Death and... Taxes.

Borzak

Karazhan Raider
23,158
29,464
247d 13h 4m
State of Louisiana sent double refunds to 66k people of 26 million total. Now they're trying to figure out how to get it back. Good luck with that.
 
  • 1Like
Reactions: TrollfaceDeux

stupidmonkey

Not Smrt
<Gold Donor>
1,247
2,083
106d 20h 34m
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.
 
  • 1Like
Reactions: TrollfaceDeux

Gravel

Mr. Poopybutthole
30,436
87,115
230d 11h 12m
Your 1098 should show real estate taxes as a separate line item if they're paid through escrow. If not, find it on your county website like Captain Suave mention.
Yeah, this is how mine works. Likely because, like you mentioned, it's paid out of escrow.
 

Scoresby

Trakanon Raider
766
1,414
99d 4h 27m
So this year was painful, owed $8,119 as a DINK, home owner in Texas. SALT cap seems to be the big difference for us.

I know most everyone has had better luck, but did anyone have this issue?
 

Hoss

Make America's Team Great Again
<Gold Donor>
23,223
9,013
108d 20h 55m
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.
 
  • 1Like
Reactions: TrollfaceDeux

Captain Suave

Caesar si viveret, ad remum dareris.
3,341
5,688
119d 6h 18m
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.
 
Last edited:

Lendarios

Trump's Staff
<Gold Donor>
19,353
-17,438
This whole section 179 is such political bullshit.

You mean that I can deduct the whole cost of my brand new car as long as I use it for 51 % business reasons.

Sure homey.
 
  • 1Salty
Reactions: khorum

Noodleface

A Mod Real Quick
37,960
14,481
62d 19h 51m
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
 

Lendarios

Trump's Staff
<Gold Donor>
19,353
-17,438
Buy a new car, setup a consulting gig for computing, report 5k in 1099 misc income. Pay taxes on those 5k.

Deduct your brand new 40k car at 55% usage, you will be ahead 10 grand.
 

LachiusTZ

Rogue Deathwalker Box
<Silver Donator>
14,465
27,132
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.
 
  • 1Like
Reactions: Aychamo BanBan

Frenzied Wombat

Karazhan Raider
14,028
29,253
156d 24m
So this year was painful, owed $8,119 as a DINK, home owner in Texas. SALT cap seems to be the big difference for us.

I know most everyone has had better luck, but did anyone have this issue?

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.
 
  • 1Solidarity
Reactions: Scoresby

Vinen

God is dead
2,765
420
10d 20h 34m
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.

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
37,960
14,481
62d 19h 51m
203679
 

Captain Suave

Caesar si viveret, ad remum dareris.
3,341
5,688
119d 6h 18m
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.

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
 

Captain Suave

Caesar si viveret, ad remum dareris.
3,341
5,688
119d 6h 18m
It reads as if you are advocating reporting false income in order to deduct the car, which would be illegal.

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

Oye Ve
<Prior Amod>
51,738
110,365
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.
ouch, sorry dawg
buttocks-clipart-sore-butt-41404.jpg
 

Lendarios

Trump's Staff
<Gold Donor>
19,353
-17,438
It reads as if you are advocating reporting false income in order to deduct the car, which would be illegal.

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.