Income tax season: A relief or dreading it?

[AIAW]

That time of the year is coming up fast. I just got my W-2 in the mail today. That time where you either owe something (including getting screwed by one or more 1099's) by paying for free cell phones and certain people's spinning rims, or miraculously end up getting a refund of some sort.

Me, I don't get shit back. I typically end up having to fork over an additional $2K or so. I don't want Uncle Sam's fingers (let me correct that - anyone's fingers) "slipping in and borrowing" any more of my money than I can help over the course of the year.

For those that do get a refund, will it go towards outstanding debts or will it get turned into something fun? Ideally, even firearm related perhaps?

 

[GrandpaDeadLegs]

New rules, new winners...

Curious to see how my math will work out, definitely no refund but if you're into finance, you know that's a good thing. Just hoping for less owed than in the wallet

Whatever refund you get was a very generous interest free loan you gave Uncle Sam throughout the year...

Also if they just wanna keep the gov shutdown a few more months we can skip taxes I believe

 

[AIAW]

52,000 IRS "staff" aren't getting paid right now. I bet there are enough still working to send out the tax due notices and such though!

 

[ArmyJerry]

little over 100k wasted every year, however, this year our government is imploding, it be worth the price if we could ring fence dc (a 60 foot radioactive fence that goes right down the median of 495, give the dems and repubs 3 guns and 500 rounds each, then cut power and water. nobody enters and nobody leaves

 

[GrandpaDeadLegs]

Shit AJ you just wrote the next great Hollywood reboot...

Escape from DC

Inmate Michael Cohen is granted conditional immunity to enter DC and rescue Trump from gangs of pipe wielding congresspeople, if he succeeds, he is a free man....

 

[Nik H]

My refunds go mostly into savings but I always siphon off a couple of thousand for a new toy. This year I am buying an RRS tripod/head

 

[ArmyJerry]

That was Hollywood, I want the real thing. I hate these two muther fucking parties and I want them removed from my country,. Like our Father GW said,

Shit AJ you just wrote the next great Hollywood reboot...

Escape from DC

Inmate Michael Cohen is granted conditional immunity to enter DC and rescue Trump from gangs of pipe wielding congresspeople, if he succeeds, he is a free man....

 

[MtnCreek]

Haven't got a refund (on my interest free loan to the fed) in nearly ten years. Withholding needs to go away along with refundable (other people's money) tax credits. I hate these bastards.

 

[101stinfantry]

I try to make sure I don't owe anything. I hate owing, I'd rather be owed. So if there is much of a refund, IRA.

 

[SilentStalkr]

I usually get about $7000 back which will most likely go into the travel/fun funds!

 

[AIAW]

Damn, Uncle Sam is generous with you guys! Outside of mortgage interest I don't have too much to write off. Things were better when I had rental property, even with the 1099 hit. My IRA is a ROTH so it doesn't really help contribute to any tax savings immediately either.

 

[TheGerman]

We usually get somewhere between 10 and 20k back because they tax the ever living shit out of my wife's bonuses each year.

 

[Nik H]

Damn, Uncle Sam is generous with you guys! Outside of mortgage interest I don't have too much to write off. Things were better when I had rental property, even with the 1099 hit. My IRA is a ROTH so it doesn't really help contribute to any tax savings immediately either.

Have kids.....Lots of them

Start a business for your wife that consistently runs at a loss but earns revenue

Couple of LLCs

You would be amazed at how easy the tax code is to work. Don’t get greedy or make shit up. The rules are there to help you save. You just got to do a bit of research

 

[dgc357]

My taxes are usually pretty simple, so I don’t mind it and usually get a good amyont back, however, I plan on changing that for 2019. I don’t think I’m going to loan the government money anymore at 0% intrest.

I’ll try and adjust my deduction so that I come out ownig and receiving nothing at the end of the year.

 

[JSTARSZ]

My income is very pretty much the same from year to year with maybe 3-5% change which comes from my wife's job. The only item changing this year is what the government did to the rules. My taxes went down so I did pay less federal tax this year, from last year, so I will be interested to see what will change the bottom line. At the moment I have no idea what this years tax season will bring so I am a little apprehensive.

 

[Vodoun daVinci]

I have a sneaking suspicion that those who had less withheld this year (as a ruse that they were gonna pay less tax) are not gonna be happy when they finish their taxes this year but there's always hope I'm wrong.

Me, personally, I always love it when last year is reconciled and I get my pittance of a refund and we move along to the next fresh year. Mine are done by an Accountant as my Wife and I own a Corporation and I usually have second and third incomes from various self employment jobs. So, it's always been easier to keep impeccable records and let a professional do the paperwork.

VooDoo

 

[Spblademaker]

My taxes aren’t doing shit. They still have to borrow every year.

 

[Geno C.]

This will be the first year that I haven’t driven over the winter. I haven’t the foggiest idea what tax time has in store...

 

[AIAW]

This will be the first year that I haven’t driven over the winter. I haven’t the foggiest idea what tax time has in store...

That might work out for the better, maybe? Tax bracket jumps can be a SOB.

 

[AIAW]

So the new tax codes for this year suck a big fat one. Deductions have been literally cut in half!

Look like I owe Uncle Sam $3590 this year to help pay for all of those ObamaPhones and spinning rims.

 

[ArmyJerry]

 

[Geno C.]

So the new tax codes for this year suck a big fat one. Deductions have been literally cut in half!

Look like I owe Uncle Sam $3590 this year to help pay for all of those ObamaPhones and spinning rims.

Anything change for you income wise?

 

[AIAW]

No sir, exactly the same. Just the number of items you can deduct got wrecked. For instance, no more deductions for home work space. That was a big one for me.

I typical owe around $2K. This year, an extra $1,600 because of the lack of deductible items.

 

[ArmyJerry]

its good to owe

 

[AIAW]

its good to owe

In that context, I whole-heartedly agree. I've calculated withholding in order to owe.

No freebie loans here

 

[Geno C.]

Gotcha, it’ll be a while until I know what affect it has on me

 

[SilentStalkr]

So the new tax codes for this year suck a big fat one. Deductions have been literally cut in half!

Look like I owe Uncle Sam $3590 this year to help pay for all of those ObamaPhones and spinning rims.

You don’t say? Isn’t this the opposite of what was heralded when this crap passed? Who benefits then? Federal income tax is legal theft. I’ve known that since I was a kid. How did we ever let it get this way?

 

[doctordoctor]

This year I saved big time on taxes. Like BIG time. I even put money into retirement for the first time. Thank you Trump.

 

[SilentStalkr]

This year I saved big time on taxes. Like BIG time. I even put money into retirement for the first time. Thank you Trump.

Lmao. Want to elaborate here?

 

[doctordoctor]

Lmao. Want to elaborate here?

50k saved

 

[AIAW]

You don’t say? Isn’t this the opposite of what was heralded when this crap passed? Who benefits then? Federal income tax is legal theft. I’ve known that since I was a kid. How did we ever let it get this way?

Unfortunately it's going to take a bit to undo the 9 trillion (yes, trillion) dollars worth of damage that Obama did to the deficit.

It wasn't that we messed up, it's what we let happen in a POTUS election.

 

[QuickNDirty]

I usually get about $7000 back which will most likely go into the travel/fun funds!

The fuck? Why you letting Uncle work with so much $$?

 

[SilentStalkr]

50k saved

Damn!!!!

 

[SilentStalkr]

The fuck? Why you letting Uncle work with so much $$?

It’s a wife thang!

 

[QuickNDirty]

It’s a wife thang!

The fuck? You let your wife do the taxes?

 

[SilentStalkr]

The fuck? You let your wife do the taxes?

No!!! Her aunt does. Let’s just say, my wife likes to spend a lot of money and this lets her pay off her credit card every year without me having to come out of pocket of my own. So, it works for me. I’m not happy about it but it works. If we did the joint thing I’d never have money. I mean we have joint accounts but she makes her money and I make mine and we treat it as each has their own. Works for us. What’s the old saying, “happy wife, happy life!” Now if she’d just put out 1-2x a week and do some reverse cowgirl I’d be set!

 

[doctordoctor]

Damn!!!!

I know. I nearly cried when my accountant called me! So I ordered a new scope. Of course my wife told me yesterday I need to make more! Haha.

 

[doctordoctor]

The fuck? You let your wife do the taxes?

I have an outstanding offer with my accountant. He gets to keep 50% of any money he can hide from my wife... He has yet to make any money...

 

[PinesAndProjectiles]

$50k! Jesus. Im doing something wrong. Can I have your accountants phone number?

I've paid in for the last 6 or 7 years and I don't see that changing any time soon.

Needless to say, no "fuck you" money for this guy.