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re: Who owes taxes this year and is waiting to file?
Posted on 2/18/25 at 11:17 am to NatalbanyTigerFan
Posted on 2/18/25 at 11:17 am to NatalbanyTigerFan
quote:
Should I wait to see if Trump is going to do away with Federal income taxes or what?
Anyone else waiting to file to see what happens?
0
Posted on 2/18/25 at 11:21 am to NatalbanyTigerFan
quote:
Should I wait to see if Trump is going to do away with Federal income taxes or what?
You do realize the point of the tax filing is to settle up for the previous year right?
It's a good thing to "pay in." It means you didn't give them an interest free loan.
I'm amazed how many people get to adulthood who do not understand this.
Any changes would be for taxes going forward.
Posted on 2/18/25 at 11:24 am to BoogaBear
quote:
First year my income went over the threshold apparently. Wife's income plus mine put us in the 24 bracket.
Jesus Christ. It's only the income over the previous bracket that is in the "24 bracket."
So if you made $10 over into the next bracket, only that $10 is taxed at 24%.
You should be taxed more for not understanding this.
Posted on 2/18/25 at 11:26 am to NatalbanyTigerFan
I'm waiting on a K-1 so it will be another month at least.
I'm kinda scared because I had some rental property that I had written off some depreciation on. I sold it last year so Uncle Sam is going to exact revenge on me.
I'm kinda scared because I had some rental property that I had written off some depreciation on. I sold it last year so Uncle Sam is going to exact revenge on me.
Posted on 2/18/25 at 11:32 am to Billy Blanks
quote:
Jesus Christ. It's only the income over the previous bracket that is in the "24 bracket." So if you made $10 over into the next bracket, only that $10 is taxed at 24%. You should be taxed more for not understanding this.
He was talking about DCFSA to be fair.
Your point still stands and he still didn’t know what he was talking about, but at least in wasn’t that bad
Posted on 2/18/25 at 11:34 am to NatalbanyTigerFan
I had to pay $43k. I just got it over with
Posted on 2/18/25 at 11:34 am to 9Fiddy
quote:
owe this year because I failed to realize the child tax credit drops $1,500 when the child turns 17
I’m getting hit with this one too. Like hes not my fricking dependent any more.
Posted on 2/18/25 at 11:36 am to NatalbanyTigerFan
I got hit pretty hard last year for a single household income, so I made adjustments to my additional withholdings and got a small refund back this year.
Posted on 2/18/25 at 11:42 am to NatalbanyTigerFan
I just did mine and owe a little more than last year. Not sure why as I fall under standard deduction and single with zero withholding allowances. Seems whatever taxes are withheld throughout the year between pay. It isn’t.
Posted on 2/18/25 at 11:46 am to Billy Blanks
quote:
I'm amazed how many people get to adulthood who do not understand this.
In fairness, they don’t exactly teach that in HS.
Stealing this from Dave Ramsey, but whoever came up with the concept of payroll tax withholdings was a genius…it has basically Jedi-mind-tricked all of us W2 folks into thinking that we only pay taxes when we file. Which is why the OP is only complaining about a small fraction of what he has paid Uncle Sam for 2024.
This post was edited on 2/18/25 at 11:48 am
Posted on 2/18/25 at 11:46 am to Billy Blanks
quote:
Jesus Christ. It's only the income over the previous bracket that is in the "24 bracket."
So if you made $10 over into the next bracket, only that $10 is taxed at 24%.
You should be taxed more for not understanding this.
I never said I didn't understand that.
I also wasn't incorrect on the dependent care HSA. Highly compensated employees are capped at 2k.
This post was edited on 2/18/25 at 11:59 am
Posted on 2/18/25 at 11:50 am to Dadren
quote:
Stealing this from Dave Ramsey, but whoever came up with the concept of payroll tax withholdings was a genius…it has basically Jedi-mind-tricked all of us W2 folks into thinking that we only pay taxes when we file. Which is why the OP is only complaining about a small fraction of what he has paid Uncle Sam for 2024.
Look at European countries tax collections as opposed to the US. We can talk about how much we pay, and it’s too much, but I’m glad that people here actually pay what they owe instead of evasion. I don’t want to have to pay my shite while others don’t
Posted on 2/18/25 at 11:53 am to GEAUXT
quote:
I had to pay $43k. I just got it over with
I can't tell if some of you are OT ballers or just ignorant. You are supposed to pay the same you owed last year or 90% of this year in estimated taxes. Your tax bill shouldn't be that much come April. Is this guy paying $430k in taxes?
That's very possible, idk.
Plenty of people don't pay estimated taxes because they just don't feel like it. But the IRS is going to get their cut in interest, its not exactly easy to guarantee making more than they are going to charge.
Posted on 2/18/25 at 1:49 pm to baldona
quote:
can't tell if some of you are OT ballers or just ignorant. You are supposed to pay the same you owed last year or 90% of this year in estimated taxes. Your tax bill shouldn't be that much come April. Is this guy paying $430k in taxes?
I pay a lot in taxes
Posted on 2/18/25 at 1:52 pm to NatalbanyTigerFan
TurboTax charges way too much and it goes up every year.
FreeTaxUSA is pretty much the exact same software and it is free to file federal taxes online. The only thing they charge for is $14.99 to file your state taxes.
I entered my info into both programs and my taxes/deductions/refund were identical on both platforms.
I started using FreeTaxUSA a couple years ago and feel like an idiot for not switching sooner.
FreeTaxUSA is pretty much the exact same software and it is free to file federal taxes online. The only thing they charge for is $14.99 to file your state taxes.
I entered my info into both programs and my taxes/deductions/refund were identical on both platforms.
I started using FreeTaxUSA a couple years ago and feel like an idiot for not switching sooner.
Posted on 2/18/25 at 2:17 pm to UptownJoeBrown
quote:
I always file at the deadline because I always owe and I want use of this money as long as possible.
You can still file early but not pay until 4/15. Filing =/= paying.
Posted on 2/18/25 at 2:33 pm to NatalbanyTigerFan
Over $20K and yes I’ll wait until the last minute.
Posted on 2/18/25 at 2:37 pm to Bard
I’m getting 7k back, but I spend my kids food stamp money on steak for myself and I make them eat frozen chicken nuggets. I might get them a little toy or something.
Posted on 2/18/25 at 2:41 pm to NatalbanyTigerFan
quote:
Anyone else waiting to file to see what happens?
We always wait ‘til the last second. This year is going be be even uglier than usual, wife had to exercise a bunch of stock options when she left previous company last year. On paper, it looks like we made a lot, but we basically just ended up moving stuff from one retirement account to another. fricking death and taxes…
Posted on 2/18/25 at 2:46 pm to NatalbanyTigerFan
quote:
Should I wait to see if Trump is going to do away with Federal income taxes or what?
Anyone else waiting to file to see what happens?
am I missing something? aren't the current taxes under the trump plan passed in 2018. Why would you assume he would change the thing he already changed?
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