How'd your taxes come out this year?

[joelbc1]

Taxes are too damn high!

37% Federal
5.7% Iowa
0.9% Additional Medicare Tax
3.8% Net Investment Income Tax
Alternative Minimum Tax

7% Sales Tax in Iowa.

2025 Federal Estimated Taxes on money I haven’t even earned yet due Quarterly.

Don’t ****ing talk to me about not paying my fair share.

PF… you are a wwalthy man from these numbers. Also, you are a piss poor “planner” if these numbers are accurate. But again..if accurate, you are a very wealthy person… I’d find a better tax ban if I were you.

 

[Herkster5]

Owed $985 to the feds, got $850ish back from the state. It’s been a hell if a first quarter in the business, and we’ll need to find some shit to buy to limit the K1 income again this year.
Just gonna get worse the more years I own the business, oh well, good problems to have. Highest taxable income the wife and I have ever had.

 

[Phenomenally Frantastic]

PF… you are a wwalthy man from these numbers. Also, you are a piss poor “planner” if these numbers are accurate. But again..if accurate, you are a very wealthy person… I’d find a better tax ban if I were you.

How so? Because I don’t use Bahamas tax havens like those in DC?

 

[BelemNole]

Least shocking news of the thread.

Good thing you don’t have to pay taxes on the allowance your mom gives you.

 

[ClarindaA's]

Good thing you don’t have to pay taxes on the allowance your mom gives you.

Looks like his tax bracket means he’s better off than most

 

[Phenomenally Frantastic]

Good thing you don’t have to pay taxes on the allowance your mom gives you.

 

[joelbc1]

How so? Because I don’t use Bahamas tax havens like those in DC?

You seem to be complaining your taxes are too high… make plans to avoid them..pretty simple.. I’m shock a man if your accumen hasn’t figure that out…this stupid ol’lib figured it out years ago.

 

[cheeselog8]

2025 Federal Estimated Taxes on money I haven’t even earned yet due Quarterly.

Pay your quarterlies based on when you earn the income. Then use the annualized income installment method to report your income and you shouldn't be subject to any penalties/interest. No need to pay them ahead of time if you calculate it accurately.

 

[Phenomenally Frantastic]

Pay your quarterlies based on when you earn the income. Then use the annualized income installment method to report your income and you shouldn't be subject to any penalties/interest. No need to pay them ahead of time if you calculate it accurately.

The sentence quoted was worded poorly, sorry.

My accountant handles that. The installment payments are paid quarterly. It’s just funny to me that the government just assumes I’m going to earn the same the following year and gives me figures to pay or face a tax penalty on taxes presumptively owed.

 

[Crafty Beaver]

You seem to be complaining your taxes are too high… make plans to avoid them..pretty simple.. I’m shock a man if your accumen hasn’t figure that out…this stupid ol’lib figured it out years ago.

Just stop.

 

[5545]

I just signed the last docs online earlier today and sent back to my CPA

So how did it turn out for you this year?

 

[stanzithemanzi12]

About $69

 

[fan_4_life]

I had enough expenses with higher priced fertilizer and anhydrous along with a tractor overhaul, skidloader injection pump and rebuilt fuel system repairs that I get a $7 refund from the state of Iowa. Somehow I am getting $4500 back from Federal. The over abundance of rain in May last year followed by drought in late July/August slashed my yields and corn/soybean prices were not super great either. Luckily I made good money selling my calves in January to give me a good head start for 2025. It's still nice having the day job for a income that is "guaranteed". I try not to use my day job salary to subsidize any farming or cattle operations but some years it happens.

 

[DogBoyRy]

Waiting on 1 K1 that has a lot of pass thru.
Owe $7k which was fairly good for us.

Received Final K1.
$7217 to Feds.
18.22 % tax rate.
52 pages. Down from 58 last year.

 

[Hawki97]

I pride myself on not giving the government interest free loans over the year. Some unplanned things happen late in 2024 and Uncle Sam owed me a little over $15K this year.

 

[denmar81]

Had a small refund until they denied a $500 charitable contribution and ended up with nothing.

 

[Phenomenally Frantastic]

Had a small refund until they denied a $500 charitable contribution and ended up with nothing.

Well did they deny it? Or was it not allowed because your taxes were given the “standard deduction” of $16,400 single filer or $29,200 for Married filing jointly?

If you took the SD, that means you are not filing for “itemized deductions” in excess of standard deduction amount.

The charitable contribution would only apply if filing Itemized deductions and most people don’t Itemize anymore because the standard deduction is so high.

What are itemized deductions? | Standard deduction vs itemized | Fidelity

Learn about itemized deductions and the choice between itemizing or using the standard deduction when filing. Plus, learn about deductible expenses.

www.fidelity.com

 

[hawkmart]

just about perfect $100 refund federal and $50 refund from state. Did some mathing this past year and got more taken from paycheck. Nice not having to pay for once.

 

[OrlandNole]

I pride myself on not giving the government interest free loans over the year. Some unplanned things happen late in 2024 and Uncle Sam owed me a little over $15K this year.

The way things are going you're actually going to come out ahead this year. That $15K invested over the course of 2024 would be worth $13K right now.

 

[seminole97]

 

[Whiskeydeltadeltatango]

I gave my wife, accounting degree, the "where we at with taxes" before I left yesterday..... will report back when I learn myself.

 

[HawCory]

Between federal and state, I'll be paying just North of $36K this year.

 

[seminole97]

 

[artradley]

Owed 10k. Kick in the gut.

 

[Whiskeydeltadeltatango]

Net paid 850 in, Thats about perfect.

 

[bunsen82]

2025 is going to be my biggest pay in ever, it’s just going to be a matter of how much. As of now everything will be long term capital gains, but I will be in the 20% brackets plus the net investment tax of 3.8% , plus Iowa. As I tell most of my clients when you are booking significant income, any time you can do it for less than 30% you are doing pretty well. Now the question will be is, am I writing a check for the equivalent of 1 house or multiple houses.

 

[noleclone2]

Owed $805 more for the 41k total paid. So almost perfect.

 

[seminole97]

2025 is going to be my biggest pay in ever, it’s just going to be a matter of how much. As of now everything will be long term capital gains, but I will be in the 20% brackets plus the net investment tax of 3.8% , plus Iowa. As I tell most of my clients when you are booking significant income, any time you can do it for less than 30% you are doing pretty well. Now the question will be is, am I writing a check for the equivalent of 1 house or multiple houses.

At least you can sleep soundly tonight, knowing our friends in DC won’t waste it.

 

[bunsen82]

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This year I averaged around 65 hours a week. My first year I worked a couple 90-100 hour work weeks trying to keep up. That was awful.

 

[bunsen82]

At least you can sleep soundly tonight, knowing our friends in DC won’t waste it.

No government will use it wisely, in either case I will be comfortable I would have done decent for tax brackets. Now if my investments go up a lot in the next 6-9 months I may be looking at other alternatives, including possibly creating a non profit and gifting shares to that or giving shares to several non profits. I don’t have to claim the gain or income and can take the gift deduction. Not something I’ve done but something I will have to research and decide if I want to do it. It would be pretty cool if I could become a benefactor for my small town, but I’m pretty sure it would bring its own headaches.

 

[seminole97]

It would be pretty cool if I could become a benefactor for my small town, but I’m pretty sure it would bring its own headaches.

Instead of making craters on the other side of the world?
Crazy talk.

 

[bunsen82]

Instead of making craters on the other side of the world?
Crazy talk.

Russia is making enough craters. I will always be willing to stand by people who want their freedom. Sounds pretty simplistic don’t you think, pursuit of of life, liberty and happiness. And try to do my part in making others lives better. That’s the goal.

 

[jonesy5960]

I set up a sub-S for all of my personal expenditures and I incur a huge loss every year. It's called Kramerica and it's awesome.

 

[bunsen82]

I set up a sub-S for all of my personal expenditures and I incur a huge loss every year. It's called Kramerica and it's awesome.

What business purpose old it have, other than running personal expenses through. Fyi, that sounds like a fun ass audit.

 

[seminole97]

Russia is making enough craters. I will always be willing to stand by people who want their freedom.

I’m thinking of folks farther south.

When Obama backed the Saudi regime change efforts in Yemen, did you consider the Houthis to be ‘freedom fighters’?

 

[LBoogie28]

Looks like his tax bracket means he’s better off than most

Now do you, or anyone else, actually believe this to be true?