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

[wallyhopp]

im single and live alone so i been claiming 2 for witholdings or "exemptions" as it says on my paystub. is there some kind of formula to use to maximize my checks and break even at the end of year and minimize a return?

Edit:do i just wait and see what i get for a return this year and make that adjustment accordingly using that chart that was posted by wallyhopp? i dont really have a baseline to go off of cause as opposed to last tax year-this year i made about 20k more.

The withholding calculator helps too
https://apps.irs.gov/app/withholdingcalculator/

If you know your projected tax liability for the year (Your tax liability is basically your Total Income - Total Deductions - Total Exemptions. That gives you your taxable Income. From there, its a tax bracket game, where you can be taxed at different rates.), you can basically divide that by 52, and go to the withholdings chart table and see where it takes you.

For instance, if you made $40,000 last year, your tax liability is around 4,000. If you made $60,000, it would be around $8,000. That equates to about $77/weekly paycheck vs. $154/weekly paycheck that should be withheld. For a $40,000/year salary, you can go to the $770 weekly chart, and see where ~$77 lines up with the withholding allowance #. In this example, you would be closest to breaking even at 2 allowances.

The same can be said for the person making $60,000/year. Find $1150 on the single weekly chart, and find the number closest to $154. Here, again, 2 allowances would get you very close to your tax liability.



I downloaded this Turbo Tax taxcaster app on my phone and it gives good insight as you change various things on the fly

 

[spizike231]

Just finished up on Turbotax.. disappointed in my return.

Will be looking into what to claim for the year.

 

[krazy88s]

Just finished up on Turbotax.. disappointed in my return.

Will be looking into what to claim for the year.

How much did they charge you?

 

[spizike231]

Just finished up on Turbotax.. disappointed in my return.


Will be looking into what to claim for the year.

How much did they charge you?

Turbotax didnt charge me anything.

The Govt charged me an arm and a leg just to live and make money.

 

[Ritchie X Rich]

TurboTax asks for you to upgrade to a Deluxe version 34.99 or Self Employed version for 89.99 to continue, if you have a 1099-Misc to file?  Any body know a way around this? I guess Turbotax isn't free when you have those to file. Does FREETAXUSA let you file 1099-misc for free? Any help would be appreciated! 

 

[capital sb]

 
TurboTax asks for you to upgrade to a Deluxe version 34.99 or Self Employed version for 89.99 to continue, if you have a 1099-Misc to file?  Any body know a way around this? I guess Turbotax isn't free when you have those to file. Does FREETAXUSA let you file 1099-misc for free? Any help would be appreciated! 

Freetaxusa is $12 for state . Federal is free no matter what .

Use code FREETAXUSA10 for 10% off.

This is what I have been trying to tell you all. Turbotax is NOT free if you aren't doing a simple 1040EZ/A return.

 

[polosanddunks]

Also how do student loan payments and the interest work into it with taxes. I was always wondering when they sent you that sheet for your taxes at the end of the year before filing.

Someone care to explain

 

[capital sb]

Also how do student loan payments and the interest work into it with taxes. I was always wondering when they sent you that sheet for your taxes at the end of the year before filing.

Someone care to explain

You can deduct interest paid from student loans and mortgages.

 

[Ritchie X Rich]

 
Freetaxusa is $12 for state . Federal is free no matter what .

Use code FREETAXUSA10 for 10% off.

This is what I have been trying to tell you all. Turbotax is NOT free if you aren't doing a simple 1040EZ/A return.

@BeezyGotSole   Thank you repped! Freetaxusa is just as legit as turbo tax too correct? I will be able to do the 1099 Misc on there with vehicle mileage deductions on freetaxusa? I'm willing to pay $12 for the state, its much better than paying more on turbotax for that upgrade stuff in order to file a 1099 smh. 

 

[capital sb]

 
@BeezyGotSole   Thank you repped! Freetaxusa is just as legit as turbo tax too correct? I will be able to do the 1099 Misc on there with vehicle mileage deductions on freetaxusa? I'm willing to pay $12 for the state, its much better than paying more on turbotax for that upgrade stuff in order to file a 1099 smh. 

Yes, Freetaxusa is legit. I filed with them last year and this year.

Yes, you can do all deductions. Nothing is restricted no hidden fees/upgrades.

My federal return was accepted today.

 

[Ritchie X Rich]

 
Yes, Freetaxusa is legit. I filed with them last year and this year.

Yes, you can do all deductions. Nothing is restricted no hidden fees/upgrades.

My federal return was accepted today.

freetaxusa is rounding all my numbers. Is this acceptable? I notice turbotax didn't really do this. 

 

[nydunkhead]

 

@BeezyGotSole
  Thank you repped! Freetaxusa is just as legit as turbo tax too correct? I will be able to do the 1099 Misc on there with vehicle mileage deductions on freetaxusa? I'm willing to pay $12 for the state, its much better than paying more on turbotax for that upgrade stuff in order to file a 1099 smh. 

Yes, Freetaxusa is legit. I filed with them last year and this year.

Yes, you can do all deductions. Nothing is restricted no hidden fees/upgrades.

My federal return was accepted today.

I actually forgot that I have used Freetaxusa before. 100% legit and what this guy above is saying is true they are the best deal if you have to file Schedule C or forms that TT or the other software charge extra for. It isn't the prettiest interface and no-frills but if you just want to get your taxes done and know what you are doing it will get the job done.

 

[cash money 1999]

Stay away from hr block ....far as possible

 

[capital sb]

I actually forgot that I have used Freetaxusa before. 100% legit and what this guy above is saying is true they are the best deal if you have to file Schedule C or forms that TT or the other software charge extra for. It isn't the prettiest interface and no-frills but if you just want to get your taxes done and know what you are doing it will get the job done.

They even added a free tax refund maximizer this year. Yeah their UI isn't pretty at all, but it doesn't need to be as long as it works.

They ever compare your current tax numbers to last years numbers and autofills in some information from last year.

My MD return was just accepted as well. I will let everyone know when I receive my refunds.

 

[capital sb]

 
freetaxusa is rounding all my numbers. Is this acceptable? I notice turbotax didn't really do this. 

Yes it's fine. They only round to the nearest dollar .

I'm sure turbo tax does it as well , but at the end.

 

[krazy88s]

Not sure about this freetaxusa thing. How do I know yall aren't in cahoots and its a scam? 

 

 

[DB Cooper]

Welp, just got done doing my taxes. I owe $211!

 

[capital sb]

Who would lie about doing their taxes through a company , this is my 2nd year using them.

Once you have to start paying for turbotax, I think they are a good alternative.

If you have a free tax return with turbotax, use them.

 

[DB Cooper]

Stay away from hr block ....far as possible

I remember when I used to work for Wells Fargo 10 yrs ago, they would pour in by the herd around this time with those refund checks from HR Block.

 

[willie mcfly22]

Does freetaxusa offer assistance while your doing ya taxes like Turbo Tax does?? My filing got a little longer this year with me buying a house, getting married, and making more $$...

 

[capital sb]

Welp, just got done doing my taxes. I owe $211!

Use this turbo tax W4 withholding calculator for 2017 .

https://turbotax.intuit.com/tax-tools/calculators/w4/

Edit : doesn't look like this is working correctly still showing 2015 on it.

Does freetaxusa offer assistance while your doing ya taxes like Turbo Tax does?? My filing got a little longer this year with me buying a house, getting married, and making more $$...

Yes they walk you through the tax refund. It is very similar to turbo tax , just doesn't look as fancy and have all of those graphics.

I actually checked the wrong box on my W4 form and it caught it for me.

 

[nydunkhead]

Not sure about this freetaxusa thing. How do I know yall aren't in cahoots and its a scam?   

Come on check out the prior years of this thread we are all trying to help each other out in here. As a CPA why would I risk my reputation on something not legit???

 

[Ritchie X Rich]

Just got done filing on freetaxusa and it already got accepted about an hour after! I'll say one thing, the site definitely isn't as pretty as turbotax and it's a tiny bit harder and not as user friendly, but it gets the job done for sure. Saved money paying $12 instead of $90 because of the 1099/deducitions form part that turbo tax wanted to charge for. Good looking @BeezyGotSole. 

BTW....a quick question I wanted to help my friend with and if anyone knows. He worked those APP jobs (uber,lyft, Airbnb). He wanted to know does that mean he has to do a "Schedule C"? 

 

[sthebest]

I did my taxes and owe $670 this year smh. I file single and head of household, with no dependents. I can't even claim my stepson because my girl does already

 

[krazy88s]

 

Not sure about this freetaxusa thing. How do I know yall aren't in cahoots and its a scam? 

 

Come on check out the prior years of this thread we are all trying to help each other out in here. As a CPA why would I risk my reputation on something not legit???

Issa joke