Tax Filing Experts - Semi-venting thread

[Rct851]

Just drinking coffee in the dark trying to find solace that others are miserable about taxes as well lol. Well, almost 7 so time to go work hard...

I swear if I hear another lazy, minimal effort type person talk about what they're buying with their refund I'm going to lose it... I think I'll add something to this coffee...

 

[DHG1078]

Just drinking coffee in the dark trying to find solace that others are miserable about taxes as well lol. Well, almost 7 so time to go work hard...

I swear if I hear another lazy, minimal effort type person talk about what they're buying with their refund I'm going to lose it... I think I'll add something to this coffee...

Hazelnut?

 

[Rct851]

Hazelnut?

Tears

 

[JimCSHO]

The negative bracket "tax payers" get me going. Complain about "the rich" not paying their fair share because leftists have convinced them of it.

If you get a bigger refund than what you had withheld, you aren't getting your refund. You are getting my taxes handed out to you.

If your effective tax rate is a NEGATIVE number, how in the hell does Congress give you a tax break? Give you more of my hard earned money? The only people who can use any tax break IS THOSE OF US WHO PAY IN!

Sent from my SM-G930P using Tapatalk

 

[Blk04L]

I think I can buy 1 tire with my refund. Maybe.

For better or worse my interest on my house "saved" me from paying the IRS.

 

[Zemedici]

I'm getting a little refund back, but I also get hammered throughout the year being a single guy with no kids. I paid close to 30% federal taxes.

 

[DriftwoodSVT]

I'm worried about our taxes this year. My wife made close to $80k, about $13k of which was contracted so no taxes taken out of that amount.

With our 2 boys, we ended up spending $3300 this year on after school programs. She also gets to deduct about 4300 miles for her job, so hopefully that balances out her income somewhat.

 

[DHG1078]

I'm worried about our taxes this year. My wife made close to $80k, about $13k of which was contracted so no taxes taken out of that amount.

With our 2 boys, we ended up spending $3300 this year on after school programs. She also gets to deduct about 4300 miles for her job, so hopefully that balances out her income somewhat.

I wish that was all I paid for daycare expenses...

 

[Stanger00]

I am a CPA and my main focus is in taxes.

There are a number of issues you could be getting hit with. Alternative Min. Tax, itemized deduction phaseouts, etc etc.

Assuming you only have w-2 income and no other income:

Look at both the total income reported on the w-2s and compare it to last years line 7. did it change? is so how much. I am going to guess by the amounts that you posted of your federal withholding you are in the 25% tax bracket. Take that change by 25% and that would be a rough increase or decrease in tax year over year.

Also take a look at the total federal withholding from the w-2 and compare it to line 64 of last years tax return. What was the change?

Compare the change in both.

I also find it hard to believe that your itemized deductions are exactly the same, Most peoples itemized go down a little each year due to the amortization of their loan.

If you want to shoot me a message with more details, w-2 amounts, withholding amounts etc, please feel free. I would be happy to take a look at it for you. I have done the same for a couple other members in the past.

Also an FYI the free online calculators are wrong more often than they are right.

Also when a married couple both have decent/high paying jobs the IRS tables have no idea how to calculate the tax due correctly. Factor in a decent amount of itemized deductions and the IRS withholding tables are completely worthless. I usually end up figuring out how much a client needs withheld and then adjust the the withholding until it gets to the number I like.

I noticed this when I changed my w4 to married zero and less money was pulled for federal taxes each check. The IRS thinks I'm married and I'm the sole provider and want to help me out but in reality my wife and I have the same income. It's our first year being married and if it wasn't for our home interest we would probably break even after paying close to 28k in taxes between the 2 of us.

We need a CPA like you who can run the numbers and get us a good plan for taxes where we come close to break even without us having to guess what exemptions we can or cannot do.


Sent from my iPhone using Tapatalk

 

[sleek98]

I noticed this when I changed my w4 to married zero and less money was pulled for federal taxes each check. The IRS thinks I'm married and I'm the sole provider and want to help me out but in reality my wife and I have the same income. It's our first year being married and if it wasn't for our home interest we would probably break even after paying close to 28k in taxes between the 2 of us.

We need a CPA like you who can run the numbers and get us a good plan for taxes where we come close to break even without us having to guess what exemptions we can or cannot do.


Sent from my iPhone using Tapatalk

Yep, IRS assumes you are the only income, thus it expands the brackets and withholds less. Unless one person is a stay at home or earns very little. I usually have my clients stay with the single tables on the w-4. Or I go to the other extreme have them claim married with 20 exemptions and then plug in what I want them to have in the extra withholding.

The w-4 just tells your HR person what table to go and look at. It doesnt have to match your return filed. IE married couples can still put single on their W-4.

 

[P49Y-CY]

I noticed this when I changed my w4 to married zero and less money was pulled for federal taxes each check. The IRS thinks I'm married and I'm the sole provider and want to help me out but in reality my wife and I have the same income.

one of the options in box 3 of the W-4 is, "Married, but withhold at higher Single rate."

a lot of times they under-withhold if you claim married but have two incomes

 

[MG0h3]

wait a sec...you can get more back than you paid in if you dont earn much?

 

[DHG1078]

wait a sec...you can get more back than you paid in if you dont earn much?

When you include some entitlement programs and tax credits, yes.

 

[MG0h3]

Lol...what a joke. Tax welfare!

 

[debit_free_2010]

one of the options in box 3 of the W-4 is, "Married, but withhold at higher Single rate."

a lot of times they under-withhold if you claim married but have two incomes

If a married couple makes more than 100k and doesn't have a lot of deductions they're better off claiming single and 1 or 2 on their W4.

It isn't difficult to figure how much tax needs to be withheld, For my wife and I it's the worst case, we have decent incomes, Zero dependents and not enough stuff to itemize so it's the standard screw job for us.

Example for the max tax we need to have withheld for 2017 is 140k-12700 standard deduction, -8100 for two exemptions =119,200,
43k in the 25% tax = 10,700+10500 shows our estimated max federal tax for 2017 is 21,000.

Which is same as we paid in 2016.

 

[Dusten]

If a married couple makes more than 100k and doesn't have a lot of deductions they're better off claiming single and 1 or 2 on their W4.

It isn't difficult to figure how much tax needs to be withheld, For my wife and I it's the worst case, we have decent incomes, Zero dependents and not enough stuff to itemize so it's the standard screw job for us.

Example for the max tax we need to have withheld for 2017 is 140k-12700 standard deduction, -8100 for two exemptions =119,200,
43k in the 25% tax = 10,700+10500 shows our estimated max federal tax for 2017 is 21,000.

Which is same as we paid in 2016.

It's only that simple if you don't itemize.

 

[black4vcobra]

Going to be a big one for me as I sold a rental property at a $10k loss and the realtor fee is tax deductible. In addition to all the expenses there and the mortgage interest on my primary home, I expect ~$12k back between federal and state.

 

[RTR GHIG]

If you don't mind the government making money off of your money, claim 0 and single on your paychecks. They take more out of your checks, but you are almost always guaranteed a refund. I don't like having to worry about paying at the end of the year, or balancing out throughout the year to break as close as possible to even. The wife and I claim 0 and single throughout the yr, and file jointly. We also donate to Goodwill every month. This yr, we got back $7300.00

 

[BlueSnake01]

I wish that was all I paid for daycare expenses...

I agree, we spend almost double for my son for day care and honestly, even then we think its a bit cheap.

Me and my wife made past the 6 digit’s together with 2 kids and a home and what we’re getting back is a joke. The house “saved” us. Next year is going to be worse as we both will be making about 10k more each. But meh, I rather get lil to none and have to pay none and live comfortably than getting a ton back but struggling every day.