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SVTPerformance's Chain of Restaurants
Road Side Pub
Tax Filing Experts - Semi-venting thread
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<blockquote data-quote="sleek98" data-source="post: 15521872" data-attributes="member: 144145"><p>I am a CPA and my main focus is in taxes.</p><p></p><p>There are a number of issues you could be getting hit with. Alternative Min. Tax, itemized deduction phaseouts, etc etc.</p><p></p><p>Assuming you only have w-2 income and no other income:</p><p></p><p>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.</p><p></p><p>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?</p><p></p><p>Compare the change in both.</p><p></p><p>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.</p><p></p><p>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.</p><p></p><p>Also an FYI the free online calculators are wrong more often than they are right.</p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="sleek98, post: 15521872, member: 144145"] 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. [/QUOTE]
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Tax Filing Experts - Semi-venting thread
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