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Taxes
Feb 21, 2019 13:52:51 GMT -5
Post by southparkcpa on Feb 21, 2019 13:52:51 GMT -5
PAY YOUR FAIR SHARE, 1PERCENTER!!!!!!!!!!!!!! Lol, elitist that I am Are you saying you owed an additional $6-8k after previous deductions? How does your overall tax bill compare to previous years? Did your wife sell you on that? No honey I would work but it would just cost us more money! I should stay home and eat bon bons. Yup. Losing one child care credit to $500 didn't help, as did my no longer being in school apparently. Last year was the first time I believe I've ever owed the Feds/ Lol, nope. Believe me, she'd work if it our life allowed for it. Taking care of the needs for 2 special needs kids is truly a full-time job. That sounds like a BIG number for a fairly straight forward tax return. Normally, for situations like yours, it's a withholding problem more than anything else. MAIN issue is your job "payroll computer program" doesn't know about the pension so it withholds at a low rate assuming that is the right rate. When put on "top" of the pension it's tax at 28-32 percent and the withholding is probably at 10 percent. We always see a wife go get a job PT, make 20K and have near nothing withheld. On top of the husbands 200K they now owe 8K. |
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Taxes
Feb 21, 2019 14:35:14 GMT -5
Post by Jetworks on Feb 21, 2019 14:35:14 GMT -5
Lol, elitist that I am Yup. Losing one child care credit to $500 didn't help, as did my no longer being in school apparently. Last year was the first time I believe I've ever owed the Feds/ Lol, nope. Believe me, she'd work if it our life allowed for it. Taking care of the needs for 2 special needs kids is truly a full-time job. That sounds like a BIG number for a fairly straight forward tax return. Normally, for situations like yours, it's a withholding problem more than anything else. MAIN issue is your job "payroll computer program" doesn't know about the pension so it withholds at a low rate assuming that is the right rate. When put on "top" of the pension it's tax at 28-32 percent and the withholding is probably at 10 percent. We always see a wife go get a job PT, make 20K and have near nothing withheld. On top of the husbands 200K they now owe 8K. Pretty much what my guy said as well. I am changing my withholding each check until I get to where i feel I need to be. |
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Taxes
Feb 21, 2019 14:49:03 GMT -5
Post by Trades on Feb 21, 2019 14:49:03 GMT -5
A few years ago I looked at my witholdings around August and found out I was way off. I had to adjust to 25!!! It was scary. I was concerned I did something wrong but I still ended up getting money back. Ever since I check them in February and June every year. I wish accountants or accounting software would make recommendations when you are filing for the previous year.
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Post by tkasper01 on Feb 21, 2019 14:54:41 GMT -5
A few years ago I looked at my witholdings around August and found out I was way off. I had to adjust to 25!!! It was scary. I was concerned I did something wrong but I still ended up getting money back. Ever since I check them in February and June every year. I wish accountants or accounting software would make recommendations when you are filing for the previous year. My wife and I just set our withholding to Married but with hold at the single higher rate and to zero on the state. We do get back a pretty penny, we use it for house updates or vacations, I never want to pay and we would piss away the extra I am sure of it. I know I know. I am giving the Gubbermint a free loan. Beats having to sweat 4-15 every fucking year. |
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Post by DDNYjets on Feb 21, 2019 15:14:15 GMT -5
A few years ago I looked at my witholdings around August and found out I was way off. I had to adjust to 25!!! It was scary. I was concerned I did something wrong but I still ended up getting money back. Ever since I check them in February and June every year. I wish accountants or accounting software would make recommendations when you are filing for the previous year. My wife and I just set our withholding to Married but with hold at the single higher rate and to zero on the state. We do get back a pretty penny, we use it for house updates or vacations, I never want to pay and we would piss away the extra I am sure of it. I know I know. I am giving the Gubbermint a free loan. Beats having to sweat 4-15 every fucking year. I think this is how many people feel. They dont trust themselves with their own money. |
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Post by tkasper01 on Feb 21, 2019 15:22:42 GMT -5
My wife and I just set our withholding to Married but with hold at the single higher rate and to zero on the state. We do get back a pretty penny, we use it for house updates or vacations, I never want to pay and we would piss away the extra I am sure of it. I know I know. I am giving the Gubbermint a free loan. Beats having to sweat 4-15 every fucking year. I think this is how many people feel. They dont trust themselves with their own money. I trust me, Wifne is a totally other story. It is why I manage it all. We have a good deal of cash in our account and I make like 2.00 a month. I won't miss it and we get to spend big on the house or a nice vacation every year. Every year for the past 3 or 4 years I make a 25k investment in Jan, yeah no more college. Reduces the savings on hand and keeps my wifne away from it. I do need a financial guy but I am a little leery of the guy from Nigeria that keeps emailing me. |
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Taxes
Feb 21, 2019 15:41:39 GMT -5
Post by southparkcpa on Feb 21, 2019 15:41:39 GMT -5
That sounds like a BIG number for a fairly straight forward tax return. Normally, for situations like yours, it's a withholding problem more than anything else. MAIN issue is your job "payroll computer program" doesn't know about the pension so it withholds at a low rate assuming that is the right rate. When put on "top" of the pension it's tax at 28-32 percent and the withholding is probably at 10 percent. We always see a wife go get a job PT, make 20K and have near nothing withheld. On top of the husbands 200K they now owe 8K. Pretty much what my guy said as well. I am changing my withholding each check until I get to where i feel I need to be. Don't forget the vaseline!  |
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Taxes
Feb 21, 2019 15:45:48 GMT -5
Post by southparkcpa on Feb 21, 2019 15:45:48 GMT -5
I think this is how many people feel. They dont trust themselves with their own money. I trust me, Wifne is a totally other story. It is why I manage it all. We have a good deal of cash in our account and I make like 2.00 a month. I won't miss it and we get to spend big on the house or a nice vacation every year. Every year for the past 3 or 4 years I make a 25k investment in Jan, yeah no more college. Reduces the savings on hand and keeps my wifne away from it. I do need a financial guy but I am a little leery of the guy from Nigeria that keeps emailing me. My best friend, not yet 60, LI guy, had a stroke. He lives here in NC. His wife is CLUELESS on money. I get what you're saying but please make sure your wife and kids know how to access all accounts if needed etc. For my clients, I manage their money and do their tax returns as well. I have a copy of their will and we monitor it annually. When needed we set up Trusts etc. BUT, imagine you were hit by a bus. We need to prepare for the worst. |
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Post by tkasper01 on Feb 21, 2019 15:57:35 GMT -5
I trust me, Wifne is a totally other story. It is why I manage it all. We have a good deal of cash in our account and I make like 2.00 a month. I won't miss it and we get to spend big on the house or a nice vacation every year. Every year for the past 3 or 4 years I make a 25k investment in Jan, yeah no more college. Reduces the savings on hand and keeps my wifne away from it. I do need a financial guy but I am a little leery of the guy from Nigeria that keeps emailing me. My best friend, not yet 60, LI guy, had a stroke. He lives here in NC. His wife is CLUELESS on money. I get what you're saying but please make sure your wife and kids know how to access all accounts if needed etc. For my clients, I manage their money and do their tax returns as well. I have a copy of their will and we monitor it annually. When needed we set up Trusts etc. BUT, imagine you were hit by a bus. We need to prepare for the worst. Thanks for the advice Matt. I have been through elder care three times now. I have our hose in a trust and my Daughter is on all our accounts. I have detailed instructions in the safe deposit box as well. I have everything set to auto-pay monthly so she will have almost nothing to do when I pass. I am teaching her now how to check up on things so all she should have to do is mourn my loss for the rest of her life, or 15, 20 minutes anyway. The only debt we have is the house and 1 car payment. My hope is she will not ave to worry for the rest of her life as long as she maintains some spending discipline. |
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Taxes
Feb 21, 2019 16:27:30 GMT -5
Post by southparkcpa on Feb 21, 2019 16:27:30 GMT -5
My best friend, not yet 60, LI guy, had a stroke. He lives here in NC. His wife is CLUELESS on money. I get what you're saying but please make sure your wife and kids know how to access all accounts if needed etc. For my clients, I manage their money and do their tax returns as well. I have a copy of their will and we monitor it annually. When needed we set up Trusts etc. BUT, imagine you were hit by a bus. We need to prepare for the worst. Thanks for the advice Matt. I have been through elder care three times now. I have our hose in a trust and my Daughter is on all our accounts. I have detailed instructions in the safe deposit box as well. I have everything set to auto-pay monthly so she will have almost nothing to do when I pass. I am teaching her now how to check up on things so all she should have to do is mourn my loss for the rest of her life, or 15, 20 minutes anyway. The only debt we have is the house and 1 car payment. My hope is she will not ave to worry for the rest of her life as long as she maintains some spending discipline. That's great. Good for you. What I enjoy most in my line of work is doing the right thing. I have at least 5 clients (children and or wives) who's father/husband has passed. On their death bed or when they opened an account with me I looked them in the eye and told them, I will make sure your wife is OK. Please don't let that worry you. Right now I have a few and while they are not the best "paying clients" and require more work, I thoroughly feel great working with them knowing how much I respected their husband/dad. |
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Post by Trades on Feb 21, 2019 16:34:24 GMT -5
I trust me, Wifne is a totally other story. It is why I manage it all. We have a good deal of cash in our account and I make like 2.00 a month. I won't miss it and we get to spend big on the house or a nice vacation every year. Every year for the past 3 or 4 years I make a 25k investment in Jan, yeah no more college. Reduces the savings on hand and keeps my wifne away from it. I do need a financial guy but I am a little leery of the guy from Nigeria that keeps emailing me. My best friend, not yet 60, LI guy, had a stroke. He lives here in NC. His wife is CLUELESS on money. I get what you're saying but please make sure your wife and kids know how to access all accounts if needed etc. For my clients, I manage their money and do their tax returns as well. I have a copy of their will and we monitor it annually. When needed we set up Trusts etc. BUT, imagine you were hit by a bus. We need to prepare for the worst. I have been hit by 2 buses, once on foot another while driving. It isn't as bad as they make it out to be. |
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Post by PK on Feb 22, 2019 0:01:24 GMT -5
I was behind bars for 9 months. Was on work release for 4 of them. Made like 4 grand. Got back 1200...which is double what I paid in.
Anyone who says the tax system is unfair to the poor is an idiot.
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Post by southparkcpa on Feb 22, 2019 5:24:09 GMT -5
I was behind bars for 9 months. Was on work release for 4 of them. Made like 4 grand. Got back 1200...which is double what I paid in. Anyone who says the tax system is unfair to the poor is an idiot. Almost 50 percent of the country pays no tax... |
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Post by Trades on Feb 22, 2019 7:37:49 GMT -5
I was behind bars for 9 months. Was on work release for 4 of them. Made like 4 grand. Got back 1200...which is double what I paid in. Anyone who says the tax system is unfair to the poor is an idiot. Almost 50 percent of the country pays no tax... Well, except the 2 legal Guatemalan immigrants. They pay a lot of taxes. |
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Taxes
Feb 22, 2019 7:44:55 GMT -5
Post by Trades on Feb 22, 2019 7:44:55 GMT -5
I was behind bars for 9 months. Was on work release for 4 of them. Made like 4 grand. Got back 1200...which is double what I paid in. Anyone who says the tax system is unfair to the poor is an idiot. This is the craziest thing. How can someone get back more than they paid in. Maybe these are the real people complaining about the smaller "returns". Supposedly illegal immigrants are getting free money from the child tax credit using fraudulent SSNs. But they don't commit crimes!!! IRS: 1.2 Million Illegal Aliens Committed Identity Theft in FY 2017 cdn.cnsnews.com/attachments/itin_report-tigta-february_2018.pdf |
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