Official Tax Season Thread? vol Splash Out m8

spizike231 said:
Hearing people are getting shafted on taxes this year. Wondering what mine gonna look like
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My boy has 4 kids and usually gets 10-12k but this year he’s barely getting 2-3k I think he said. It’s because of the child tax credits or whatever
 
Getting money back this year and will get a decent return thanks to my accountant for doing his thing...can't wait cuz I'm using that money for a new washer and dryer for my crib
 
I really need to find an accountant i could trust in NYC, been doing the TT for the past few years & i've owed the past two. The one time not having kids annoys the hell out of me :lol:
 
kvsm23vs24 said:
Same. Need me an accountant who knows the system :lol: I paid almost 10k last year.
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God damn i ain't have to pay that much but still, giving up money despite having the maximum amount of taxes taken out weekly is trash :lol:. Only good thing about it was that my airline credit card was giving a nice bonus for spending a certain amount so I charged my entire bill & got the flight points
 
What are you guys putting on your W4s at work? for maximum taxes taken out you should put single and 0.
w4.png



if you have a dependent you don't HAVE to change it to single and 1 and keep it as it is. Also for the record putting "married and 0" = 2 exemptions. many new couples get it confused and put "married and 1" thinking its for their spouse but it actually equals 3 when no third person actually exists. You can lie on your W4 form all your want, knowingly or not, but at the end of the year come tax time the W2 prints out the final numbers and that's that.

If you're single and 0 and still owe it essentially means you make a lot of money with no real expenses so you can afford to pay a lil extra. There are more single people than married people after all. If you can breathe in your lifestyle in the pic above where its says additional tax put any small number to chip away at what you'll owe coming next year. $10, 25, 50 additional out of your paycheck. What's the worst that can happen?, you actually get a refund, get a bigger one or owe less.

Remember you're allowed to change/look at your W4 at work at anytime as much as you want throughout the year. If any of this applies to you change it now so the next 9 months are fixed. first 3 months of this year are what they are.
 
you go boy said:
Getting money back this year and will get a decent return thanks to my accountant for doing his thing...can't wait cuz I'm using that money for a new washer and dryer for my crib
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Do you get receipts or printouts of what he/she actually does? Are they itemizing above and beyond the standard deduction? Did they change your w4 withholdings what kind of magic are we talking about I wonder.

MetalMario MetalMario
Just a fyi, a year or so back they changed up the withholding calculations. If you have the same job prior to 2020, you’re likely grandfathered in. Otherwise, there are no more 0-1-2-3 etc.
They tried to streamline it a bit

Look at page 13 here as a quick example
The new approach is trying to get people closer to having no refund or under payment

Quick example
Single $1,000/wk wage worker. $52,000/ year. They’ll have about $4500 in tax liability all else equal. Looking at the chart if you claim SINGLE one job, they’ll take out $85 weekly ($4420 for the year), which is nearly identical to your liability.

Where people get lost is when they have multiple sources of income. Each job doesn’t know about the other job. It’s up to you to get an idea on your liabilities and withhold enough


Another example
$70,000 married filed jointly
That’s $1356 weekly. If you have kids, you get a $2,000 child tax credit dropping your initial tax liability of $4884 to $2884
Now your work is actually still withholding based on their generic calculations. They are withholding $90/weekly or $4680 annually. And that’s why people get refunds. You overpaid. It’s not free money

Lastly. Why do people owe?
Say you have two jobs. Both are each $30,000 yearly. That’s about $576 weekly from each job, or $1152 combined.
Your tax liability is about $6,000 for both.
Filing single with one job, they each take out just $1700, or $3400 between the two. You’d end up owing $2600.
Now if you file single with multiple jobs, your tax withholdings inch closer to about $5500.
This is where you can add in extra withholdings and try to zero yourself out.


Todays single with checkbox marked for
Multiple jobs is more or less equivalent to the old ZERO exemptions.
You can look at older withholding tables to get a comparison of what 0-1-2-3-4-5 relates with todays system
 
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Taxes make no sense I dont even know why I bother asking my accountant for an explanation, it makes me even more confused. I got very little back but it looks like they overall took less in taxes from me this year so its whatever and I didnt owe much.
 
Very Long Read

So I found out what happen to my taxes… But let me tell you the beginning… my accountant got me a good refund…Been checking my bank account and nada… I needed the information to check my refund status like the exact amount I was getting…
Kinda my mistake for not writing it down when he originally told me… So now that I am contacting him he is a no show…Apparently hes been real busy the past few weeks doing other peoples taxes… But me being paranoid I thought he scammed me…So I hired HR block to do my taxes which was a really low amount like a few hundred coming back which got rejected because it was a duplicate tax return… I check my mailbox and the IRS wrote me a letter saying they cant process my refund because they think its identity fraud…so now I have to verify my information on the IRS site but I don’t have that information I was still waiting on my OG accountant…He finally texted me today and I was able to verify the information… I got my NJ refund direct deposited today…now hopefully I will get my federal…It sucks I paid the accountant fee twice but I just hope my refund goes smoothly…hopefully me doing my taxes twice doesn’t complicate things especially since the refund amount was totally different…
 
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another long read

it keeps getting worse smh... so when I bought my condo I had the money by selling my stocks which was facebook specifically... I made a ton of money from capital gains... so last year 2022 I gave my accountant all my information from the money I made in capital gains from 2021 and he reported it... I ended up paying 2300 and thought wow thats not so bad...this year the IRS hit me up with the identity fraud but I confirmed it was me filing my taxes or should I say my accountant so I thought I was good for 2023... get a letter in the mail last night and I get audited for my 2021 taxes....apparently my accountant forgot to fill out a line in my taxes.... so I owe 6600 but with interest and failure to report my taxes accurately I really owe 8400.... yes I have to pay 8400 by may 3rd...it sucks but luckily I have the cash in my savings to pay for it... Im fine paying for it because I owe it but at the same time I feel like the interest which is 1800 my accountant or the company he works for should pay for that... I am talking to my accountant tomorrow about everything and if not I will contact the accounting agency... because why should I be liable for the interest if I supplied all the necessary paperwork to do my taxes...
 
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Just talked to my accountant and we are going to dispute the charge...he told me exactly why he put 0 on the line that the IRS pointed out... I dont get taxed for my ROTH IRA so he put 0... but the IRS is questioning that... well see what happens... im not in the clear yet but I think I have a good shot... just have to write a letter and show them my 1099 that it is indeed a ROTH IRA...

the good news is I got my 2023 tax refund approved so I should get that next week...
 
I tried to get my taxes redone by sending a bunch of documents and my accountant straight up told me I made too much money last year....i get what I get. :smh:

Puts on MAGA hat.
 
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you go boy said:
Just talked to my accountant and we are going to dispute the charge...he told me exactly why he put 0 on the line that the IRS pointed out... I dont get taxed for my ROTH IRA so he put 0... but the IRS is questioning that... well see what happens... im not in the clear yet but I think I have a good shot... just have to write a letter and show them my 1099 that it is indeed a ROTH IRA...

the good news is I got my 2023 tax refund approved so I should get that next week...
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The 0... is that line for taxable amount or not determined and did you get any fed withheld on that form?
 
Can self employed use tax deduction for laptops/ monitor/ chair - for an IT related position ( computer and monitor usage is the only part of the job) I’m thinking yes, but is there a max amount that I can spend on these things? They’re all business necessary
 
Rj4147 said:
Can self employed use tax deduction for laptops/ monitor/ chair - for an IT related position ( computer and monitor usage is the only part of the job) I’m thinking yes, but is there a max amount that I can spend on these things? They’re all business necessary
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I think you can but I would hire an accountant
 
got the letter from the IRS last weekend that I am in the clear for the tax audit so dont owe a dime... thank god cuz originally it was like 8400 I had to pay...I think the IRS just sends these letters to scare people and make them pay... because at first thats what I was going to do then told my mom she said to call the accountant and he fixed it...
 
Hey yall had to ask this
I saw this yesterday

IRS announces 2023 Form 1099-K reporting threshold delay for third party platform payments; plans for a $5,000 threshold in 2024 to phase in implementation | Internal Revenue Service

FS-2023-27, Nov. 2023 — Following feedback from taxpayers, tax professionals, and payment processors and to reduce taxpayer confusion, the Internal Revenue Service delayed the new $600 Form 1099-K reporting threshold requirement for third party payment organizations for tax year 2023 and is...
www.irs.gov www.irs.gov

I sold like maybe $3-4k worth of stuff on StockX last year, maybe 15-20 transactions

Does this mean I don’t have to show the irs the sales when I file taxes this month ?
Irs articles be so damn confusing
 
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