Tax season 2016

[Dexman PE PMP]

How so? Taxes were from 2016 (under Obama) and Trump hasn't changed anything yet

 

[knight1fox3]

How so? Taxes were from 2016 (under Obama) and Trump hasn't changed anything yet

Good point. I digress. Either way, America is great again.

 

[Dexman PE PMP]

Great is a relative term...

 

[knight1fox3]

 

[Dexman PE PMP]

More accurate picture of him

 

[kevo_55]

Taxes done. Gotta write the check again this year.

We will file it later this week so we won't get audited.

 

[P-E]

More accurate picture of him

I'd rather see his tax return. 

 

[snickerd3]

that was fast.  already got the fed return today!  and we even mailed it in

 

[MA_PE]

My son filed electronically and got the refund automatically deposited to his account in less than a week this year.  I'm paying so I haven't mailed anything yet.

 

[MetsFan]

I'm hoping I won't have to pay $7,500 like I did last year, but I'm assuming it's going to be something crazy high again.  

Looks like it will be the same this year.  I really should start paying this year to avoid the penalty.  Although a $7,500 loan with a $135 underpayment penalty isn't too bad if I can get a 5% gain out of it.

 

[engineergurl]

I STILL haven't even started getting the paperwork together. I'm thinking with moving costs this year, me only working part time for the first 3 months and the items we had to have done to the property we rent out, we should get a refund.  

 

[thekzieg]

Apparently we overcompensated for owing money last year and we're getting $3400 back this year. Plus, we somehow overpaid last year, and we're getting another $200 for that. I know what it's giving the govt. a free loan, but it does feel really nice to get a big ol chunk of change back.

 

[csb]

Apparently we overcompensated for owing money last year and we're getting $3400 back this year. Plus, we somehow overpaid last year, and we're getting another $200 for that. I know what it's giving the govt. a free loan, but it does feel really nice to get a big ol chunk of change back.

That's enough for 40 of those beers you like! Or like 20 cases of Natty Light! 

 

[Dleg]

My refund was around $1600.  My wife only worked 4 months of the year, though, and my accountant warned me that next year we might owe taxes unless we changed her W-4.  So she gave me the explicit advice on how to change it - switch from "married" to "married, withholding at single rate"  - my wife is taxed at the next lower tax bracket, but when our pay is combined we're at the same, higher bracket that my check gets taxed at, so she wasn't being taxed enough.  Pretty nice to get actual advice.  My last accountant didn't say shit, and usually had to make corrections and re-file in the summer. 

 

[MA_PE]

Feds cost me a grand and I'm getting $200 back from the state, not ridiculous either way but it stings to write the check.

 

[thekzieg]

My refund was around $1600.  My wife only worked 4 months of the year, though, and my accountant warned me that next year we might owe taxes unless we changed her W-4.  So she gave me the explicit advice on how to change it - switch from "married" to "married, withholding at single rate"  - my wife is taxed at the next lower tax bracket, but when our pay is combined we're at the same, higher bracket that my check gets taxed at, so she wasn't being taxed enough.  Pretty nice to get actual advice.  My last accountant didn't say shit, and usually had to make corrections and re-file in the summer. 

That's what we did this last year - we both changed our withholding to the single rate and I had an additional $50 or so taken out of each paycheck (based on the little wage estimator on the back of the W-4 form.

I'm a bit nervous for next year with being self-employed...I have no gut-feel for how much I should really be paying, so I'm just crossing my fingers that quick books knows what they're doing.

 

[Road Guy]

you should probably make quarterly payments, if you are self employed and owe money at the end of the year they will charge a penalty 10% I think. when my wife was self employed it seemed every 3 months she just mailed in her entire months salary to cove all the FICA, SSN, etc... but quick books is pretty solid

 

[thekzieg]

Yeah, I'm planning to file quarterly to avoid any penalties...so far it looks like it's about 23% which is lower than I was anticipating so it won't have to come out of our personal bank account.

 

[Road Guy]

The wife incorporated as a sole proprietorship and we paid the cpa to do year 1 taxes and then we just copied that format each other year and then we picked up where old man cpa left of with quick books...It seemed to work.

 

[P-E]

you should probably make quarterly payments, if you are self employed and owe money at the end of the year they will charge a penalty 10% I think. when my wife was self employed it seemed every 3 months she just mailed in her entire months salary to cove all the FICA, SSN, etc... but quick books is pretty solid

We had to do that for Mrs P-E.  It was a pita and writing the large checks every quarter was depressing.