Death and... Taxes.
- Thread starter a c i d.f l y
- Start date
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
stupidmonkey
Not Smrt
- 1,882
- 4,389
Normally I would be right at about $0, so doing it right according to some. This year made more and no mortgage, so no interest deducted, and got $2600 total back.
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Gravel
Mr. Poopybutthole
- 39,542
- 130,303
Yeah, this is how mine works. Likely because, like you mentioned, it's paid out of escrow.
Hoss
Make America's Team Great Again
- 27,292
- 15,516
Nope. My refund was nearly the same as last year. I've been itemizing for 20 years. This year I was nowhere near the standard deduction. Plus I brought home more throughout the year because they were withholding less. The thing fucking me is that my wife is playing around in the stock market and she's making enough for the taxes to be noticeable, but not enough that I get to buy a new car.
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I've been staring at IRS documentation for three hours and I still can't tell if my consulting business qualifies for a QBI deduction or not. I have some thumbscrews and bamboo slivers for whatever genius thought this was a simplification of the filing process.
As far as refunds, I always under-withhold as much as possible. I'm not in the business of giving free loans. This was an atypical year for our income profile so the total payment isn't comparable, but I'm pretty sure our net rate was lower than before.
As far as refunds, I always under-withhold as much as possible. I'm not in the business of giving free loans. This was an atypical year for our income profile so the total payment isn't comparable, but I'm pretty sure our net rate was lower than before.
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Noodleface
A Mod Real Quick
- 38,285
- 15,120
We did ok, were getting money back which is sort of what I prefer over being at $0, just because it's a nice bump. $7400 in this case all said and done. That includes $9 from MA, $1500 from RI and the rest from the feds. Start a new job in a few weeks so I'll reevaluate how I set up my withholdings b
LachiusTZ
Rogue Deathwalker Box
- 14,472
- 27,162
Get audited because you fall into the too rich for EIC, too poor for a good legal team.
Fraudulent expenses located, referred to CID because its blatant as fuck. Get hit with civil fraud as a minimum.
Your now behind 30 grand, with an audit history so you will always get fucked on exam selection.
Figure out a better scheme, the not creative and lazy always get fucked.
Fraudulent expenses located, referred to CID because its blatant as fuck. Get hit with civil fraud as a minimum.
Your now behind 30 grand, with an audit history so you will always get fucked on exam selection.
Figure out a better scheme, the not creative and lazy always get fucked.
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Frenzied Wombat
Potato del Grande
- 14,730
- 31,803
I'm single with no kids in Texas, but I got absolutely raped this year having to write a check for 26K to the IRS and pay a $700 withholding penalty. I'm employed and get deductions at source, but my company only taxes 22% on bonuses and my effective rate for the year was 27%. In my case, the cap on State deductions screwed me because my biggest deduction is property taxes and sales tax, effectively limiting what should have been like 22K in deductions to 12k.
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Vinen
God is dead
- 2,790
- 495
My wife and I got destroyed due to her sale purchase and sale of stock options. We just wanted to get rid of them and didn't want to hold them.
I think we paid what our combined pre-tax salary was a few years back.
Noodleface
A Mod Real Quick
- 38,285
- 15,120
Exact same situation here. It doesn't even matter if you want to keep the principal in the company. You still get taxed on the option sale price as if it were a bonus (highest marginal tax rate).
#windfallproblems
It reads as if you are advocating reporting false income in order to deduct the car, which would be illegal.
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That's how I read it. I guess he might have meant to say, "Open a legitimate business and lose money the first year, against which you apply the first-year expense amortization of your business vehicle", in which case that's fine but a lot more work to actually implement. At that point you'd be better off on the margin by running a profitable business.
Lanx
<Prior Amod>
- 65,488
- 147,885
Lendarios
Trump's Staff
- 19,360
- -17,424
Open a legitimate business. Like xyz, and expense the full value of the car provided you use it for business purposes at least 51%. It doesn't matter if you fail horrible at businessing.