2017 Tax Season and Return Thread Vol. Tax Podcast Mixed In?

putting that return into the mortgage payment account, feels good to have 4 months of mortgage payments paid ahead.
 
First of the year Tax time keep me wit a smile, imma getta extra couple G's claimin yo child.
 
WallyHopp said:
Upped my withholding allowances and am now expecting my smallest refund ever.. Couldn't be happier.

The government is not doing us favors. I know way too many people that thank Uncle Sam when their refunds come.
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Did the same thing but did it late. I won't really see the change till next tax season.

Whatever I do get back going straight to CC bills and paying off my car...
 
I put 9 allowances... Was getting a good portion of my paycheck. Actually it was in the last tax thread I read about guys putting up their exemptions.


Some guys on my job put 99 [emoji]128514[/emoji][emoji]128514[/emoji]

I thought I was wildin. What should be the consequences to expect? [emoji]128064[/emoji]
 
LazyJ10 said:
My annual announcement. Strive for little to no return. Big returns generally mean you overpaid throughout the year and left that money on the table (opportunity cost). Obviously if you're prone to spend foolishly, then this forced savings may be best for you.

Carry on...
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THIS .

Lets be honest I'm sure its a very small majority that actually saves their tax return. That money is spent in their mind the day Jan 1st hits.

Just get a small return and practice good saving habits all year long.

I am hoping turbo tax calculator was accurate, because I based my witholding on their calculation. Witholding 5 currently , lets see how it goes .

@yanky I use freetaxusa its only $12 with a coupon, once you start itemizing turbo tax is not free anymore they were trying to charge me close to $100 .
 
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throwback1718 said:
I put 9 allowances... Was getting a good portion of my paycheck. Actually it was in the last tax thread I read about guys putting up their exemptions.


Some guys on my job put 99 [emoji]128514[/emoji][emoji]128514[/emoji]

I thought I was wildin. What should be the consequences to expect? [emoji]128064[/emoji]
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Grossly under paying which forces you to pay a penalty/interest plus required quarterly payments for the following year.
 
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We talking about Tax Season podcast in here too
nerd.gif
 
The amount of taxes that suppose to be withheld in order to not pay, Is based on thetotal including federal,state etc or individually,?

Example 50k
Taxes withheld total 8000
 
Hello All,

Resident CPA here, I recently opened my own practice up so if you don't feel comfortable doing your taxes yourself please PM me and i'll hook you up with a NT discount.

Anyway this thread always has good info, if you have any questions feel free to ask in here or PM me directly

Just some knowledge to give:

1.) DO NOT go to HR Block/Liberty Tax/Jackson Hewitt, ect.. they will rip you off and charge you tons of hidden fees. They tend to do most of their business in low income areas and they prey on the people with these refund advance loans which basically suck your refund when you receive it. Their fees for basic 1040s with EIC are out of control and I heard they can approach $500 which is a total rip off for preparing one additional form. Additionally the people that prepare these returns are grossly under-qualified, they basically take a two week online class and are considered qualified professionals which could not be further from the truth. Seek out a local CPA or you could pm me and I can take care of your taxes at a MUCH reasonable rate and you will have a licensed professional taking care of your taxes.

2.) Feel free to use Turbo Tax or any other online tax service if you feel you are up to the task, filing taxes isn't that difficult if you have a basic W-2 and honestly I encourage people to file themselves if their return is that simple. Now if you own multiple business or receive 1099 income or have any "complex" tax situations I would strongly suggest seeking out a qualified licensed professional to take care of your return. Turbo Tax has their absolute zero, I haven't used other services but I am sure they are all comparable just make sure you try to get the software that doesn't cost you a dime.

3.) Most of the advice given in this thread is usually pretty good, if I see something I don't agree with I will let you all know so false information isn't spread.

Good luck NT fam with filing your taxes and good luck to all my accountants about to get pummeled this tax season we'll get through it!
 
NyDunkhead said:
Hello All,

Resident CPA here, I recently opened my own practice up so if you don't feel comfortable doing your taxes yourself please PM me and i'll hook you up with a NT discount.

Anyway this thread always has good info, if you have any questions feel free to ask in here or PM me directly

Just some knowledge to give:

1.) DO NOT go to HR Block/Liberty Tax/Jackson Hewitt, ect.. they will rip you off and charge you tons of hidden fees. They tend to do most of their business in low income areas and they prey on the people with these refund advance loans which basically suck your refund when you receive it. Their fees for basic 1040s with EIC are out of control and I heard they can approach $500 which is a total rip off for preparing one additional form. Additionally the people that prepare these returns are grossly under-qualified, they basically take a two week online class and are considered qualified professionals which could not be further from the truth. Seek out a local CPA or you could pm me and I can take care of your taxes at a MUCH reasonable rate and you will have a licensed professional taking care of your taxes.

2.) Feel free to use Turbo Tax or any other online tax service if you feel you are up to the task, filing taxes isn't that difficult if you have a basic W-2 and honestly I encourage people to file themselves if their return is that simple. Now if you own multiple business or receive 1099 income or have any "complex" tax situations I would strongly suggest seeking out a qualified licensed professional to take care of your return. Turbo Tax has their absolute zero, I haven't used other services but I am sure they are all comparable just make sure you try to get the software that doesn't cost you a dime.

3.) Most of the advice given in this thread is usually pretty good, if I see something I don't agree with I will let you all know so false information isn't spread.

Good luck NT fam with filing your taxes and good luck to all my accountants about to get pummeled this tax season we'll get through it!
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Repped, my man.

We appreciate it.
 
Gonna file tonight. Hopefully get a nice return like last year

Anybody have a tax calendar for 2017 like the one we had in the 2016 thread ?
 
Let the governement profit off my interest for the last year in 2016. Bout to adjust my ish now

Gunna throw hardwoods in my new crib and proply cop the new MBP or maybe an imac
 
Filed this morning. Turbotax is always quick & easy. Also lets me know I've gotta step it up with investments etc. Gonna play with my withholding at the middle of this year to see if I can break even. Getting a couple hundred back this go around, I'm fine with that.
 
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gamble said:
Filed this morning. Turbotax is always quick & easy. Also lets me know I've gotta step it up with investments etc. Gonna play with my withholding at the middle of this year to see if I can break even. Getting a couple hundred back this go around, I'm fine with that.
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What date did they give you to expect the refund?
 
gamble said:
Filed this morning. Turbotax is always quick & easy. Also lets me know I've gotta step it up with investments etc. Gonna play with my withholding at the middle of this year to see if I can break even. Getting a couple hundred back this go around, I'm fine with that.
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Ironically enough, if you need to file schedule D for your investments, you have to use the paid version of TurboTax.
 
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