Random Thoughts - Part Deux [NO POLITICS]

[humfrz]

Originally Posted by cjd

I stopped trying to do my own and now pay someone. I have no qualms spending that money for the relative lack of stress.

You're not kidding. We had to pay over $2500 more than last year on $8000 less income... yeah, those, uh, tax breaks are real. For the government. And probably for the rich.

Note, I only have to pay a bit over 2k, so we tried to keep enough back. Had to step up to $100/mo extra on top of zero exemptions for next year.


C

Yep, I hear that. For years, I did my own taxes, until I "retired" and went into business for myself. Then I started paying my income tax lady to do my taxes because they got a bit more complex.

I was usually a bit short on my quarterly payments, but I realized that, and just stayed short enough to keep from getting my hands slapped. So, I paid out at the end of the year.

I have never gotten money back at the end of the year. Why? Because I needed the money during the year - to live on -


humfrz

[Sapphireho]

Originally Posted by humfrz

Yep, I hear that. For years, I did my own taxes, until I "retired" and went into business for myself. Then I started paying my income tax lady to do my taxes because they got a bit more complex.

I was usually a bit short on my quarterly payments, but I realized that, and just stayed short enough to keep from getting my hands slapped. So, I paid out at the end of the year.

I have never gotten money back at the end of the year. Why? Because I needed the money during the year - to live on -


humfrz

Stranded..

[Sapphireho]

Anyone know a good card game? This feels like a Phil Collins concert.

[humfrz]

Originally Posted by Stephen W.

I was 63, now 65. I can't find a job for love or money. Either I'm "over qualified" a euphemism for too old. I'm not qualified, like they want a B.A. just to flip burgers. Or, I'm not physically fit enough for the challenges of the position.

Yep, that can be a rough age for securing employment. When I was that age I went into real estate and got my brokers license. Clients don't care how old you are, as long as you know what you're doing and will live long enough to complete the transaction.

The income was NOT steady, some years I would make half of what I used to, some years I would make twice more that I used to.

I wish you well in your challenging employment years -


humfrz

[EAGLE5]

I will see what the Trump tax break is this year. I will then up my charitable contributions to fix the problem.

[Sapphireho]

Originally Posted by jsimon7777

I will see what the Trump tax break is this year. I will then up my charitable contributions to fix the problem.

You are in a blue state. You get Gavin Newsom.

[humfrz]

Originally Posted by jsimon7777

I will see what the Trump tax break is this year. I will then up my charitable contributions to fix the problem.

Where is that "It's a trap" meme -


humfrz

[Dadhawk]

Originally Posted by jsimon7777

I will see what the Trump tax break is this year. I will then up my charitable contributions to fix the problem.

There in lies the problem I ran into. The standard deduction nearly doubled which means you have to increase substantially to make a difference if you were close. We typically ran about 75% over the old standard so now we are 25% under.

Since charitable contributions are a deduction and not a credit you have to give $1.00 to save $0.20 (or whatever your effective tax bracket is) on your taxes. We give generously already, so we'll just keep the $0.80.

In the end, I did what I always do, basically broke even which is always my plan. I owed a little to Uncle Sam but got back a little more from Aunt Georgia.

[p1l0t]

I owed like $5k this year... changed all my witholdings to 0 (and the state equivilant is D or something) and I will probably spend a good chunk of change my tennants house this year too. Maybe next year I'll break even?

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[echo419]

something to consider when doing your taxes and such. the GF is a Partner at one of the biggest firms in Atlanta(excluding Big 4) and she has taught me quite a bit over the years.

make sure you look at your total tax burden to figure out what you're paying. a lot of people make the mistake of gauging their taxes on what their refund is. this is a big mistake. forget your income, investments, savings, healthcare etc. a lot of regular folks who's income hasn't changed much if at all over the last year think they're paying more because their refund is smaller this year than they year before. this is a mistake. so with the tax law change there was a small tax cut for most middle class income earners that got you a little more in each pay check than they used to get. so when you pay less in taxes each check you're also paying less so if this effects your refund/money owed.

ex: lets say you just got an extra $50 per check and you get 2 checks a month. $50 x 24 checks = $1200. that's money that you would have either gotten pack or paid towards what you owe that you got to keep.

now she's not a personal income tax person. her area is something to do with real estate, partnerships and corp stuff. but she's still far more educated on tax than anyone I know.

p.s. food for thought. she told me once, "99% of the people you see talking about taxes on tv don't know what they are talking about. very seldom you'll see an actual tax expert on. this goes for both sides. lots of half truths and whole lies".

Originally Posted by p1l0t

I owed like $5k this year... changed all my witholdings to 0 (and the state equivilant is D or something) and I will probably spend a good chunk of change my tennants house this year too. Maybe next year I'll break even?

Sent from my SM-G920P using Tapatalk

having rental property is the shit! until something goes wrong of course lol. do you take the depreciation deduction on your rental property? it's a little "aggressive" but not to bad. having this house to rent has saved me a solid 8% in taxes every year. but hopefully this is my last year as I'll be selling it when the lease is up in October. the market is to high and things are going fast when they' re put up. a guy at work has a daughter who sold the exact same floor plan in my neighborhood for $3K over asking price in a week. even if I make $20K I'd still be making more than I thought I ever could. that'd be amazing!

[p1l0t]

Originally Posted by echo419

something to consider when doing your taxes and such. the GF is a Partner at one of the biggest firms in Atlanta(excluding Big 4) and she has taught me quite a bit over the years.



make sure you look at your total tax burden to figure out what you're paying. a lot of people make the mistake of gauging their taxes on what their refund is. this is a big mistake. forget your income, investments, savings, healthcare etc. a lot of regular folks who's income hasn't changed much if at all over the last year think they're paying more because their refund is smaller this year than they year before. this is a mistake. so with the tax law change there was a small tax cut for most middle class income earners that got you a little more in each pay check than they used to get. so when you pay less in taxes each check you're also paying less so if this effects your refund/money owed.



ex: lets say you just got an extra $50 per check and you get 2 checks a month. $50 x 24 checks = $1200. that's money that you would have either gotten pack or paid towards what you owe that you got to keep.



now she's not a personal income tax person. her area is something to do with real estate, partnerships and corp stuff. but she's still far more educated on tax than anyone I know.



p.s. food for thought. she told me once, "99% of the people you see talking about taxes on tv don't know what they are talking about. very seldom you'll see an actual tax expert on. this goes for both sides. lots of half truths and whole lies".







having rental property is the shit! until something goes wrong of course lol. do you take the depreciation deduction on your rental property? it's a little "aggressive" but not to bad. having this house to rent has saved me a solid 8% in taxes every year. but hopefully this is my last year as I'll be selling it when the lease is up in October. the market is to high and things are going fast when they' re put up. a guy at work has a daughter who sold the exact same floor plan in my neighborhood for $3K over asking price in a week. even if I make $20K I'd still be making more than I thought I ever could. that'd be amazing!

Not depreciation but I write off any repairs which gets me almost half back.

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[echo419]

Originally Posted by p1l0t

Not depreciation but I write off any repairs which gets me almost half back.

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I know nothing of your situation but if you can you should look into it. cliffs on it: total purchase price of the home divided by 27.5 years. you may end up having to pay a little tax on what you reclaimed from the sale of the property should you sell it but it's not much and you can get that down pretty easily. plus doing that will keep the IRS off your back. we play things 100% straight up. we just take full advantage of the rules.

[ScoobsMcGee]

Originally Posted by Dadhawk

In the end, I did what I always do, basically broke even which is always my plan. I owed a little to Uncle Sam but got back a little more from Aunt Georgia.

Shoot for the same, but usually end up with the opposite. A bit back from Uncle Sam and owe Drunk Uncle with a Patchy Beard Pennsylvania just enough that they want the $3 check mailed to them.

Honestly not sure what to expect yet this year. Still waiting on one document to see if I break the standard deduction or not, but not expecting to.

[wolffbite]

Car insurance increased almost 7% this year... $2397 to $2562 CAD. That's with a maxed out 43% discount too.

Property tax up... utilities up... condo insurance up. Only thing that hasn't gone up this year is my pay!