2019 Tax Thread

Roland Deschain

NES Member
Rating - 100%
51   0   0
Joined
Feb 22, 2009
Messages
6,821
Likes
6,529
I feel like this has become an NES discussion that I look forward to every year.

So.... Did you give the government an interest free loan this year? Do you want NES to shit on you about it? COME ON IN!!

I actually have been trying to reconfigure my tax situation so that I can loan the gov 0 dollars. I used to average 6 or 7k a year back, but it's been difficult finding the sweet spot due to things changing for me. I only loaned the government 3k this year, and they stole the rest. The plan was to keep more money and max out my 401k, which I did, but I can still change a few more things.

Post anything you want here, including any freedom purchases you plan to make with your money they graciously gave back to you.

Mine is getting dumped into last year of private school tuition for the oldest, so no guns for me.
 

PennyPincher

NES Member
Rating - 100%
12   0   0
Joined
Aug 27, 2007
Messages
11,907
Likes
4,288
Location
Texas
I'm usually happy when I write a check under $500 come tax time. That way I know I won't end up with any penalty for under payment, it doesn't "hurt" to write a check that size and I know they haven't held my money hostage for any part of the year (except that which they "legally steal" from us).
 

Roland Deschain

NES Member
Rating - 100%
51   0   0
Joined
Feb 22, 2009
Messages
6,821
Likes
6,529
I'm usually happy when I write a check under $500 come tax time. That way I know I won't end up with any penalty for under payment, it doesn't "hurt" to write a check that size and I know they haven't held my money hostage for any part of the year (except that which they "legally steal" from us).
I've been trying to educate some of the younger guys and gals at my department to stop using their tax return as a savings account, because inevitably, they just blow it on something stupid at the end of the year oh, and they don't realize how many taxes they could be deferring.
 

PennyPincher

NES Member
Rating - 100%
12   0   0
Joined
Aug 27, 2007
Messages
11,907
Likes
4,288
Location
Texas
I've been trying to educate some of the younger guys and gals at my department to stop using their tax return as a savings account, because inevitably, they just blow it on something stupid at the end of the year oh, and they don't realize how many taxes they could be deferring.
unfortunately most people have so little discipline to save on their own that it is the only way they can "save." But then they usually go and treat it as a "bonus" and just spend it anyway.
 

Dennis in MA

NES Member
Rating - 100%
24   0   0
Joined
Feb 12, 2007
Messages
17,356
Likes
8,667
I told Uncle that my income wasn’t federal so piss off. So far no jail so I guess it worked.
 

FPrice

Retired Zoomie
NES Life Member
NES Member
Rating - 100%
68   0   0
Joined
Apr 29, 2005
Messages
19,096
Likes
4,276
Location
Western Mass
Last year was the first time I've gotten money back in maybe 5-7 years. I attribute that to the change in the tax code which gave an extra tax break to small businesses. Do not know yet how it will play out this year.
 

Dennis in MA

NES Member
Rating - 100%
24   0   0
Joined
Feb 12, 2007
Messages
17,356
Likes
8,667
Depends what you withheld. I just kept the same withholding even though I got a huge refund because I was planning on a big gain in income.
 

FPrice

Retired Zoomie
NES Life Member
NES Member
Rating - 100%
68   0   0
Joined
Apr 29, 2005
Messages
19,096
Likes
4,276
Location
Western Mass
Depends what you withheld. I just kept the same withholding even though I got a huge refund because I was planning on a big gain in income.
Had a modest increase in untaxed income, paid more estimated taxes, have an increase in some deductions. Probably + or - $500.

Depends on whether I calculated correctly.
 

CrackPot

NES Member
Rating - 100%
49   0   0
Joined
Aug 21, 2011
Messages
3,492
Likes
1,951
Location
Worcester County
Ive only done a preliminary pass at my taxes, enough to know I owe money but no penalties. I wont finalize until April (its my money and I will keep it as long as I can).

I owed 4.5% of my federal liability and 5.3% of my state liability. not ideal since pushing it to 10% is always the goal but ok.
 

Dennis in MA

NES Member
Rating - 100%
24   0   0
Joined
Feb 12, 2007
Messages
17,356
Likes
8,667
Lol.

I went to college with a guy that was convinced there were people that figured out how to stick theiRS but they were told if they taught people it, there would be trouble. That video - and I got 1 min in - reminds me of that time.
 

mwalsh9152

NES Member
Rating - 100%
3   0   0
Joined
May 12, 2013
Messages
4,154
Likes
2,180
Location
Pelham
I had a significant bump in my commission salary this year, so I was afraid to change my W4 since it's already at 14! Still ended up getting $5700 back. 100% of my fed tax is paid in my quarterly commissions.

As a single income household waiting for my wife to get back to work next year when my daughter goes to school full time, it helps to pay the Christmas bills, and then the rest into the savings account.
 

GM-GUY

NES Member
Rating - 100%
4   0   0
Joined
May 27, 2008
Messages
9,248
Likes
4,560
Location
North Central Mass
I can't file until my 1099HC and 1095 get fixed as they didn't get the COBRA health care at the end - that is coming, I'll give it 2 weeks then file anyway saying I was covered the full year.

My wife is starting her new job and found an online calculator program that estimates take home, you can plug in insurance costs and 401k participation so we are going to file simply Married with no allowances and I'll be close and might owe $1K next year. Bonuses, company buyouts and such raise hell with withholding - maybe this year I will be closer than recently.

Last year got back over $2K Federal as the stock sale (use or lose) withheld taxes including SSI and with the tax change I benefited, the SSI was over withheld and there you have it. I did need to send MA $432 last year due to the stock sale.
 

84ta406

Dealer
NES Member
Rating - 100%
32   0   0
Joined
Nov 8, 2014
Messages
1,760
Likes
837
Location
Leicester MA
Had a increase of about 20k in pay and got divorced, figured I'd leave my deductions alone. Quick calculator says I should be getting about 1500 back. I guess I need to go see my payroll lady.
 

amm5061

NES Member
Rating - 100%
1   0   0
Joined
Jun 20, 2016
Messages
6,671
Likes
4,494
Location
Holliston, MA
I play a wild game where I typically end up owing somewhere around $14. I think my best record is $12 and change.

Last year something weird happened where I got somewhere around $120 back, which annoyed me, though I think it was because of Trump's tax cuts. I haven't had a chance to start on this year's yet.
 

Wickedcoolname

NES Member
Rating - 100%
1   0   0
Joined
Dec 9, 2016
Messages
1,470
Likes
1,821
Location
North Central Mass
Id love to see the elimination of withholding taxes from paychecks. If everyone received their gross check and had to write a check every quarter there would be riots in the streets and not a single democrat would ever be elected again.
The average idiot who looks forward to his $5000 refundeach spring because it funds his yearly Disney trip equates taxes to a good time, so they have no problem voting for democrats who will raise taxes. To them the word taxes brings up images of vacation or a new bass boat or something. And when you try to explain to them that they're getting their own money back they just look at you like a dog hearing a squeak.
 

allen-1

NES Member
Rating - 100%
4   0   0
Joined
Feb 23, 2014
Messages
6,884
Likes
7,665
Location
GA; (CT escapee)
I feel like this has become an NES discussion that I look forward to every year.

So.... Did you give the government an interest free loan this year? Do you want NES to shit on you about it? COME ON IN!!

I actually have been trying to reconfigure my tax situation so that I can loan the gov 0 dollars. I used to average 6 or 7k a year back, but it's been difficult finding the sweet spot due to things changing for me. I only loaned the government 3k this year, and they stole the rest. The plan was to keep more money and max out my 401k, which I did, but I can still change a few more things.

Post anything you want here, including any freedom purchases you plan to make with your money they graciously gave back to you.

Mine is getting dumped into last year of private school tuition for the oldest, so no guns for me.
so no guns for me
<cough> Glock 44 you bought last week
 

Dennis in MA

NES Member
Rating - 100%
24   0   0
Joined
Feb 12, 2007
Messages
17,356
Likes
8,667
"I have to wait to file." Wait??? DAmn. I won't file my personals until mid-March. Brokerage 1099's aren't quite out yet and I'll have to have my business stuff complete. The only reason to rush is a possible refund. Although the way I withhold taxes (I withhold the majority of my paycheck as taxes and then my profits are paid out quarterly with no tax withholding) will cause me to wait until June to get the refund anyhow.
 

Broccoli Iglesias

NES Member
Rating - 100%
6   0   0
Joined
Sep 18, 2010
Messages
20,528
Likes
9,719
Location
Suckachusetts
Still waiting on brokerage 1099 and my health insurance papers showing I was covered.

But ... now that I get commission I always get money back, there is no way to set it up so I dont get money back. A few years ago I got it down to where I owed the Gov $50.00 every year.
 

blindfire

NES Member
Rating - 100%
1   0   0
Joined
Jun 5, 2010
Messages
15,789
Likes
4,132
Tentatively getting back about $1200. I'm not sure why I'm getting that back. The prior year...I got a net refund of $117....closest to $0 I've gotten.

My SIL is getting back $2 when Fed and state are combined. She owes the state $704 and got a $706 refund from Fed.
 

swatgig

NES Life Member
NES Member
Rating - 100%
6   0   0
Joined
May 26, 2011
Messages
5,097
Likes
4,433
Location
In the shallow end of the gene pool
I owe five figures. Looks like I should pay more attention to the good Doctor.

 

Roland Deschain

NES Member
Rating - 100%
51   0   0
Joined
Feb 22, 2009
Messages
6,821
Likes
6,529
I owe five figures. Looks like I should pay more attention to the good Doctor.

Interest free loan from gov... that's 4D chess right there.
 
Top Bottom