|
|
03-24-2024, 07:41 PM
|
|
US Veteran
|
|
|
Join Date: Dec 2014
Location: Minnesota
Posts: 1,936
Likes: 2,651
Liked 4,959 Times in 1,456 Posts
|
|
Income Tax Time
I was working on my taxes this weekend. I am so glad I saw this information on the payment methods. I would have hated to mess up my payment
|
The Following 17 Users Like Post:
|
444 Magnum, ameridaddy, Beemerguy53, Golddollar, Jimmyjones, Muley Gil, Narragansett, Onomea, PatAz, Tom Beavert, tops, twodog max, TX-Dennis, TXBryan, UncleEd, URIT, vt_shooter |
03-24-2024, 07:45 PM
|
|
Member
|
|
|
Join Date: Jul 2010
Location: Florida
Posts: 6,628
Likes: 3,402
Liked 9,299 Times in 3,491 Posts
|
|
Done with it. I hope the government enjoys the $378 I gave them.
|
03-24-2024, 07:46 PM
|
|
US Veteran
|
|
|
Join Date: May 2007
Location: Central FL
Posts: 2,564
Likes: 12,904
Liked 4,199 Times in 1,677 Posts
|
|
I’m thinking that in the rare instance where one would be paying $100M to the IRS (and if so, somebody needs a better accountant) there’d be a minion who deals with that.
__________________
50 Years of DSOTM
|
The Following 4 Users Like Post:
|
|
03-24-2024, 07:50 PM
|
|
US Veteran
|
|
|
Join Date: Jul 2014
Location: Hamilton, Ohio
Posts: 44,635
Likes: 61,834
Liked 189,987 Times in 36,645 Posts
|
|
Thanks for the heads up. That would have been embarrassing.
__________________
Music/Sports/Beer fan
|
The Following 6 Users Like Post:
|
|
03-24-2024, 07:52 PM
|
|
Member
|
|
|
Join Date: Jun 2017
Location: OH
Posts: 2,114
Likes: 6,237
Liked 6,340 Times in 1,647 Posts
|
|
How many pennies is that. They'd have to take them, right?
|
03-24-2024, 08:27 PM
|
Member
|
|
|
Join Date: Jun 2018
Posts: 1,243
Likes: 903
Liked 2,817 Times in 900 Posts
|
|
Quote:
Originally Posted by SMSgt
Done with it. I hope the government enjoys the $378 I gave them.
|
They might as well just forward the check to me - that's what I'm supposed to get back.
|
03-24-2024, 08:57 PM
|
|
Member
|
|
|
Join Date: Mar 2007
Location: ALBUQUERQUE, NM
Posts: 13,900
Likes: 8,103
Liked 25,433 Times in 8,552 Posts
|
|
A Hundred Mill is way above my Pay Grade.
But when I see a Sign which says NO HUNDREDS,
I’ve been to announce- People, listen up to me!
I take all the Hundreds I can get!
__________________
NRA LIFE MEMBER
|
The Following 2 Users Like Post:
|
|
03-24-2024, 09:10 PM
|
|
US Veteran
|
|
|
Join Date: Jul 2014
Location: Hamilton, Ohio
Posts: 44,635
Likes: 61,834
Liked 189,987 Times in 36,645 Posts
|
|
__________________
Music/Sports/Beer fan
|
The Following 11 Users Like Post:
|
ameridaddy, Golddollar, Kevin J., llowry61, Muley Gil, old bear, PatAz, petepeterson, riverrat38, Rodan, S42N8 |
03-24-2024, 09:32 PM
|
|
US Veteran
|
|
|
Join Date: Dec 2014
Location: Minnesota
Posts: 1,936
Likes: 2,651
Liked 4,959 Times in 1,456 Posts
|
|
Rusty I always took a few of my sons french fries as a tax lesson. He now does the same to his daughter.
|
The Following 3 Users Like Post:
|
|
03-24-2024, 10:44 PM
|
|
US Veteran
|
|
|
Join Date: Jul 2014
Location: Hamilton, Ohio
Posts: 44,635
Likes: 61,834
Liked 189,987 Times in 36,645 Posts
|
|
Quote:
Originally Posted by Kevin J.
Rusty I always took a few of my sons french fries as a tax lesson. He now does the same to his daughter.
|
Ruthie does the same to me at the drive-thru.
__________________
Music/Sports/Beer fan
|
03-24-2024, 11:36 PM
|
|
Member
|
|
|
Join Date: Jan 2011
Location: NM home; Tbilisi work
Posts: 5,180
Likes: 11,922
Liked 11,701 Times in 3,558 Posts
|
|
My 2023 income was all independent consulting - I got paid each time I sent an invoice. So; of the taxable amount, 24% was Fed tax, 12.6% SocSec (both sides), 2.9% Medicare, and 7% state tax.
Still not moving to the libertarian paradise of Somalia.
|
The Following 4 Users Like Post:
|
|
03-25-2024, 12:17 AM
|
|
Member
|
|
|
Join Date: Mar 2016
Location: Near Gettysburg
Posts: 9,287
Likes: 58,740
Liked 21,554 Times in 6,958 Posts
|
|
Quote:
Originally Posted by biku324
My 2023 income was all independent consulting - I got paid each time I sent an invoice. So; of the taxable amount, 24% was Fed tax, 12.6% SocSec (both sides), 2.9% Medicare, and 7% state tax.
Still not moving to the libertarian paradise of Somalia.
|
After my late father retired from his regular job and the consulting contract from his old employer ran out, he tried operating his own consulting business. He said the government took so much from him it wasn't worth the effort and he became a complete retiree.
|
The Following 5 Users Like Post:
|
|
03-25-2024, 12:30 AM
|
Member
|
|
|
Join Date: Jan 2017
Location: Pittsburgh, PA
Posts: 5,139
Likes: 6,983
Liked 8,056 Times in 3,176 Posts
|
|
God, I wish I only had to pay $378.
|
The Following 7 Users Like Post:
|
|
03-25-2024, 12:44 AM
|
|
Member
|
|
|
Join Date: Jul 2014
Location: Mojave Desert
Posts: 10,386
Likes: 18,093
Liked 24,293 Times in 6,874 Posts
|
|
Quote:
Originally Posted by Kevin J.
I was working on my taxes this weekend. I am so glad I saw this information on the payment methods. I would have hated to mess up my payment
|
Will they accept two checks for $50k?
__________________
213th FBINA
|
03-25-2024, 01:32 AM
|
|
Member
|
|
|
Join Date: Mar 2016
Location: Near Gettysburg
Posts: 9,287
Likes: 58,740
Liked 21,554 Times in 6,958 Posts
|
|
Quote:
Originally Posted by Kevin J.
I was working on my taxes this weekend. I am so glad I saw this information on the payment methods. I would have hated to mess up my payment
|
If I had owed anything this year could I have sent in a bag of Golden Dollars ?
|
03-25-2024, 10:34 AM
|
Member
|
|
|
Join Date: Mar 2020
Posts: 310
Likes: 415
Liked 497 Times in 199 Posts
|
|
Quote:
Originally Posted by jeffrefrig
God, I wish I only had to pay $378.
|
Same here...
|
03-25-2024, 10:47 AM
|
|
Member
|
|
|
Join Date: Jan 2011
Location: NM home; Tbilisi work
Posts: 5,180
Likes: 11,922
Liked 11,701 Times in 3,558 Posts
|
|
Quote:
Originally Posted by Golddollar
After my late father retired from his regular job and the consulting contract from his old employer ran out, he tried operating his own consulting business. He said the government took so much from him it wasn't worth the effort and he became a complete retiree.
|
It's painful watch it go out, but you can legally reduce your taxable income in a number of ways.
|
03-25-2024, 11:38 AM
|
US Veteran
|
|
|
Join Date: Nov 2014
Location: central Virginia
Posts: 2,944
Likes: 13,399
Liked 7,023 Times in 2,126 Posts
|
|
Quote:
Originally Posted by Kevin J.
I was working on my taxes this weekend. I am so glad I saw this information on the payment methods. I would have hated to mess up my payment
|
That's too bad they can't handle $100 mil or more. I have only one check left, so I'd rather owe it to them than cheat them out of it.
|
03-25-2024, 01:04 PM
|
|
US Veteran
|
|
|
Join Date: Mar 2010
Location: R.T. P, area NC
Posts: 9,720
Likes: 29,606
Liked 23,026 Times in 5,793 Posts
|
|
I don’t generally like to speak about money but here goes. I’ve just issued a check to the IRS for my 2023 taxes in the amount of $58 hundred dollars. That does not include four (4) estimated payments of $1,800.00 each. I am able to do that, but Hot Damn I don’t earn enough money yearly to continue to afford that.
Welcome to the "old Mid" class
__________________
Always Stay Strong!
|
The Following 2 Users Like Post:
|
|
03-25-2024, 05:29 PM
|
Member
|
|
|
Join Date: Oct 2000
Location: SE PA
Posts: 1,115
Likes: 1,254
Liked 1,082 Times in 538 Posts
|
|
Quote:
Originally Posted by old bear
I don’t generally like to speak about money but here goes. I’ve just issued a check to the IRS for my 2023 taxes in the amount of $58 hundred dollars. That does not include four (4) estimated payments of $1,800.00 each. I am able to do that, but Hot Damn I don’t earn enough money yearly to continue to afford that.
Welcome to the "old Mid" class
|
I know that feeling well, but I prefer to "donate" quarterly than write one big check.... One advantage to living in PA is that all pension-liked income is not taxable by PA. They always look askance (sideways in US English!!) when I have to explain that the UK Pension system does not issue 1099R's. Uncle Sam understands the alternative tax form but PA tax people do not!! One of the advantages of paying enough in the UK before I came over in '68 that I could continue to pay into their system, and it makes old friends in the UK a "trifle upset" that my wife (US born) collects a spouse's pension from the UK as well! Dave_n
|
03-25-2024, 06:10 PM
|
SWCA Member
|
|
|
Join Date: Aug 2015
Location: Central Ohio
Posts: 2,510
Likes: 18,619
Liked 4,687 Times in 1,722 Posts
|
|
Someone once told me paying a lot in tax is a good problem to have.
|
The Following 5 Users Like Post:
|
|
03-25-2024, 06:11 PM
|
Member
|
|
|
Join Date: Oct 2009
Posts: 3,260
Likes: 22
Liked 5,581 Times in 1,955 Posts
|
|
Quote:
Originally Posted by Golddollar
After my late father retired from his regular job and the consulting contract from his old employer ran out, he tried operating his own consulting business. He said the government took so much from him it wasn't worth the effort and he became a complete retiree.
|
My company relocated when I was 54. Everyone that was 55 got a full pension with enhancements to age 62. I refused....not going to move to godforsaking XX. (just my opinion)
I consulted to all of their competitors until retirement age. Being successful is having a talent that is needed, plus setting your fee high enough that you can live comfortable, while still not price gouging.
|
The Following 3 Users Like Post:
|
|
03-25-2024, 06:23 PM
|
|
Member
|
|
|
Join Date: Jan 2011
Location: NM home; Tbilisi work
Posts: 5,180
Likes: 11,922
Liked 11,701 Times in 3,558 Posts
|
|
^^^^^^This x25.
|
The Following User Likes This Post:
|
|
03-25-2024, 07:42 PM
|
Member
|
|
|
Join Date: Jul 2005
Location: NC
Posts: 30,822
Likes: 58,073
Liked 53,115 Times in 16,569 Posts
|
|
Quote:
Originally Posted by llowry61
Someone once told me paying a lot in tax is a good problem to have.
|
We have the same accountant?
__________________
Sure you did
|
The Following User Likes This Post:
|
|
03-25-2024, 07:49 PM
|
|
Member
|
|
|
Join Date: Jul 2010
Location: Florida
Posts: 6,628
Likes: 3,402
Liked 9,299 Times in 3,491 Posts
|
|
Quote:
Originally Posted by llowry61
Someone once told me paying a lot in tax is a good problem to have.
|
Earning a lot more while paying less taxes is even a better problem to have.
|
The Following 4 Users Like Post:
|
|
03-25-2024, 09:20 PM
|
|
SWCA Member
|
|
|
Join Date: Jan 2007
Location: Ashtabula County, Ohio
Posts: 6,085
Likes: 9,354
Liked 13,780 Times in 4,044 Posts
|
|
Funny thing, I told the government the same thing regarding my refund check.
Kevin
__________________
Unshared knowledge is wasted.
|
The Following 2 Users Like Post:
|
|
03-25-2024, 10:16 PM
|
|
Member
|
|
|
Join Date: Dec 2009
Location: South Texas & San Antonio
Posts: 33,644
Likes: 242
Liked 29,156 Times in 14,097 Posts
|
|
Just finished my taxes tonight. Owed a little more than I thought I would so I will need to write a check. No refund this year. Couldn't do my taxes without TurboTax.
Last edited by DWalt; 03-25-2024 at 10:17 PM.
|
03-25-2024, 11:38 PM
|
Member
|
|
|
Join Date: Dec 2003
Location: HOUSTON, TEXAS
Posts: 10,185
Likes: 7,179
Liked 14,377 Times in 5,413 Posts
|
|
Yeah, I had that limit problem last year.:-)
|
03-26-2024, 12:37 AM
|
Member
|
|
|
Join Date: Nov 2006
Location: Sierra Nevada foothills
Posts: 5,893
Likes: 4
Liked 4,425 Times in 1,700 Posts
|
|
I remember Bill & Hill scolding us about something about your fair share of taxes & how they needed them.
|
The Following 2 Users Like Post:
|
|
03-26-2024, 01:06 AM
|
|
Member
|
|
|
Join Date: May 2005
Location: Oregon & Japan
Posts: 14,196
Likes: 46,140
Liked 33,298 Times in 9,097 Posts
|
|
I just wanna say God bless my tax accountant of the last four decades. At 76, he has had the effrontery ( ) to tell me he is retiring this year, that this year is his last, and that he wanted to enjoy the time remaining to him.
I'll miss him, for sure. That's a lotta years of good advice, good protection.
Kinda like losing the guy who's been riding shotgun on the stage coach through hostile territory all these years.
I'll need to find a new guy, young and fast, to ride beside me.
|
The Following 3 Users Like Post:
|
|
03-26-2024, 08:21 AM
|
Suspended
|
|
|
Join Date: Aug 2013
Location: Rhode Island
Posts: 6,738
Likes: 27,239
Liked 37,498 Times in 4,596 Posts
|
|
I have not paid taxes in 14 years, and I intend to keep it that way.
|
The Following 2 Users Like Post:
|
|
03-26-2024, 09:19 AM
|
|
SWCA Member
|
|
|
Join Date: May 2020
Location: AZ-Sierra Vista
Posts: 1,647
Likes: 3,911
Liked 6,766 Times in 1,293 Posts
|
|
I would feel a lot better about the taxes I pay if our "representatives" were a lot more responsible (and adherent to the Constitution) in how they spent it.
|
The Following 6 Users Like Post:
|
|
03-26-2024, 10:33 AM
|
SWCA Member
|
|
|
Join Date: Aug 2015
Location: Central Ohio
Posts: 2,510
Likes: 18,619
Liked 4,687 Times in 1,722 Posts
|
|
Quote:
Originally Posted by SMSgt
Earning a lot more while paying less taxes is even a better problem to have.
|
Unfortunately, being DINK's, we had few options other than deferring taxes in any way possible. We used tax free bonds for after tax investments.
Now that we are retired, we are working to pull it out of those investments while remaining in the lowest tax brackets possible.
Tax evasion is illegal, tax avoidance is the American way.
As someone else mentioned, I too am not going to do any more consulting for all the reasons they mentioned.
|
The Following User Likes This Post:
|
|
03-26-2024, 11:54 AM
|
|
Member
|
|
|
Join Date: Jan 2011
Location: NM home; Tbilisi work
Posts: 5,180
Likes: 11,922
Liked 11,701 Times in 3,558 Posts
|
|
This one really helps for consultants:
Simplified Employee Pension (SEP)
Contribute as much as 25% of your net earnings from self-employment (not including contributions for yourself), up to $66,000 for 2023 ($61,000 for 2022, $58,000 for 2021, $57,000 for 2020 and $56,000 for 2019).
Establish the plan with a simple one-page form:
-complete Form 5305-SEP, Simplified Employee Pension - Individual Retirement Accounts Contribution Agreement PDF, or
an IRS-approved “prototype SEP plan” offered by many mutual funds, banks and other financial institutions, and by plan administration companies; and
-open a SEP-IRA through a bank or other financial institution.
Set up the SEP plan for a year as late as the due date (including extensions) of your income tax return for that year.
Retirement Plans for Self-Employed People | Internal Revenue Service
Last edited by biku324; 03-26-2024 at 11:55 AM.
|
The Following 3 Users Like Post:
|
|
03-26-2024, 01:34 PM
|
SWCA Member
|
|
|
Join Date: Apr 2019
Location: Southern California
Posts: 560
Likes: 1,477
Liked 635 Times in 337 Posts
|
|
Quote:
Originally Posted by llowry61
Someone once told me paying a lot in tax is a good problem to have.
|
I was laid off and forced to take possession of some options that I had earned that triggered some tax liability. While not in danger of the $1million payment problem, it was significant.
After consulting with 2 CPA's, an Enrolled Agent and another Tax Attorney, all in an attempt to keep more of the money, they all agreed - pay the government their tax, sleep soundly and be happy.
Quote:
Originally Posted by biku324
This one really helps for consultants:
[I]Simplified Employee Pension (SEP)
|
Yes, yes and more yes.
In my case I have a Solo 401k but the end result is that you get to keep more of your money.
|
03-26-2024, 01:40 PM
|
Member
|
|
|
Join Date: Oct 2009
Posts: 3,260
Likes: 22
Liked 5,581 Times in 1,955 Posts
|
|
Quote:
Originally Posted by DWalt
Just finished my taxes tonight. Owed a little more than I thought I would so I will need to write a check. No refund this year. Couldn't do my taxes without TurboTax.
|
I bought my wife a new car this year. To pay for it I emptied out my very first IRA, that was started when they first became available. I was a young Engineer at the time in a low tax bracket. No company contributions at that time.
Wholly Mackerel! Do I owe!! With diligent preparations and good pensions, I'm now in a higher tax bracket. Knowing what I now know I would have put it in a CD and paid the taxes back then.
|
03-27-2024, 12:50 PM
|
SWCA Member
|
|
|
Join Date: Aug 2015
Location: Central Ohio
Posts: 2,510
Likes: 18,619
Liked 4,687 Times in 1,722 Posts
|
|
SEP is good if you are doing long term consulting as a F/T endeavor. I was consulting on a very limited basis after retiring two years ago. I wasn't really looking at it as anything other than extra spending money, so I am just letting it go.
Many people fail to take into consideration tax implications of deferred accounts in retirement. Remember that 30% of that balance is for the Big Guy.
|
The Following User Likes This Post:
|
|
03-27-2024, 01:03 PM
|
|
Member
|
|
|
Join Date: Jan 2011
Location: NM home; Tbilisi work
Posts: 5,180
Likes: 11,922
Liked 11,701 Times in 3,558 Posts
|
|
Indeed. It is deferral, not exemption. When I start to draw down those accounts I'll be in a much lower bracket.
|
The Following 2 Users Like Post:
|
|
03-31-2024, 09:38 AM
|
|
Member
|
|
|
Join Date: Aug 2004
Location: USA
Posts: 2,567
Likes: 6,532
Liked 4,340 Times in 1,595 Posts
|
|
I wish I could be like Grandpa about taxes from the movie You Can't Take It With You.
"We got to pay government employees, don't we?".
"Not with MY money.".
__________________
KM
S&WCA 3110 S&WHF 625
|
|
Posting Rules
|
|
|
|
|