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Replies: 42
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110%er [5814]
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For the first time in my life
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Apr 13, 2024, 5:38 PM
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We owe money on our taxes. I’m 40 yrs old and have never had to pay. I’ve also never had a colonoscopy but for some reason this feels like it would feel like that. Anyway, carry on everyone.
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All-In [30874]
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#havemorekids&makelessmoney***
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Apr 13, 2024, 5:40 PM
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Orange Blooded [4512]
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Re: For the first time in my life
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Apr 13, 2024, 5:43 PM
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First time is tough. At least you know it’s going to all good causes. Hahaha.
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CU Guru [1309]
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Re: For the first time in my life
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Apr 13, 2024, 5:48 PM
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I’m going to guess this is NOT your 1st time you owe taxes. It might be your 1st time you owe “at tax time” (April 15) and I’m betting you have just been paying more than you owe throughout the year.
If everyone had to send the IRS a check each and every month, and not have your employer do it for you, we would all feel the pain of the colonoscopy that you describe…..and we the people would demand changes. But instead, we all continue to elect the same people over and over.
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Orange Blooded [4512]
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Re: For the first time in my life
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Apr 13, 2024, 5:51 PM
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And sadly it doesn’t matter which party. The Uniparty is glad to perform the colonoscopy.
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110%er [8036]
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Re: For the first time in my life
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Apr 14, 2024, 12:13 PM
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And sadly it doesn’t matter which party. The Uniparty is glad to perform the colonoscopy.
Both parties in DC are basically the same but with different branding. The R’s have done nothing to balance the budget or close the border. The D’s have done nothing to secure abortion rights or help minorities escape poverty. They both prefer having issues to run on than solving problems
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110%er [6397]
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Re: For the first time in my life
Apr 15, 2024, 9:37 AM
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The two parties are not the same. Not even close.
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All-American [566]
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They do both operate...
Apr 15, 2024, 10:50 PM
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under the clutches of the liberal banking financiers—
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110%er [9736]
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Legend [19697]
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The self employed do this
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Apr 13, 2024, 6:04 PM
[ in reply to Re: For the first time in my life ] |
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and that 15.3% self employment tax, 12% federal and 6% state add up!
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All-American [568]
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Re: The self employed do this
Apr 14, 2024, 1:06 PM
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After all the taxes being self employed. Sold my business and had to pay 28% of sale price. I feel so happy. Really. It really ain’t worth the hard work
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Heisman Winner [111751]
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Re: The self employed do this
Apr 15, 2024, 1:05 AM
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you need to fire your accountant.
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CU Medallion [67919]
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Re: For the first time in my life
Apr 13, 2024, 8:26 PM
[ in reply to Re: For the first time in my life ] |
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true and also do you think we would have $3.50 plus per gallon gas if people had to wal in and pay $80 or 90 in cast to fill up
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All-TigerNet [13255]
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move into a new tax bracket?
Apr 13, 2024, 5:49 PM
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nm
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CU Guru [1630]
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Re: For the first time in my life
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Apr 13, 2024, 5:54 PM
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A colonoscopy actually doesnt feel like anything lol since you’re not conscious
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All-In [30874]
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Yeah, I think he meant the old prostate exam.
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Apr 13, 2024, 6:20 PM
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But my Dr is a mid 40’s Filipino lady with tiny fingers, so I lucked out with that one.
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All-TigerNet [13255]
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M. Emmet Walsh hands looked big in Fletch
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Apr 14, 2024, 11:29 AM
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Orange Blooded [3456]
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You should alway want to pay a little
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Apr 13, 2024, 6:05 PM
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Why let the gov't have any more money than you have to "interest free." It is your money and they don't pay you any interest on the extra amount you pay in. This whole I got money back idea is hogwash. It was your money that you loaned the gov't interest free.
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CU Guru [1848]
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Re: You should alway want to pay a little
Apr 13, 2024, 7:09 PM
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But if you live in SC and get a state return from last year (you/I were stupid enough to pay too much in), we will include that as income next year.
I do not claim or think of myself as a really smart person. But I have enough sense to realize that is frigging stupid. It would embarrass me to be part of our state legislature knowing that law was still on the books!
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Asst Coach [701]
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Re: You should alway want to pay a little
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Apr 14, 2024, 12:37 PM
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But if you live in SC and get a state return from last year (you/I were stupid enough to pay too much in), we will include that as income next year.
I do not claim or think of myself as a really smart person. But I have enough sense to realize that is frigging stupid. It would embarrass me to be part of our state legislature knowing that law was still on the books!
SC state refunds are only taxable income if you itemized the prior year and deducted state taxes. Most can't itemize now and use the standard deduction. Refunds are NOT taxable income in that case. That's the rest of the story.
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Hall of Famer [22398]
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Slight correction.
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Apr 13, 2024, 6:07 PM
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You have paid taxes every year. This year you just didn't pay enough taxes throughout 2023 so you owe the IRS even more money than you paid them throughout 2023.
Note: I'm sure you are aware of what I just said. But, through the years I have been amazed at the number of people who have told me, "I don't care if they raise taxes. I don't pay taxes anyway. Every year the government sends me money."
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All-TigerNet [14013]
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Re: Slight correction.
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Apr 13, 2024, 6:14 PM
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what's really sad is these folks vote too. LOL
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All-In [30841]
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same for me. lost the child credits. No credit for having 2 kids in
Apr 13, 2024, 6:23 PM
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Clemson.
but worse .. they changed the way you do withholdings.
YOU better check and start manually withholding "X" amount or dollars per check.
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Orange Blooded [3141]
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VERY IMPORTANT for parents of senior college students!
Apr 15, 2024, 9:41 AM
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If you have been claiming that tuition credit for your college student, that changes their Senior year! If they graduate in the spring, they take that tuition credit with them if they start a job. The parents lose that when they start adulting!
I learned this the hard way with my first Clemson grad son. I'm planning on adjusting for baby girl's senior year though.
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CU Medallion [65620]
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I consider it morally wrong to have to pay more at the end of the year, if you
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Apr 13, 2024, 6:24 PM
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have been paying the whole year long. That is why I always intentionally overpay slightly, even though it is giving the government use of my money for awhile. I would MUCH rather they have to give me money at the end, rather than the other way around.
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All-TigerNet [10906]
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That makes no sense to me...you're giving IRS an interest free loan!***
Apr 14, 2024, 6:24 PM
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CU Guru [1264]
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Congratulations
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Apr 13, 2024, 6:33 PM
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You're making income somewhere...
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CU Guru [1773]
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Re: For the first time in my life
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Apr 13, 2024, 6:47 PM
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Can't hide money....braggert
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110%er [8078]
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Re: For the first time in my life
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Apr 13, 2024, 6:55 PM
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Grasshopper. You always have paid. This time instead of loaning the government your money and getting no interest back you owe a little. Don’t fret.
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Hall of Famer [22766]
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This is the first year since 1984
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Apr 13, 2024, 7:19 PM
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That I actually paid no income taxes. I retired January 1 last year and we are currently funding our retirement with money we saved after taxes over the years. The phrase the tax preparer used was that we had “zero tax liability “. When we turn 65 and start taking money from 401k and social security we will have to start paying taxes again, but it was kind of surreal to hear her say we had zero tax liability this year. I know it made me smile.
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Orange Blooded [4309]
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same
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Apr 13, 2024, 7:29 PM
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i'm going to start paying more attention to how it works and learn to game the system
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CU Medallion [61994]
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This is about my 15th year of paying.
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Apr 13, 2024, 8:29 PM
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Think of this way…you have had your money and could spend it how you wanted to and/or gained interest if you invested. You prevented the government from doing what they wanted to do with it.
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All-TigerNet [10644]
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Re: For the first time in my life
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Apr 13, 2024, 9:13 PM
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I got absolutely nailed this year. After the 1st quarter last year I realized that I was making way more money than I had estimated so I raised my quarterly estimate a bunch for the next 3 quarters. I still got killed. Particularly galling is the self employment tax for Medicare and Social Security. It’s basically a double tax, as the amount you pay into it is also considered income and you pay tax on it. Since I am over 71, and still work, I have to take a Required Minimum Distribution from my IRA, count both my wife’s and my social security, interest and dividends on investments, etc. It sucks!
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Scout Team [183]
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Re: For the first time in my life
Apr 15, 2024, 9:19 AM
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I had a good year with my investments and got hit with a net investment tax for the first time.
I was unaware of it. It is a ridiculous tax. Another government money grab.
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Orange Blooded [4139]
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Re: For the first time in my life
Apr 15, 2024, 11:07 AM
[ in reply to Re: For the first time in my life ] |
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Assuming your biz income is a good bit higher than a reasonable salary, file biz as S corp - pay yourself a fair and justifiable salary per guidelines and take the rest as distributions. You will save the payroll taxes on the difference between your total biz income and the salary you pay yourself. Make sure the savings will more than pay for the accounting costs to do this.
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All-TigerNet [10906]
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So, you're 40 and never had to pay taxes? I'm sure you mean this is the 1st time
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Apr 14, 2024, 12:42 PM
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you didn't pay too much all year long! It is always better to owe something on April 15th, than to let the IRS use YOUR money interest free, for the entire prior year! But some people can't seem to figure that out!
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Orange Blooded [4742]
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Re: For the first time in my life
Apr 14, 2024, 12:43 PM
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Multiple foreign countries like Ukraine and millions of loafers and scammers in the USA should send you a "Thank You" card soon. Go stand by the mail box.
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CU Guru [1143]
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Thanks Obama!
Apr 14, 2024, 1:53 PM
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I mean Trump, I mean Bush, I mean Clinton, I mean Bush, I mean Reagan, I mean Carter, I mean Ford, I mean Nixon, I mean LBJ.
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Oculus Spirit [77072]
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I've got three children, a mortgage, no boat.
Apr 14, 2024, 9:02 PM
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I too have paid the last two years with my wife earning a teachers salary.
Idk why that's not ok with more of us..
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All-TigerNet [11005]
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Re: For the first time in my life
Apr 14, 2024, 10:18 PM
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I owed this year for the first time in a few years and my income didn't change except for the SS increase. When I asked my Tax Lady what the difference was, she said although Biden and the IRS didn't make any changes to the Tax Brackets, they had the amount of Federal Taxes withdrawn reduced. A good idea to help stimulate the economy but it caught many off-guard because they paid in less and had to make up the difference at tax time. Well, at least I was caught off-guard.
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All-TigerNet [10492]
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Re: For the first time in my life
Apr 14, 2024, 10:27 PM
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I just payed taxes 4 times more than my annual income was, when I was in the Army.
On the upside, now I can fully expect the interstate system to stop resembling a goat path through the Andes Mountains.
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CU Guru [1674]
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Re: For the first time in my life
Apr 15, 2024, 1:47 AM
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My complaint is people saying they got a tax return when they instead got a subsidy due to credits. If you receive more than you paid, it’s not a “refund”.
I’m not railing against people in need, but this is just another politician based “give me” to skirt the established welfare net. If we need to address the welfare net, fine. Do it straightforward and not masked within the revenue collection system (IRS). NO ONE should receive more than they paid via the IRS.
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Athletic Dir [871]
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I'm sure you've had to pay, it was just accurately reflected in withholdings.
Apr 15, 2024, 9:56 AM
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What was your change in income or taxable structure this year?
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Replies: 42
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