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Eff my life! Just got back from another brutal beating. I'm just so tired of this time of year! So my tax guy says my wife needs to change her deductions from married and 0 to single and 0 and I need to change mine from married and 1 to married and 0 to break even! WTF! Why can't you just deduct what you actually have to break even? Why do I have to claim less deductions than I really have to break even? It's all a damn scam I tell you! 

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Posted (edited)

You may want  to get 2 other professional opinions.

Edited by Phoenix7

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Have some kids. Although the money I get back in taxes doesn’t come close to the amount you spend on them throughout the year. When I was single, I paid out the you know what each year. Even with claiming single and 0. Even had a year where I had them take out extra. Got married and had a couple kids, then the refunds come in. 

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Why let the government keep your money, claim all you can then put the rest in a account that draws interest, then at tax time just draw out enough to pay your taxes, or move to Texas and keep all of it. DON~~~

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Posted (edited)
2 hours ago, big_daddy_jp said:

Eff my life! Just got back from another brutal beating. I'm just so tired of this time of year! So my tax guy says my wife needs to change her deductions from married and 0 to single and 0 and I need to change mine from married and 1 to married and 0 to break even! WTF! Why can't you just deduct what you actually have to break even? Why do I have to claim less deductions than I really have to break even? It's all a damn scam I tell you! 

What are you sniveling  about? The last 3 years I have wrote the IRS a check for $2500, this year I just wrote them a check for $3200. That's what happens with 2 incomes, no kids and no more mortgage to write off.  I take it all in stride, life is all about what you make it.  Money isn't everything, your time on Earth is way more valuable in the end. 

 

Edited by fortyfour

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2 hours ago, big_daddy_jp said:

Eff my life! Just got back from another brutal beating. I'm just so tired of this time of year! So my tax guy says my wife needs to change her deductions from married and 0 to single and 0 and I need to change mine from married and 1 to married and 0 to break even! WTF! Why can't you just deduct what you actually have to break even? Why do I have to claim less deductions than I really have to break even? It's all a damn scam I tell you! 

I'm gonna need more info than that. You guys have no kids and make over 300k together? I mean, the break even point is probably 1 kid between the two and 150k combined maybe more. But yea, if you don't have enough kids to balance your income/taxes then, pay up sucka!! My kids need your money. LOL you livin' well. Face it. I don't want to pay taxes either man but gotta do like everyone else. 

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4 hours ago, fortyfour said:

 The last 3 years I have wrote the IRS a check for $2500, this year I just wrote them a check for $3200. That's what happens with 2 incomes, no kids and no more mortgage to write off. 

 

I paid off my house and now I take the standard deduction :(  . Its not about getting a check at tax time, its about what you owe the government. The only way I see to minimize this is to

have a lot of write offs. I think business owners are best at this. I have no write offs so they will be getting a lot of my income. 

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It’s going to be interesting this year.  We got our packet from our tax lady with a letter that states everything that isn’t tax deductible.  

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Going to do my taxes this weekend and I am in for a severe ass raping.

 

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Trouble finds trouble or is it what goes around comes around. :lol:

Paid zero owe zero. :bigrin

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4 hours ago, Rucker said:

I paid off my house and now I take the standard deduction :(  . Its not about getting a check at tax time, its about what you owe the government. The only way I see to minimize this is to

have a lot of write offs. I think business owners are best at this. I have no write offs so they will be getting a lot of my income. 

Own a business and just wait to see your tax bill. Average I would say 50 percent of gross.

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Not looking forward to doing them this year at all.

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We have been using H&R Tax Cut software, and we are being told that married/no curtain climbers get $24K write off and that is it. No matter mortgage interest or miles driven for work, or medical, nuttin.. 

Is this true? Right now, we have to write a fed check for $8300, and get $800 back from cali... 

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10 hours ago, donparscale said:

Why let the government keep your money, claim all you can then put the rest in a account that draws interest, then at tax time just draw out enough to pay your taxes, or move to Texas and keep all of it. DON~~~

I'm responding to this in case some of you missed it.  Giving the government a zero interest loan is not good financial practice.  Those of you getting a refund gave the government your money to "hold" then the government "gave" your money back to you without paying a dime in interest. Those of you that owe money gave a significant amount of what's owed to the government in weekly / by-weekly payments (when you were issued paychecks). The government held your "pre-payments" over the year paying you nothing in the form of interest. 

Meet with your tax person and figure out what your total tax burden will be according to your income / write offs. Claim as much as you can throughout the year giving you the most cash on your paychecks. Open up a separate savings account and put the tax money you'll have to pay at the end of the year in to the account. You'll get a little interest on your cash AND you'll look better on paper if you're looking to get a loan for something. You could also look at some form of 6 month CD for the second half of the year where you take the money you didn't give the government in the first six months and lock it up for the next 6 months at a higher interest rate.

 

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I'm going to get hammered this year. The wife and I both claimed married and 0 last year and had to pay. We made more this year and are loosing write offs. And we also made profit selling our rental condo. 

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6 minutes ago, BaBaBouy said:

I'm responding to this in case some of you missed it.  Giving the government a zero interest loan is not good financial practice.  Those of you getting a refund gave the government your money to "hold" then the government "gave" your money back to you without paying a dime in interest. Those of you that owe money gave a significant amount of what's owed to the government in weekly / by-weekly payments (when you were issued paychecks). The government held your "pre-payments" over the year paying you nothing in the form of interest. 

Meet with your tax person and figure out what your total tax burden will be according to your income / write offs. Claim as much as you can throughout the year giving you the most cash on your paychecks. Open up a separate savings account and put the tax money you'll have to pay at the end of the year in to the account. You'll get a little interest on your cash AND you'll look better on paper if you're looking to get a loan for something. You could also look at some form of 6 month CD for the second half of the year where you take the money you didn't give the government in the first six months and lock it up for the next 6 months at a higher interest rate.

 

Once again let me publicly profess my love for you........

 

Absolutely blows my mind every year when people talk about how much they “ got back” instead of bitching about how much they have paid....................

 

One thing about it them government indoctrination institutions (public schools) are paying off for the feds. People to #&$*ing stupid to do simple math and make application as well as have a slight bit of critical thinking without committing logical fallacies.

 

Work to live, don’t live to work. Starve the government every chance you get. Stretch your dollar as far as possible.

 

 

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Just now, Romans9 said:

Once again let me publicly profess my love for you........

 

Absolutely blows my mind every year when people talk about how much they “ got back” instead of bitching about how much they have paid....................

 

One thing about it them government indoctrination institutions (public schools) are paying off for the feds. People to #&$*ing stupid to do simple math and make application as well as have a slight bit of critical thinking without committing logical fallacies.

 

Work to live, don’t live to work. Starve the government every chance you get. Stretch your dollar as far as possible.

 

 

jes.

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Just did mine. Just bought the BLM a new Funco!

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28 minutes ago, BaBaBouy said:

I'm responding to this in case some of you missed it.  Giving the government a zero interest loan is not good financial practice.  Those of you getting a refund gave the government your money to "hold" then the government "gave" your money back to you without paying a dime in interest. Those of you that owe money gave a significant amount of what's owed to the government in weekly / by-weekly payments (when you were issued paychecks). The government held your "pre-payments" over the year paying you nothing in the form of interest. 

Meet with your tax person and figure out what your total tax burden will be according to your income / write offs. Claim as much as you can throughout the year giving you the most cash on your paychecks. Open up a separate savings account and put the tax money you'll have to pay at the end of the year in to the account. You'll get a little interest on your cash AND you'll look better on paper if you're looking to get a loan for something. You could also look at some form of 6 month CD for the second half of the year where you take the money you didn't give the government in the first six months and lock it up for the next 6 months at a higher interest rate.

 

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39 minutes ago, Air450 said:

Just did mine. Just bought the BLM a new Funco!

No you paid Nasty Pelosi’s bar tab.........

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2 hours ago, WLD-OTZ said:

We have been using H&R Tax Cut software, and we are being told that married/no curtain climbers get $24K write off and that is it. No matter mortgage interest or miles driven for work, or medical, nuttin.. 

Is this true? Right now, we have to write a fed check for $8300, and get $800 back from cali... 

not true. we itemized because our write off's are more than 24K. mind you my wife is a Realtor so we write off a lot. i think we wrote off 40K this year

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3 hours ago, WLD-OTZ said:

We have been using H&R Tax Cut software, and we are being told that married/no curtain climbers get $24K write off and that is it. No matter mortgage interest or miles driven for work, or medical, nuttin.. 

Is this true? Right now, we have to write a fed check for $8300, and get $800 back from cali... 

Pay the extra money for a good accountant.

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2 hours ago, BRINGENKAOS said:

not true. we itemized because our write off's are more than 24K. mind you my wife is a Realtor so we write off a lot. i think we wrote off 40K this year

I believe that counts as self employed.. employees are no longer allowed mileage write offs. Ann usually has over 30K in that alone. 

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6 hours ago, Richard H said:

Own a business and just wait to see your tax bill. Average I would say 50 percent of gross.

That can often be deceiving.  A good portion of the tax you are paying could very well be Social Security (not income tax), but double what an employee pays, since you are paying both the employer and employee portions.  So, theoretically, you might be getting some future benefit from that.   Until the Social Security/Medicare system collapses of course.

Owning a profitable business gives a person huge income tax advantages over an employee.  The Trump tax bill includes the "Qualified Business Income Deduction", which makes that differential even wider.  Anyone with a business should look into that deduction if they haven't already.

 

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shoot... taxes... ugh, I need to find a tax guy!!  (My ex use to do them but now hes outta the picture.)

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