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Thread: Tax time

  1. #51
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    Quote Originally Posted by Dantheman View Post
    Rich people with gigantic mortgages.
    and upper middle class LDS tithers every other year

  2. #52
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    Quote Originally Posted by bigdude2468 View Post
    Here is what the Tax Foundation says about the number of filers who itemize. I think the important thing to note is pre tax reform 30% of filers itemized. I am not saying it is not a significant drop but 70% of filers never itemized.

    We estimate about 13.7 percent of taxpayers will itemize in 2019. This is more than 17 percentage points lower than it would have been in 2019 under pre-TCJA law.

    I understand the angst about the limit on state and local tax deductions. States that do not have an income tax (that is not me) have been getting the short end of the stick for years. There was a time that filers could take a sales tax deduction based on your income and the amount of sales tax (%) that your state charged. The states that do not have income tax fund their operations somehow, my guess is through other taxes. States that charge high sales tax deny their residents an opportunity to take a deduction.
    Property or sales tax. Property was and is to an extent deductible. I’m an itemizer due to mortgage and solar purchase. refund will be going to purchase either battery backup for the house or a generator.

    I was explaining to my parents how Cush their generation has it. They benefited from defined benefit pensions, mostly bought property before the massive booms, paid little for college, will collect in full on SS and Medicare, and leave us with a massive national debt and climate debt. Now that all their tax deductions are gone they get this massive standard deduction. My Dads response, “well I did have to put your ass through college.” . Thanks pops.

  3. #53
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    The standard deduction increase for married filing jointly was $11,700. Even at the marginal tax rate of 22% (tax bracket $77,401 - $165,000) the reduction in taxes would be $2,574. That's a nice sum but don't think it qualifies as massive. My wife and I are 70, we both lost our defined benefit pensions in the 90's. Unless you are a public employee most pensions are long gone. The two I have pay me a total of $600 per month, that's not how we survive. My wife was cashed out from her employer plan. After working there 15 years $30K went into a 403B. Also don't forget that the personal exemptions were eliminated which was $4,050 per person. This offset some of the standard deduction.

  4. #54
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    My accountant is now slinging mutual funds with the ex car salesmen and trust funders.

    I still pay him $400 a yr though because his wife left him for a dentist.


    Sent from my iPhone using TGR Forums

  5. #55
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    Quote Originally Posted by Cono Este View Post
    My accountant is now slinging mutual funds with the ex car salesmen and trust funders.

    I still pay him $400 a yr though because his wife left him for a dentist.


    Sent from my iPhone using TGR Forums
    Left an accountant for a dentist, huh? Really going for the thrills.

  6. #56
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    Saved $120 with freetaxusa. Thanks for the tip

  7. #57
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    just spent an hour going through my taxes yesterday w the money people
    I had to be all alert and act like I knew what they were saying and explaining
    the whole time i was thinking about pussy and skiing
    and now today I have to review the pages and pages of bs it's like I'm going to get a quiz on friday because they want me to understand how it all works
    form 1120s form k form 8990 2210 jesus christ
    I better pull a tube it might all make sense better

  8. #58
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    Quote Originally Posted by fastfred View Post
    the whole time i was thinking about pussy and skiing
    Dude we know.

    Quote Originally Posted by fastfred View Post
    and now today I have to review the pages and pages of bs it's like I'm going to get a quiz on friday because they want me to understand how it all works form 1120s form k form 8990 2210 jesus christ I better pull a tube it might all make sense better
    we just want you to agree with the damn thing so that later when yer audited and fucked because you can't substantiate something, because you were dreaming about skiing; that you don't go all postal on us.
    "Can't you see..."

  9. #59
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    Quote Originally Posted by Marshall Tucker View Post


    we just want you to agree with the damn thing so that later when yer audited and fucked because you can't substantiate something, because you were dreaming about skiing; that you don't go all postal on us.
    do you work for the irs?
    been audited before couple times never went postal just went with the flow and did what they told me
    it's not that hard, just pain in the ass

  10. #60
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    Quote Originally Posted by fastfred View Post
    form 1120s form k form 8990 2210 jesus christ
    I better pull a tube it might all make sense better
    Hahaha!

  11. #61
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    Quote Originally Posted by fastfred View Post
    do you work for the irs?
    Nah; after a really good run and good $$ with large co tax the last 30 years I'm workin for a small local cpa firm now. We're your advocate. Usually when they are putting you sleep it's because they need you to decide on smothin they don't feel confortable deciding on their damn selves.

    Now that you mention it in corp tax we were large case 100% audit coverage. Had really good IRS relationships, but they seemed to throw, with one glaring exception, good people at us.

    / carryon.
    "Can't you see..."

  12. #62
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    Quote Originally Posted by Dantheman View Post
    This assumes a basic level of competency and fucks given on their end. But, she found out yesterday that they switched their business entity halfway through the year (such a change would have been obvious to me when her DDs came through, except they were still paying her through Venmo at the time). She'll be getting a second 1099 from the previous entity. As to when, "we're working on it."

    New tax year bump:

    So these asshats sold the business in March 2020. February 2021 came and went without receiving a 1099-NEC for the 3 months they paid her, which I absolutely expected, so I filed my taxes last week using my own bank records. Lo and behold a 1099 shows up yesterday, except it's for $2k less than they actually paid her (99.99% certain my numbers are correct). Should I just stick with what I filed, or should I amend my return?

  13. #63
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    if it's worth the $$ on the 2k to you (prob 800@40% fed and state, more like $1k+ if subject to the full SE tax load). I'd amend, as You won't get into any trouble doing so. Or let it ride if it ain't.
    "Can't you see..."

  14. #64
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    I'm I correct in assuming that, as a typical MFJ single home owner, I'll still be taking the standard deduction this year? I'm the sucker that paid for TT Deluxe last year for no reason.
    Remind me. We'll send him a red cap and a Speedo.

  15. #65
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    Woo hoo! We hit amt this year as a result of some equity comp. $15k unexpected tax liability for 2020!
    Brandine: Now Cletus, if I catch you with pig lipstick on your collar one more time you ain't gonna be allowed to sleep in the barn no more!
    Cletus: Duly noted.

  16. #66
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    I took the standard deduction again this year and it got me the biggest return thus I didn't have to pay for filing my tax returns.


  17. #67
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    401k/IRA contribution question:

    I see what the limits are for 401Ks and for IRAs and Roth IRAs, but how do those combine? And are they per person or per household? And when does income come in to limit what you can put in? We have one dependent, does that matter?

    My wife and I are both over 50 which I know kicks in a higher limit, we're currently one income but I hope that changes in the next few months. We're hopelessly behind on retirement (see currently 1 income comment) but when we go to 2 incomes I want to try and play catch-up. We have a small Roth IRA that is basically the kiddo's college fund, and I want to keep contributing to that but also want to up the 401K when we have the extra income. And don't want to get bitten when tax time rolls around next year.

    I googled and the answer wasn't clear.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
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  18. #68
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    Quote Originally Posted by Danno View Post
    401k/IRA contribution question:

    I see what the limits are for 401Ks and for IRAs and Roth IRAs, but how do those combine? And are they per person or per household? And when does income come in to limit what you can put in? We have one dependent, does that matter?

    My wife and I are both over 50 which I know kicks in a higher limit, we're currently one income but I hope that changes in the next few months. We're hopelessly behind on retirement (see currently 1 income comment) but when we go to 2 incomes I want to try and play catch-up. We have a small Roth IRA that is basically the kiddo's college fund, and I want to keep contributing to that but also want to up the 401K when we have the extra income. And don't want to get bitten when tax time rolls around next year.

    I googled and the answer wasn't clear.
    401k and IRA are per person, ie - you can both max them out. Income limits for Roth IRAs is based on AGI, tables available on IRS.gov.

    Edited to add: I am not an expert, consult a professional!

  19. #69
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    Contribution limits for Trad IRA/Roth IRA are combined. I'm quite certain there's no relationship between contribution limits for either IRA type and 401Ks. I'm of no help on contribution limits and income.

  20. #70
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    Roth 2020 income limits: https://www.irs.gov/retirement-plans...-make-for-2020
    Trad 2020 income limits: https://www.irs.gov/retirement-plans...ibution-limits

    Depends on how you file and also your AGI as mentioned above. If you're limited out of a Roth IRA and have a retirement plan at work there is a good chance you're limited out of the pre-tax advantages of a Trad IRA. That is not to say Trad IRA contributions cannot be made; they will just be post-tax money instead of pre-tax.

  21. #71
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    IRS still has not processed the amended return I filed in June.

  22. #72
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    ^ ugh.

    I got a "we'll put a lien on your property" threat letter for $.90 balance I owed on my 2020 taxes.

    fucking IRS.

  23. #73
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    Quote Originally Posted by ntblanks View Post
    fucking IRS.
    At least I was able to look it up and confirm they've received it. On that page there's a big orange box that says "Amended returns are taking over 20 weeks to process, please don't call us." The real bitch is that I haven't been receiving advance child tax credits because of this.

    While it is so easy to hate them, the agency has been intentionally gutted so the problem goes way beyond basic incompetence. The real fault also lies with my wife's asshat former employer. If I don't get her 1099 months late none of this happens.

  24. #74
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    I think a lot of this work gets done in Ogden, so that may explain some of it.

  25. #75
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    Nov 2019
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    I'm an EA. The IRS is taking forever for amendments, but it's picking up. They were working from home, maybe still are. Yes, sketchy.

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