There has to be a CPA mixed in with all the dentists, no?
This wonderfully tremendously huuuge 'tax cut and jobs act' cut the tax rate from 39.6 to 37% for all of us maggots making over $470,700!! :party:
More heli trips for all!!!
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There has to be a CPA mixed in with all the dentists, no?
This wonderfully tremendously huuuge 'tax cut and jobs act' cut the tax rate from 39.6 to 37% for all of us maggots making over $470,700!! :party:
More heli trips for all!!!
We got 3 times what we got back last year... Because both bread winners were unemployed for a couple months and earned a lot less than we had withholding set for.
If you owe, just look at it as an interest-free loan.
Uh, not quite. There is a penalty if you owe over $1K, which the IRS enforces aggressively.Quote:
Originally Posted by jackstraw
We got about 14% less back the best I can gather. We don't make that kinda scratch though...
See, I knew we all were not dentists!Quote:
Originally Posted by PassTheDutchie
One way to get in trouble is not withholding enough if you get a bonus I suppose. I always tend to owe $400-$700 and personally I'd rather owe then get anything back. Ideally breaking even is the way, but the last thing I want is the feds to have any of my money.
I got an interest check from the IRS a month ago for all the pre-payments I did last year. Not sure why/how, but it was sweet.Quote:
Originally Posted by jackstraw
Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller. (from the IRS site)Quote:
Originally Posted by PassTheDutchie
My tax rate dropped 3% compared to last year. However, due to the changes in where the tax brackets break, next year I'll go up a tax bracket (under the old breaks I would have stayed in the same bracket). The new bracket will be 1% lower than 2017 so basically a wash. (EDIT: actually since I'm getting married this summer, I'll be able to file jointly and stay in the lower tax bracket.)
My refund for 2018 is 75% lower than my 2017 refund, which is fine, means my withholding is much more accurate.
Wait....is it April 14th already?
Uh oh ...... we routinely pay $2-4K due to my wife's "complicated" earnings situation; is the sword about to fall??Quote:
Originally Posted by PassTheDutchie
Shit, I'd have mine done already if my wife's current employer would deliver her god damn 1099 already. TurboTax prices go up Mar. 1.Quote:
Originally Posted by GoldMember
Speaking of which, are there any cheaper/better alternatives to TT? Not itemizing any more with the increased standard deduction, but the Mrs. had 4 jobs over the course of the year, we maxed out an HSA, received ACA subsidies, and contributed to a 529.
We started going to an accountant because we had to amend 4 previous years taxes for rental income and depreciation on said rental. It was barely more expensive than TurboTax which caused the damn problems in the first place, and damn it wasn’t expensive. He went over our prior TurboTax filed years and ended up saving us about 10x what he charged and turned a $10k tax debt into $2500. Fuck doing my own taxes ever again.
We used the h&r block online platform, pretty straight forward, answer the questions and plug in the numbers.
I do it in about an hour and a manhattan after I get everything together....
I flunked Acct 101 twice but I did sleep in a Holiday Inn recently. It seems to me that measuring your year to year difference in line 63 Total Tax would give a clearer picture of the new code
s impact. That said, I swear that this is the last I do a 1040A. I NEED A SCHD C!!!
Feel good tax story of the day.
https://www.nydailynews.com/news/nat...214-story.html
I’m losing $18000 in deductions due to SALT limitation and the loss of the personal exemption, so my taxes are going up by quite a bit.
Somebody has to pay for The Wall... and it ain't gonna be Mexico.Quote:
Originally Posted by 54-46
:D
You guys file taxes. That's kind of dumb
I usually pay a little which is fine, i use the simpletax.ca which is a Canadian based software, cuz being retired my taxes are pretty simple
its almost free cuz you can pay what you want
even nothing
I owe $2k this year. In 2015 I screwed up my withholdings and owed $7k. Pretty sure I was never assessed a penalty.Quote:
Originally Posted by PassTheDutchie
Compared to last year my tax rate dropped 3%, taxable income was the same.
After a big refund last year and adjusting withholding I was still expecting a smaller refund this year, so owing $2k was a disappointment.
FWIW I've used Taxslayer for about 6-7 years. It started out cheap, free Fed return and $10-15 state, but they have been upping the charges each year so now it is around $50 total. Not sure if it is worth it to start with a new software that I'd have to import data into, that will start cheap but probably also up the fee over time. I used a CPA for a few years, and the guy charged me about $150 each year. Needed him the first year when I moved from Canada and had some pretty complex issues.
It sure was easier when I was sent multiple 1099's on pieces of tissue paper and taxes were done in pencil first. I feel for you guys. Can dentists still pay their 15 y o kid to clean the office for $50/wk? Wash the car for $30? I could go to dinner at a trade show with 6 other salesmen tell the waitress "Put it all on one check, and give everyone a copy." 100% deductible. Are sales samples you have to buy still deductible? I could deduct them and then sell them at a profit.Quote:
Originally Posted by fastfred
Likewise... so much fucking winning.Quote:
Originally Posted by 54-46
I usually take the penalty and pay by the extension deadline. Still pretty cheap money. I typically owe north of $20k though.Quote:
Originally Posted by PassTheDutchie
Few observations from a dentist
1. I beleive, for 70% of taxpayers or so, that W-2 income is about 90%+ of adjusted gross income. I beleive taking your tax after credits, just before you deduct cash payments, dividing by your GROSS w-2 wages (Medicare taxable) is the most relevant measure of tax efficency. By that measure iv'e (my wife and I) have been in the 10-12% range for a while. With the new act, we lost 20k in deductions for personal exemptions, $7k for state tax. We lost an additional 13k deduction just through life events. We are right around 15% this year. Which is painful. At least for us dentists.
2. Personal exemptions and state tax are screwing a lot of the middle class.
3. Nobody smart pays a 2210 penatly, or ANY penalty this side of trust fund-related, for that matter. You should always owe 1-2k with your return/extension (i.e. a payment that has to be made by april 15th). , and StrawJack is spot on. It IS an interest free loan. In the purest sense of the term. Refund is the inverse of that, you loan trump money interest free. Always cracks me up people talking about thier refunds. Kinda like other CPA/dentists who instantly get all defensive trying to argue about buying a new car vs slightly used.
4. When you start throwing in Sch E, K-1s, high levels of investment income (say north of 10k on a regular year-end year out basis), Sch C, your situation becomes way more unique and meningful metrics become very, very difficult.
I'm a partner at my company so 2/3's of my income is pass thru LLC distributions (just like dipshit Trump) so I'm pretty stoked this year. Bad for the country, though.
Amazon will pay $0 in federal taxes this year, despite $11.2 billion in profits
Amazon confirmed the amount but said it followed all appropriate tax rules.
I think most people live right on the edge and can't come up with enough money to pay a 1-2k tax billQuote:
Originally Posted by Marshall Tucker
I know a CPA who at some point realized he was 1 year older than he thot so according to his balance sheet he could buy a new truck, but how does a guy who plans that closely forget how old he is?
Fuck that. You need to keep that money in a liquid account that is going to pay 2-3% interest. I lost out on $20 in interest I could have earned, BFD.Quote:
Originally Posted by Marshall Tucker
Can I have your $20?Quote:
Originally Posted by Dantheman
See, this is why us dentists don't want to share very often. Maybe, just maybe, adjusting your withholding allows you to up your contribution to your 401k that gets matched by your employer. Maybe, Just maybe, it allows you to put $6k in your wife's IRA at the start of the year and you get S&P return on that $ for the year. it's not rocket surgery rube. a lot of nickels add up to a lot of money over time. Wanna laugh at us? that's fine. We're laughin too. all the way to the bank.Quote:
Originally Posted by Dantheman
Too bad TurboTax doesn’t show you what your tax bill would have been under the old rules. Hard to compare apples to apples if there was any change to your situation.
My tax rate increased from 13.9% to 15.8%, not including FICA taxes. Kind of annoying that it went up, but my income also went up about 30% so I won’t whine too much.
No 401k match from my employer, so that's pretty irrelevant for me. I didn't realize until just now that you could draw from an IRA penalty-free to make tax payments, so that does make some sense. But, there's certainly risk that the market could tank that year and you lose money instead.Quote:
Originally Posted by Marshall Tucker
I'm not so much against my taxes going up, I'm against them going up, while the deficit goes up, and taxes are being used on shit I don't agree with.
That said, I don't have the final numbers in yet, but I'm guessing we'll end up paying a few thousand more this year than last because the loss of deductions. We'll reevaluate and adjust this year, as I hope millions of americans will too.
SALT is BRUTAL!!!
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Funny. I honestly thought I was turning 48 last year until my wife reminded me I was turning 47. I was like "I got an extra year to live!!!"Quote:
Originally Posted by XXX-er
If you have a copy of turbotax 2017, you can find out. Just input your 2018 info into 2017.Quote:
Originally Posted by alias_rice
What does the the Strategic Arms Limitation Treaty have to do with all this?
Lots of work for a lazy ass like myself. Plus I use the online version.Quote:
Originally Posted by DJSapp
You are now limited in that you can't deduct any nuclear missiles you buy anymore. I think.Quote:
Originally Posted by iceman