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re: How are the results of your tax returns coming along?

Posted on 4/9/24 at 7:59 am to
Posted by BottomlandBrew
Member since Aug 2010
27138 posts
Posted on 4/9/24 at 7:59 am to
quote:

that part is amazing isn't it?

you could give 10 accountants the same information, and you might get 10 different results back...


It really is amazing. My new guy specifically caters only to business owners, so he knows every advantage in the book to help minimize tax burden from that standpoint.
Posted by Dixie2023
Member since Mar 2023
1519 posts
Posted on 4/9/24 at 8:00 am to
That’s insane. But they’ve got to take every penny they can to support those folks Darwin needs to take out and those illegals.
Posted by Sidicous
Middle of Nowhere
Member since Aug 2015
17233 posts
Posted on 4/9/24 at 8:03 am to
quote:

The world would be a better place if withholdings were not a thing and we all had to write gigantic checks in April. Taxes and rampant government spending would get fixed with a quickness


Nope, not happening. Wait till you’re retired and have to make quarterly estimated tax payments for being considered self employed. Depending on investments payments can fluctuate wildly (mom gets a refund this year that covers this year estimated taxes in full and a substantial cash payment to her because previous years income was so much greater).

Point is, with so many retirees making substantial quarterly payments and not a single one demanding changes for several decades now, don’t look for any serious complaints to start.
Posted by RummelTiger
Texas
Member since Aug 2004
89921 posts
Posted on 4/9/24 at 8:12 am to
Yes

Yes

Yes

CPA did a great job this year and kept the number down. Signed everything yesterday for them to file. 2023 is done.
Posted by Yammie250F
Member since Jul 2010
904 posts
Posted on 4/9/24 at 8:35 am to
I just claim the usual married and 2 etc. and have always gotten money back. How much does one have to make before you have to pay back taxes instead of getting a refund. I've always wondered this.
Posted by Joshjrn
Baton Rouge
Member since Dec 2008
27134 posts
Posted on 4/9/24 at 8:39 am to
Had a 1099-NEC cause a bit of a tax bomb this year, but everything outside of that was as expected. Fired it off a week or so ago.
Posted by Cosmo
glassman's guest house
Member since Oct 2003
120376 posts
Posted on 4/9/24 at 8:40 am to
Owed a fricking lot

frick the fedgov/IRS
Posted by lowhound
Effie
Member since Aug 2014
7558 posts
Posted on 4/9/24 at 8:41 am to
Got back a little from Feds, owed a little to state. If your goal is not to break even when you file your return, then your withholdings/payments aren't correct.
This post was edited on 4/9/24 at 8:42 am
Posted by Gondor
Jacksonville, Fl
Member since Nov 2004
971 posts
Posted on 4/9/24 at 8:41 am to
I am getting a refund of about $3k. I need to recalculate my withholding so it is closer to zero. I don't want the fed to have a dime more for a second more.
Posted by madamsquirrel
The Snarlington Estate
Member since Jul 2009
48797 posts
Posted on 4/9/24 at 8:41 am to
quote:

ours is basically the same every year. we either have to pay less than $100 or we get back less then $100.
This is where I am at this year.
Posted by CFFO
Houston, TX
Member since Jul 2005
300 posts
Posted on 4/9/24 at 8:44 am to
Owed a lot. But still less than I thought I might. So that’s a win?
Posted by AubieinNC2009
Mountain NC
Member since Dec 2018
4971 posts
Posted on 4/9/24 at 8:49 am to
quote:

you could give 10 accountants the same information, and you might get 10 different results back..


and the IRS still wont tell you what you owe even though they know
Posted by White Bear
Yonnygo
Member since Jul 2014
13995 posts
Posted on 4/9/24 at 8:55 am to
Hopefully my tax contribution bought some new tires for a Ukrainian artillery piece.
Posted by Evil Little Thing
Member since Jul 2013
11252 posts
Posted on 4/9/24 at 8:55 am to
quote:

I just claim the usual married and 2 etc. and have always gotten money back. How much does one have to make before you have to pay back taxes instead of getting a refund. I've always wondered this.


This is legitimately impressive. Does your wife work? Unless we claim single & 0, we end up owing the Feds at least a couple thousand. Married & 2 kids.
This post was edited on 4/9/24 at 9:00 am
Posted by DownshiftAndFloorIt
Here
Member since Jan 2011
66763 posts
Posted on 4/9/24 at 8:58 am to
Which is so fricking stupid.

Claim single and none, actually married with 2 kids and single income, otherwise we will owe.

Such a shite frickin system
Posted by Evil Little Thing
Member since Jul 2013
11252 posts
Posted on 4/9/24 at 8:59 am to
Agree completely.
Posted by Yammie250F
Member since Jul 2010
904 posts
Posted on 4/9/24 at 9:12 am to
Yes, she does work and claims the same as me.
Posted by gumpinmizzou
Member since May 2017
2804 posts
Posted on 4/9/24 at 9:17 am to
Owed $68 to the feds and getting $100 back from the state
Posted by bad93ex
Member since Sep 2018
27312 posts
Posted on 4/9/24 at 9:20 am to
quote:

This is legitimately impressive. Does your wife work? Unless we claim single & 0, we end up owing the Feds at least a couple thousand. Married & 2 kids.



Married w/3 kids and we claim zero in order to not have to pay in at the end of the year.
Posted by Dragula
Laguna Seca
Member since Jun 2020
4935 posts
Posted on 4/9/24 at 9:38 am to
Owe a crap toN... Eat it IRS
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