Your TAXES

[jackstraw]

Whining about paying taxes on money you made? So fucking dumb.

[mall walker]

Whining about paying taxes on money you made? So fucking dumb.

Can't speak for the other guy but I'm purely flexing and mostly joking

[altasnob]

Better yet eliminate all penalties as long as your taxes are paid in full by April 15 but that's not going to happen. Withholding penalties are a tax on middle income earners.

Think how much money the US money makes each year by requiring quarterly tax payments versus all on April 15? Billions? Trillions? And you want to get rid of this? Who do you think would benefit most from your proposal? It aint the middle class.

[Name Redacted]

Whining about paying taxes on money you made? So fucking dumb.

Everyone has a different situation. Limiting tax liability is a difficult game to play and sometimes you just flat out lose. Paying large amounts of taxes all at once is a tough pill if you aren’t used to it.

[jackstraw]

Everyone has a different situation. Limiting tax liability is a difficult game to play and sometimes you just flat out lose. Paying large amounts of taxes all at once is a tough pill if you aren’t used to it.

Yeah, it's not fun, but it's also poor planning and/or not understanding your finances. Hire a CPA and set up quarterlies. If you still owe big then you had a phat year. Yeah, making a shit ton on interest and dividends can possibly catch you by surprise, but it shouldn't a 2nd time. It's just not that hard.

[BC.]

Myself and a bunch of coworkers all paid in this year too. Typically, we finish the year and are between owing 100 or getting 300 to 500 back. This year, we're all paying in 1400 to 2000. Wtf

Both wife and I are in education/ so our pay is pretty much the same/ fixed income year after year….no big changes. Have always set things up to be about neutral….no payment/ little bit of a refund……this year all of sudden a 2000.00 payment……ridiculous.

My college age kids even have payments…..which is like unheard of.

This has all of us saying wtf?……

[old goat]

Whining about paying taxes on money you made? So fucking dumb.

Doc at our free financial planning seminar was whining about paying taxes. This ^^^ is what the CPA told him. I think she used nicer words, but yeah.

Can't speak for the other guy but I'm purely flexing and mostly joking

I get you were joking but the doc ^^^ wasn't.

[Bunion 2020]

Meh, I'm sending the Feds 12K and the State 1.5 K on Monday along with 7K in Q1 2024 estimated payments.

My fault, I underestimated how much business I was going to do in 2023 and exceeded my estimated taxes.

Not exactly a bad problem to have.

[BC.]

Whining about paying taxes on money you made? So fucking dumb.

For us….its how little money we made/……so 2000.00 due now is a big chunk we were not expecting.

We can/are paying it….but for what we have done over the past 30 years for other famiies, we deserve to whine just a little…..especially when you thought everything was set up to be like all the other years past tax returns.

[riser4]

Yeah, it's not fun, but it's also poor planning and/or not understanding your finances. Hire a CPA and set up quarterlies. If you still owe big then you had a phat year. Yeah, making a shit ton on interest and dividends can possibly catch you by surprise, but it shouldn't a 2nd time. It's just not that hard.

I think it's somewhere in between. And a lot of the anecdotes here are from people that did try to plan. There were definitely surprises this year.

[Toadman]

Yeah, it's not fun, but it's also poor planning and/or not understanding your finances. Hire a CPA and set up quarterlies. If you still owe big then you had a phat year. Yeah, making a shit ton on interest and dividends can possibly catch you by surprise, but it shouldn't a 2nd time. It's just not that hard.

Pretty much this. We just do the annual review every March/April with our CPA to tweak things.

First time since we bought our first house 25 hears ago that we received a federal tax refund. Oregon has a kicker bonus for 2023 year from over funded state coffers, so that was a nice $10k state tax refund.

[Name Redacted]

Yeah, it's not fun, but it's also poor planning and/or not understanding your finances. Hire a CPA and set up quarterlies. If you still owe big then you had a phat year. Yeah, making a shit ton on interest and dividends can possibly catch you by surprise, but it shouldn't a 2nd time. It's just not that hard.

We have CPAs. We bought another business, owned another, bought and sold stocks, sold investment property, bought and sold business vehicles, etc. so it was a complicated year. This year is too, but for some of the same reasons, as well as some other issues. Completely in the dark as to what the outcome will be. At least last year we sorta had a ballpark of what the damage would be.

[Bunion 2020]

Sounds to me like our system of assessing income taxes is tremendously fucked up.

[Mazderati]

I think complaining about the administrative part of paying taxes is reasonable. Take that shit out of my income and stop making me jump through fiery hoops to send money.

[jackstraw]

For us….its how little money we made/……so 2000.00 due now is a big chunk we were not expecting.

We can/are paying it….but for what we have done over the past 30 years for other famiies, we deserve to whine just a little…..especially when you thought everything was set up to be like all the other years past tax returns.

Well your situation sucks. Teachers should be tax exempt imo, but I'm biased.

We have CPAs. We bought another business, owned another, bought and sold stocks, sold investment property, bought and sold business vehicles, etc. so it was a complicated year. This year is too, but for some of the same reasons, as well as some other issues. Completely in the dark as to what the outcome will be. At least last year we sorta had a ballpark of what the damage would be.

Yeah, but you made a lot of money. Maybe a bunch on paper, so you'll have to dip into the piggy bank. I did too, but I certainly don't feel bad for myself.

Now douchebags like Dump who cheat multiple ways and/or file chapter 11 to eacape can fuck the fuck off.

[Conundrum]

I do think ‘23 was a funky year. Our CPA had us do quarterlies last year thinking we’d break even. Got a fat check back. Then already wrote a fatter check back to the feds for some stuff vesting. Not her fault. The company I work for has some weird ways of handling equity which we’re both figuring out. While the check sucked to write, I’m hoping it’s buying a few years of retired age but who knows. Maybe we tank. Either way, the middle income tax breaks expiring and the way W4s are working now, it’s not as easy to plan other than setting some money aside earmarked for the gov just in case.

[XXX-er]

If I hang out at the local craft brew when the bro's talk about taxes everybody talks about what they get back,

I can say well ya you are getting money back but its not new money its your money and the gov has had it all year but whoosh

but nobody goes yehaw I owe 5000

[MagnificentUnicorn]

Myself and a bunch of coworkers all paid in this year too. Typically, we finish the year and are between owing 100 or getting 300 to 500 back. This year, we're all paying in 1400 to 2000. Wtf

That was me last year, I edited my W4 and ended up paying $250. That’s close enough to even for me.


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[MagnificentUnicorn]

I have to laugh at all the wealthy people here complaining about their tax burden. Some of you are paying more in Federal income tax than a lot of us make in a year.


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[Iowagriz]

My first year of pulling from my 401k for retirement and the tax problem is the opposite of many.

The 401k company takes 20% Fed from each withdrawal, and you can't reduce that %. I can change the state taxes withheld and estimated 5%. Since I didn't take out enough to get past the 20% tax bracket, I got a fat check back. I even got a little back from the state. I wish I could play with the %s and break even or pay a little in.

No idea if the 20% is aFed rule, a 401k rule, or something my old Corp put in place for the 401k. Oddly enough, I could set the state to take out 0%, but would pay in and probably get a penalty.

[up an down]

My first year of pulling from my 401k for retirement and the tax problem is the opposite of many.

The 401k company takes 20% Fed from each withdrawal, and you can't reduce that %. I can change the state taxes withheld and estimated 5%. Since I didn't take out enough to get past the 20% tax bracket, I got a fat check back. I even got a little back from the state. I wish I could play with the %s and break even or pay a little in.

No idea if the 20% is aFed rule, a 401k rule, or something my old Corp put in place for the 401k. Oddly enough, I could set the state to take out 0%, but would pay in and probably get a penalty.

That must a very weird 401 custodian company rule??. ..according to law...the RMD percentage can range from 2.0 to as high as 27.4... It depends on your age and the amount of $ in the retirement account as of December 31....but the withholding % of the distribution depends who the custodian is... If you have a account custodian.

[Iowagriz]

That must a very weird 401 custodian company rule??. ..according to law...the RMD percentage can range from 2.0 to as high as 27.4... It depends on your age and the amount of $ in the retirement account as of December 31....but the withholding % of the distribution depends who the custodian is... If you have a account custodian.

Empower is the custodian. Maybe due to pulling at age 58? I meet all the rules for taking it out "early", so no penalties are involved. Maybe something they have in place for others that might get penalized? I'm hoping that it all changes as I age (over 62?).

[old goat]

My first year of pulling from my 401k for retirement and the tax problem is the opposite of many.

The 401k company takes 20% Fed from each withdrawal, and you can't reduce that %. I can change the state taxes withheld and estimated 5%. Since I didn't take out enough to get past the 20% tax bracket, I got a fat check back. I even got a little back from the state. I wish I could play with the %s and break even or pay a little in.

No idea if the 20% is aFed rule, a 401k rule, or something my old Corp put in place for the 401k. Oddly enough, I could set the state to take out 0%, but would pay in and probably get a penalty.

When I call the custodian of my 401K (Fidelity) the rep has to look up the rules because every corporation they handle has different rules for its retirees. And if I have to talk to more than one rep I sometimes get different answers.

I don't mind the taxes I pay. I mind having to think about and calculate my taxes from November through February, At least I don't have to do quarterlies anymore.

[Name Redacted]

I gotta laugh when people wear their low income like a badge of honor and think others are wealthy because they have a tax burden higher than those folk’s annual income. It is like they don't realize that we are just the income bracket that is stuck in the middle and getting fucked from every angle despite working our asses off to try to get ahead rather than just languishing away and sucking the system dry. We make too much to get many tax incentives, but have to make as much as we do just to live where we grew up.
Stop pitting the middle class against each other. It is the people a few rungs up we should all be fighting but they make the rules.

[MagnificentUnicorn]

I don’t have a low income but thanks for the concern. I’m assuming you were addressing me. If you’re paying more taxes than the average income in the US($40k) you’re pretty well off no matter where you live. There’s a whole lot of people making that $40k+ that aren’t sucking the system dry. Be happy with what you have and stop complaining.

If you’re making more than $150k you’re in the top 20% of households for income, I’d consider that wealthy even if you don’t.

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