aren't just that), you just got your money early.
Look at past returns vs your current ones to see if your tax liabilities did indeed change. If your tax liability and income has remained consistent then it's probably just an issue with your w-4 and withholding.
Posted on 2/4/22 at 11:08 pm to Purplehaze
quote:I miss the old w-4's
Retired CPA here. If you want to break even or maybe owe them some $$ then claim exactly what you are entitled to claim. Assuming no children, you would claim Married and 2 on both W 4's.
If you want to make sure you get a refund then claim Married and 1.
You can figure it out for yourself without paying any fees. Open the existing Turbo Tax you have even if it is for 2020. Take your check stub earnings, assuming both of you are salaried and are paid bi weekly. Multiply your earnings by 24 and your FIT by 24. Same thing for SS Tax and medicaire tax.Do for both your stub and her stub. Start a new return on TurboTax and call it experiment. Enter those earnings and look for the refund amount. If satisfied then leave as is.
Other option on W 4 is to tell them to take an extra flat amount or percentage.
Posted on 2/5/22 at 5:37 am to Ford Frenzy
quote:
I miss the old w-4's
I was thinking the same thing. The W4 I have now does not give you the option for how many to claim. It’s more confusing than anything
Posted on 2/5/22 at 9:49 am to GeauxTime9
Several decades ago I did my taxes and just took the standard deduction on the easy form. Then one year on the recommendation of the company's book keeper, I went to an accountant who specialized in my field (media). I never owed anything before or got a return, but for the cost of $300 and itemized deductions, that year I got back $1200.
It's good to have someone who knows all of the rules, deductions and tricks of the trade.
It's good to have someone who knows all of the rules, deductions and tricks of the trade.
Posted on 2/5/22 at 12:21 pm to GeauxTime9
1. Buy a small farm
2. File Schedule F
3. ???
4. Profit
2. File Schedule F
3. ???
4. Profit
Posted on 2/5/22 at 12:28 pm to El Segundo Guy
quote:
1. Buy a small farm
2. File Schedule F
3. ???
4. Profit
Every single "farm" or "ranch" in America should be audited. A vast majority are disguised hobbies and should be disallowed immediately.
I do not get to deduct my hobbies and neither should the "farm" or "ranch" bros.
Posted on 2/5/22 at 1:01 pm to GeauxTime9
I tried doing it yesterday and couldn’t get it. This is with daycare for two kids and a number of medical bills, mortgage interest paid, charitable donations, etc. Standard deduction is too high, which is the point. Govt just gives everyone the standard deduction unless you have extreme circumstances bc the accounting and auditing is much simpler
Posted on 2/7/22 at 12:55 pm to GeauxTime9
Typically only wealthy people with a ton of assets will itemize to get over the standard deduction.
Posted on 2/7/22 at 9:07 pm to deltaland
Sorry I don't buy the only wealthy people itemize.
I am firmly middle class (spouse and I are W2 employees) and our itemized deductions always exceed the standard. Get with a reputable CPA and make sure you are choosing the best route.
I am firmly middle class (spouse and I are W2 employees) and our itemized deductions always exceed the standard. Get with a reputable CPA and make sure you are choosing the best route.
Posted on 2/8/22 at 8:44 am to GeauxTime9
the standard deduction is 25,100 for married filing jointly. do you have that much in itemized?
Posted on 2/8/22 at 9:01 am to Auburn1968
quote:
Several decades ago I did my taxes and just took the standard deduction on the easy form. Then one year on the recommendation of the company's book keeper, I went to an accountant who specialized in my field (media). I never owed anything before or got a return, but for the cost of $300 and itemized deductions, that year I got back $1200.
It's good to have someone who knows all of the rules, deductions and tricks of the trade.
Im not trying to be a boob, but these guys just read exactly what you can read. You may be going to a guy that graduated school under a completely different tax policy. He still would have to read up on it.
you can take charitable contributions up to 60%, medical expenses exceeding 10% of your agi and mortgage interest.
A lot of people wont have enough to be over their standard deduction, the reason they raised it, to just make it easier.
The casualty and theft loss, business expenses have been eliminated.
And next year the deductions will be 12,950 for single 25,900 for jointly, so going up again.
This post was edited on 2/8/22 at 9:04 am
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