I hope your day goes as well as you made mine yesterday. Keep up the great work and enjoy this very special day!!!
Happy Tax Day Cesspoolians!
- Thread starter MSU158
- Start date
I just wrote a check for over $10k😩
I must not make enough money. We're getting $4000 back.
It's all about the type of job you have and how you file. The consensus is the best case scenario for yourself is for it to end up net ZERO at the end of the year. That way you have had the most amount of money available to you each and every week, instead of them getting to hold onto it and keep you from making money off of it.
But, in the case of those that pay at the end, as long as the figure is NOT compounded by any interest or penalties and properly paid quarterly(if that applies), they can and often are actually getting a little extra, depending on how/if that money was invested until they sent in that payment...
But, in the case of those that pay at the end, as long as the figure is NOT compounded by any interest or penalties and properly paid quarterly(if that applies), they can and often are actually getting a little extra, depending on how/if that money was invested until they sent in that payment...
Maybe I'm in the minority, but there ain't nothing happy about April 15th in my world! (unless the Raneys join Mocco today)
I do a fair bit of freelance work throughout the year on top of my 9-5 gig, obviously there's no withholding taken out of that Schedule C income, I should pay quarterly estimates but never do, I just chunk away 40% from every freelance check I get into a separate account and pay our taxes out of that.
Although it may not quite be the same thing, my consulting side gigs are an amazing supplemental income stream. Also, Thank God for CPA's and the rules/laws that surround them. As long as you provide them with all the proper paperwork/information you are essentially protected from any mistakes they make(unless you are Donald Trump in NY
......if you have a good one, they certainly can help you maximize your returns each year!Sounds pretty similar. Some years are bigger than others. This was one of the bigger years I've had with some sizable projects. That extra income has been pretty great for getting two daughters through college with very minimal student loan debt.Although it may not quite be the same thing, my consulting side gigs are an amazing supplemental income stream. Also, Thank God for CPA's and the rules/laws that surround them. As long as you provide them with all the proper paperwork/information you are essentially protected from any mistakes they make(unless you are Donald Trump in NY
Yeah, that's federal and state. Most years it's not quite that high. And it gets paid out of money we've tucked away from extra income earned throughout the year, so we're not really getting hurt.
It’s more about being self employed in my case.
I called my guy and asked for an extension; I like it when my CPA is sharp as a tack so I always get an extension. I never get a big return but any return is good these days!
Don't they penalize you for not making quarterly payments? They made me make quartley payments when our business owed $1,000 at the end of the year.
Yes, it’s pretty insignificant unless you’re talking big money.
It’s technically a write off to make the quarterly payments.
Yeah they do, I think it's $200-$300 or so. I just never know what kind of side $$$ I'll be making throughout the year. I have a full-time job and am not out actively hustling up the extra business, it's people I know, former colleagues, etc. reaching out asking me if I'm interested in a project. Some quarters I could bring in $0. Other quarters I could bring in a lot. And the amount I make on the year can vary pretty widely from year to year. So paying in estimates each quarter doesn't make sense to me, I'm ok eating the penalty.
Wife does the taxes, but the number she told me makes me sick, and want to slap anyone who ever says the phrase 'fair share'
Quarterly payments are a joke. Estimate how much you will owe on income you haven't made yet. Yea, I'll pass and keep my money.
I must have hit the nail on the head, nothing owed, no refund. Works for me.
Yea if you get money back at the end of the year you actually paid the government interest through the overpayment (inflation). Ironic the country existed for almost 140 years without income taxes. Taxation is truly theft.
Not really. It's the price you pay for living in a modern society. It's taxation without proper representation that's the problem, and that happens all the time everywhere.
Pls send the application for this less modern society, I'm in!
Sure thing. Which sub-saharan African country did you want to move to?
Taxes have existed since the beginning of time. Has nothing to do with "modern society". Society has advanced through the private sector, not tax funded gubmintSure thing. Which sub-saharan African country did you want to move to?
Actually, it's both. I said the price that "we pay" for things, like the interstate highway system, etc., not that everyone in history got modern society from taxes. Clearly, they don't.
Chief, can you move this to off topic?
