a c i d.f l y
ಠ_ಠ
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Death and... Taxes.
- Thread starter a c i d.f l y
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Trakanon Raider
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You guys also filed for a homestead exemption? Takes some of the sting out.
Your 2016 Homestead Exemption Guide | Austin, TX
Edit: also regarding deductions I am running some crypto mining with my PCs anytime I am not gaming for associated cost of business deductions.
Power (delta between previous years), internet, and hardware (graphic cards + 1000w supplies for the initiative). Tracking to make around $3k a year, so it actually is profitable.
Your 2016 Homestead Exemption Guide | Austin, TX
Edit: also regarding deductions I am running some crypto mining with my PCs anytime I am not gaming for associated cost of business deductions.
Power (delta between previous years), internet, and hardware (graphic cards + 1000w supplies for the initiative). Tracking to make around $3k a year, so it actually is profitable.
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Alex
Still a Music Elitist
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I know I'm "throwing my money away" every month but every time I read shit like this I'm glad I don't own a house. On top of the fact that all my friends who own spend all their weekends working on their houses and not enjoying life. I'm lucky I have seven year old rent control in San Francisco.
TJT
Mr. Poopybutthole
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IDK, I enjoy home improvement projects. Last year I tore out all the carpet and replaced it with vinyl. Other than that it's just mowing grass once a month. Not really a big deal unless you have a total shitbox house that's falling apart.
EDIT: This year I am dealing with back tax problem I made for myself in 2013 by missing a box somewhere. With how cheap it was to pay someone to ensure this would be fixed I am ashamed I even tried to fix it myself.
IRS wants $9k from me for a fuckup when I was a young buck five years go. I found a tax service ran by some Vietnamese family that I thought was super sketch. Their office reminded me of a Chinese grocery full of their gaudy shit. But god damn if they aren't the most efficient people ever. I am so pleased with their assistance I might just let them do my taxes next year.
I tried to fix it last year and just got some arcane rejection letter for not using the right form despite following the IRS agent's instructions specifically.
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Dandai
<WoW Guild Officer>
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Like TJT, I also really enjoy my home improvement projects. You might surprise yourself and find that you enjoy them too.
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Gravel
Mr. Poopybutthole
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A long time ago I realized that I was really dissatisfied with most of my jobs as they were centered around IT. Basically, at the end of the day, there's fuckall to show for what you did.
But building something? Or tearing something down? That shit is amazing. Even something simple like having some shingles tear off during a wind storm. I can go up and replace those shingles and say "I did that." It's so satisfying. Huge projects like tiling or replacing a floor? It just amps up that feeling.
If not for the fact that it's so hard on the body, I think I could've incredibly happy working in construction.
Anyway, speaking of taxes, we opened a taxable account last year and I'm having a bitch of a time with qualified dividends. First time having to do them and it's awfully confusing. I can't tell if I need to use Schedule D (or just the "Qualified Dividends and Capital Gain Tax Worksheet" in the tax instructions), and if so, whether reinvested qualified dividends are actually short term capital gains. While it'd be easy to just get my taxes done by someone else, the qualified dividends were only like $150 this year, so it's not really worth my time getting it that right (if I pay our normal earned income rate on $150, it's not going to bother me too much). But every year that amount is going to go up.
But building something? Or tearing something down? That shit is amazing. Even something simple like having some shingles tear off during a wind storm. I can go up and replace those shingles and say "I did that." It's so satisfying. Huge projects like tiling or replacing a floor? It just amps up that feeling.
If not for the fact that it's so hard on the body, I think I could've incredibly happy working in construction.
Anyway, speaking of taxes, we opened a taxable account last year and I'm having a bitch of a time with qualified dividends. First time having to do them and it's awfully confusing. I can't tell if I need to use Schedule D (or just the "Qualified Dividends and Capital Gain Tax Worksheet" in the tax instructions), and if so, whether reinvested qualified dividends are actually short term capital gains. While it'd be easy to just get my taxes done by someone else, the qualified dividends were only like $150 this year, so it's not really worth my time getting it that right (if I pay our normal earned income rate on $150, it's not going to bother me too much). But every year that amount is going to go up.
TJT
Mr. Poopybutthole
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This is my hell. When I was 20 I used all the money I was not spending in Iraq to open an investment account in 2008. I bought a lot of shit out of pure ignorance but because of my completely inadvertent timing. As it was 2008.
I made a relative killing for what I invested. I go long on all of my investments thus far as I am generally a saver like you. I don't need much money or really buy a lot of stuff in general. Most of the raping I get is from dividends. It gets worse every year. Reinvesting qualified dividends don't count as short term capital gains as far as I know.
Gravel
Mr. Poopybutthole
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Yeah, I eventually figured it out. The problem is in the 1040 instructions they reference qualified dividends about 15 times, and every time it says Schedule D, but not whether you have to actually file it. I did figure out that unless you have something on a certain line of the 1099, you don't need to; and that applied in this case. Which was nice and made it super simple. I still did that Qualified Dividends and Capital Gains Worksheet which was a giant waste of time, but on the plus side now I understand how it's calculated and can manipulate my taxes in the future to be tax advantageous.
Vepil
Gamja
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I get the same feeling when I work on our vehicles. I should have went to be a mechanic rather than an engineer.
Not sure where to put this as I don't venture into this section of the boards but
I recently moved from NC to FL for a considerable promotion. Part of my package was that I would be reimbursed my moving expenses up to X amount and whatever I didn't use out of X for moving would be given to me after 90 days. My moving expenses were like $1900 and I got my reimbursement today and it was $1300. Call up HR/whatever Lady and she says the laws changed at the start of the year and that moving expenses are now taxable. I'm a simple man but how the shit does this make sense? I paid to move out of my own money which was already taxed and now I'm getting "reimbursed" and it's taxed?
I recently moved from NC to FL for a considerable promotion. Part of my package was that I would be reimbursed my moving expenses up to X amount and whatever I didn't use out of X for moving would be given to me after 90 days. My moving expenses were like $1900 and I got my reimbursement today and it was $1300. Call up HR/whatever Lady and she says the laws changed at the start of the year and that moving expenses are now taxable. I'm a simple man but how the shit does this make sense? I paid to move out of my own money which was already taxed and now I'm getting "reimbursed" and it's taxed?
a c i d.f l y
ಠ_ಠ
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Look at it this way, your income you spent was taxed, the money you got for moving is considered *more* income, thus taxed. Also, only moving expenses (whatever it costs to transport your belongings), and travel expenses (flight or car rental and possibly any hotel stays on the way). The rest is considered taxable income.
Sucks, but why I would have had them pay your expenses directly.
Sucks, but why I would have had them pay your expenses directly.
a c i d.f l y
ಠ_ಠ
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sleevedraw
Revolver Ocelot
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a c i d.f l y
ಠ_ಠ
- 20,062
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Using it as a general deduction? From what I'm reading it can still be deducted, it just has to be itemized.
sleevedraw
Revolver Ocelot
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I dunno, I've read these three links so far:
These 9 Tax Deductions Are Going Away in 2018
The Effect of the New Tax Bill on Itemized Deductions
Tax deduction for moving costs: 2017 vs. 2018 - Sol Schwartz
If the 2% haircut deduction for miscellaneous work expenses was still a thing, it might be possible to deduct there, but that got axed, too.
I've done my parents' taxes for them for years, and even though they've itemized as long as I can remember, it's going to be more advantageous for them to take the standard deduction this year.
These 9 Tax Deductions Are Going Away in 2018
The Effect of the New Tax Bill on Itemized Deductions
Tax deduction for moving costs: 2017 vs. 2018 - Sol Schwartz
If the 2% haircut deduction for miscellaneous work expenses was still a thing, it might be possible to deduct there, but that got axed, too.
I've done my parents' taxes for them for years, and even though they've itemized as long as I can remember, it's going to be more advantageous for them to take the standard deduction this year.
Gravel
Mr. Poopybutthole
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Start looking for a new job.
Do you really want to start off at a new place that's going to Jew you out of $600 right off the bat?
Koushirou
Log Wizard
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Well I owe federal taxes for the first time and I guess I don't understand why I swung so far from a big refund to owing this year. I changed jobs in Jan of last year to a new job making $15k more. I kept my withholdings to the standard 2 allowances the worksheet says fit for me which I believe is what I had last year, too. I went from about $1k in refund last year to owing $200 this year. Is that about I should have expected or am I missing something critical with the tax law changes? Last year I'd also had a $20k increase in income and it didn't really affect my refund at all.
The withholding table changes are most likely what got you. I think you'll hear this same sort of story from a lot of people this year. I work in public accounting so I advised many of my clients to go ahead and adjust theirs early to avoid this.
You also most likely paid less taxes relative to your income overall. Owing $200 is actually better than a $1,000 refund in the grand scheme of things.