fuggstop Posted January 25, 2019 Share Posted January 25, 2019 So this year the Trump rules are affective for all. Well it ain't did shit for me. He says we can claim elderly parents...i got nothing for my mom. I think i actually may have gotten back LESS. But i DID get back near exact what a different online calculators for tax estimates told me so they are legit to use, just look at your last 2018 paycheck and plug that number in. I owed $1200...but only paid back $300 something for the healthcare rebate. Lowering my exemptions for this year cuz i really needed that $1200. Ill be able to pay my bed off! ***MOST IMPORTANT*** THE GOVT SHUTDOWN WONT AFFECT YOU IF YOU DO THESE TWO THINGS: 1. EFILE 2. DIRECT DEPOSIT Sowwies for all u other folks. If u have questions i can try to answer them. Fucking tax preparer (HR BLOCK) wasnt free for this year like last year (it was completely fucking free last year). So be careful of hidden fees. I lost 50 fucking dollars for not paying with a credit card. It upgraded somehow and sucker punched me! (Rogue try and say your snotty retort now heh heh) 1 2 Link to comment Share on other sites More sharing options...
tsar4 Posted January 25, 2019 Share Posted January 25, 2019 You still get to claim the tax prep fee. However, I found that w/o the personal exemption I'll be getting back about 1/3rd what I've gotten in previous years. I know I got some of the money up front, but a lot was sucked up by Illinois. 3 Link to comment Share on other sites More sharing options...
GunStarHero Posted January 25, 2019 Share Posted January 25, 2019 I have an agreement with the Treasury to totally claim my tax returns for another 4 years to pay for my student loans so I could care less the amount I get back so long I don't owe anything. 1 Link to comment Share on other sites More sharing options...
Ginguy Posted January 26, 2019 Share Posted January 26, 2019 Anyone who takes tax advice from a person who gave her financial info to a guy on the internet who advocates magic rocks and putting baking soda on the sidewalk to control the weather deserves the audit they are likely to receive. 1 1 1 Link to comment Share on other sites More sharing options...
fuggstop Posted January 26, 2019 Author Share Posted January 26, 2019 3 minutes ago, Ginguy said: Anyone who takes tax advice from a person who gave her financial info to a guy on the internet who advocates magic rocks and putting baking soda on the sidewalk to control the weather deserves the audit they are likely to receive. So when did that happen? Link to comment Share on other sites More sharing options...
Still Me Posted January 26, 2019 Share Posted January 26, 2019 I got back less this year.... but then again....I’m in a new tax bracket Link to comment Share on other sites More sharing options...
wacky1980 Posted January 26, 2019 Share Posted January 26, 2019 i've only entered my own personal income, and i'm estimated at about $9k return so far. i still have to enter the wife's two jobs (will result in reductions to that number of probably $2-3k). and then our sched. k-1's, which are still a toss-up because i haven't seen how the new tax laws will affect the corp taxes yet. also we took on some new debt and lost some r.e. value thru the demo/construction project, so that will have some effect as well. last year i itemized, but this year i probably won't, considering the standard deduction doubled. and it'll be a good 2 months before i have my personal taxes done, because of needing to finish up the bar first. so i'm not getting too worked up over any of it anytime soon. Link to comment Share on other sites More sharing options...
fuggstop Posted January 26, 2019 Author Share Posted January 26, 2019 9 hours ago, Still Me said: I got back less this year.... but then again....I’m in a new tax bracket Congrats I was too so imma pay more in so i dont owe as much next year Link to comment Share on other sites More sharing options...
fuggstop Posted January 26, 2019 Author Share Posted January 26, 2019 8 hours ago, wacky1980 said: i've only entered my own personal income, and i'm estimated at about $9k return so far. i still have to enter the wife's two jobs (will result in reductions to that number of probably $2-3k). and then our sched. k-1's, which are still a toss-up because i haven't seen how the new tax laws will affect the corp taxes yet. also we took on some new debt and lost some r.e. value thru the demo/construction project, so that will have some effect as well. last year i itemized, but this year i probably won't, considering the standard deduction doubled. and it'll be a good 2 months before i have my personal taxes done, because of needing to finish up the bar first. so i'm not getting too worked up over any of it anytime soon. Let me kno if corp tax is any better. Im starting to think this trump tax shit is a rip off. Link to comment Share on other sites More sharing options...
lupin_bebop Posted January 27, 2019 Share Posted January 27, 2019 Also, BTW, the shut down DOES affect you. Period. I work for Uncle Sam. 1 Link to comment Share on other sites More sharing options...
fuggstop Posted February 8, 2019 Author Share Posted February 8, 2019 So...yup...the Trump Tax is a scam and people are pissed. I heard of people who got refunds for years are owing THOUSANDS 1 Link to comment Share on other sites More sharing options...
Naraku4656 Posted February 8, 2019 Share Posted February 8, 2019 yeah i'm expecting to owe probably. nothing i can really do about it Link to comment Share on other sites More sharing options...
fuggstop Posted February 8, 2019 Author Share Posted February 8, 2019 Just now, Naraku4656 said: yeah i'm expecting to owe probably. nothing i can really do about it Im thinking you will, too. Possibly for good. Link to comment Share on other sites More sharing options...
Naraku4656 Posted February 8, 2019 Share Posted February 8, 2019 2 minutes ago, fuggstop said: Im thinking you will, too. Possibly for good. i paid a lot in mortgage interest so -hopefully- i might still be able to itemize this year. otherwise well i guess i'll have to bank on my bonus to save me Link to comment Share on other sites More sharing options...
fuggstop Posted February 8, 2019 Author Share Posted February 8, 2019 7 minutes ago, Naraku4656 said: i paid a lot in mortgage interest so -hopefully- i might still be able to itemize this year. otherwise well i guess i'll have to bank on my bonus to save me Mortgage interest means zilch. Thats exactly where all the huge bills are coming from. Sorry. Link to comment Share on other sites More sharing options...
Naraku4656 Posted February 8, 2019 Share Posted February 8, 2019 6 minutes ago, fuggstop said: Mortgage interest means zilch. Thats exactly where all the huge bills are coming from. Sorry. i guess i'll see what happens. nothing i can really do about it now Link to comment Share on other sites More sharing options...
Gyaos Posted February 8, 2019 Share Posted February 8, 2019 I got $100.00 less than what I got back last year. I can't really say I'm hurting because of that. It's still $1,800. Link to comment Share on other sites More sharing options...
little_girl_lost Posted February 8, 2019 Share Posted February 8, 2019 I got less back than less year, cuz I made more money doesn't make sense to me, but w/e got my federal direct deposited a few days ago, but it always takes forever for my state taxes return Link to comment Share on other sites More sharing options...
enad Posted February 8, 2019 Share Posted February 8, 2019 I forgot at the very beginning of the year that I did some personal business stuff for what amounts to peanuts for which I got a 1099-MISC but I already filed my 1040 so now I gotta amend with a 1040X for both feds and state and you can't efile those goddamnit. 1 Link to comment Share on other sites More sharing options...
wacky1980 Posted February 8, 2019 Share Posted February 8, 2019 On 1/26/2019 at 7:40 AM, fuggstop said: Let me kno if corp tax is any better. Im starting to think this trump tax shit is a rip off. all but finished with my personal returns. still waiting on the corporate returns so i can enter my k-1, but i'm up about $800 on federal from where i was at this point last year. haven't done state yet, but i assume it will end up about the same as last year. corporate statements look to be showing a loss this year since we took on some new debt and demo'd that one property, so i don't expect them to erase any of the personal returns at this point. that could change, of course, but that's where i see things heading. Link to comment Share on other sites More sharing options...
Mr Owl Posted February 8, 2019 Share Posted February 8, 2019 Federal $200 which is more than last year cause I got nothing back last year Link to comment Share on other sites More sharing options...
tsar4 Posted February 8, 2019 Share Posted February 8, 2019 My Fed refund's been in the bank for about 4 days now. Link to comment Share on other sites More sharing options...
Naraku4656 Posted February 9, 2019 Share Posted February 9, 2019 i still need my other 1099-DIV so i get to wait until next week for that Link to comment Share on other sites More sharing options...
fuggstop Posted February 9, 2019 Author Share Posted February 9, 2019 3 hours ago, tsar4 said: My Fed refund's been in the bank for about 4 days now. Aint nobody care about your lil $100 deposit 1 Link to comment Share on other sites More sharing options...
tsar4 Posted February 9, 2019 Share Posted February 9, 2019 (edited) 12 hours ago, fuggstop said: Aint nobody care about your lil $100 deposit Even my state was way more than that. BTW - I also closed my "brick & mortar" bank accounts and moved to an online one. Why get only .01% APY when I could be getting over 2% APY.? Check out Bankrate.com. Edited February 9, 2019 by tsar4 1 Link to comment Share on other sites More sharing options...
wacky1980 Posted February 9, 2019 Share Posted February 9, 2019 1 hour ago, tsar4 said: Even my state was way more than that. How you feelin' about that $15 by 2025? Link to comment Share on other sites More sharing options...
tsar4 Posted February 9, 2019 Share Posted February 9, 2019 8 hours ago, wacky1980 said: How you feelin' about that $15 by 2025? I thought it was by 2023. Whatever - I'm worried about what will happen to small businesses. Will storefront places with just a handful of employees have to let people go, cut hours or just outright fold? But I also understand the other side of the argument. I expect that companies will become even more stringent about employees following corporate rules or being fired. Link to comment Share on other sites More sharing options...
wacky1980 Posted February 9, 2019 Share Posted February 9, 2019 5 hours ago, tsar4 said: I thought it was by 2023. Whatever - I'm worried about what will happen to small businesses. Will storefront places with just a handful of employees have to let people go, cut hours or just outright fold? But I also understand the other side of the argument. I expect that companies will become even more stringent about employees following corporate rules or being fired. $10 by 2020 and another $1 each year after that...assuming the current version of the bill is approved by the house. I'm mixed on the whole thing. I start all my bartenders at minimum wage and they don't report their tips. This will definitely have an impact on my labor cost right away, probably to the tune of around $15-20k extra each year. We may have to consider raising drink prices. But if sales increase because customers have more disposable income, that might offset our increased cost entirely. I know my bartenders are already pulling down $20-40/hr after adding in tips. So maybe I just make them start reporting tips, and the impact of the wage hike disappears on its own. Time will tell... Link to comment Share on other sites More sharing options...
lupin_bebop Posted February 10, 2019 Share Posted February 10, 2019 On 2/8/2019 at 12:46 PM, little_girl_lost said: I got less back than less year, cuz I made more money doesn't make sense to me, but w/e got my federal direct deposited a few days ago, but it always takes forever for my state taxes return This is true for a lot of people. Pretty much 98% of workers. The upper .5% of people got MORE back. Link to comment Share on other sites More sharing options...
tsar4 Posted February 10, 2019 Share Posted February 10, 2019 7 hours ago, lupin_bebop said: This is true for a lot of people. Pretty much 98% of workers. The upper .5% of people got MORE back. The upper .5% can afford tax advisors & tax attorneys & tax shelters.... Link to comment Share on other sites More sharing options...
lupin_bebop Posted February 11, 2019 Share Posted February 11, 2019 10 hours ago, tsar4 said: The upper .5% can afford tax advisors & tax attorneys & tax shelters.... The upper .5% got more back in tax money than the bottom 99.5% COLLECTED Link to comment Share on other sites More sharing options...
K_N Posted February 11, 2019 Share Posted February 11, 2019 I owe 12k this year. I thought it was gonna be like 8k. 1 Link to comment Share on other sites More sharing options...
wacky1980 Posted February 11, 2019 Share Posted February 11, 2019 a lot of people are forgetting that their returns are (also) lower because they paid less in throughout 2018. if a person didn't revisit their withholding allowances last year, they generally sent less off each pay period in the form of federal withholding. Link to comment Share on other sites More sharing options...
tsar4 Posted February 11, 2019 Share Posted February 11, 2019 2 hours ago, wacky1980 said: a lot of people are forgetting that their returns are (also) lower because they paid less in throughout 2018. if a person didn't revisit their withholding allowances last year, they generally sent less off each pay period in the form of federal withholding. Like I said early on, you got some of the money up front instead of as a rebate. Unfortunately, if you live in a state that has an Income tax, that means they dinged you more because you had more take-home pay. 2 Link to comment Share on other sites More sharing options...
fuggstop Posted February 23, 2019 Author Share Posted February 23, 2019 Guess who just got their direct deposit date. Link to comment Share on other sites More sharing options...
bnmjy Posted February 23, 2019 Share Posted February 23, 2019 Oh shit bitch. Ghetto fabulous caramel macchiato time! 1 Link to comment Share on other sites More sharing options...
fuggstop Posted February 23, 2019 Author Share Posted February 23, 2019 Just now, bnmjy said: Oh shit bitch. Ghetto fabulous caramel macchiato time! Gonna get that cinnamon powder and extra caramel drizzle bitch. Gonna get that blueberry oatmeal with fresh blueberries bitch. REFUND RICH BITTTTCCHH 2 Link to comment Share on other sites More sharing options...
Professah Tex Posted February 23, 2019 Share Posted February 23, 2019 I'd ask you how much you're working with, b enjoy it live a lil. 1 Link to comment Share on other sites More sharing options...
fuggstop Posted February 23, 2019 Author Share Posted February 23, 2019 16 minutes ago, Professah Tex said: I'd ask you how much you're working with, b enjoy it live a lil. $3500 B Lol After i pay off my bed and car insurance...about $1600 1 Link to comment Share on other sites More sharing options...
Professah Tex Posted February 24, 2019 Share Posted February 24, 2019 Nice. I had to pay in with one of my W2's not that it was a moneymaker.. contracting just gave me liberties I probably took advantage of upfront a lot... Link to comment Share on other sites More sharing options...
lupin_bebop Posted February 25, 2019 Share Posted February 25, 2019 On 2/11/2019 at 11:44 AM, K_N said: I owe 12k this year. I thought it was gonna be like 8k. What? Why? Didn’t file? Business stuff? Unemployment? Link to comment Share on other sites More sharing options...
Naraku4656 Posted February 25, 2019 Share Posted February 25, 2019 $17 back from the state. MAKIN IT RAIN AT THE CIRCLE K 2 Link to comment Share on other sites More sharing options...
wacky1980 Posted February 25, 2019 Share Posted February 25, 2019 1 hour ago, lupin_bebop said: What? Why? Didn’t file? Business stuff? Unemployment? that's what happens when you're in one of the top tax brackets. ~~~ still waiting on my shit. guesstimating our schedule k-1 papers, it's looking like our return should be going up about 25% over last year. but i could be guesstimating really badly. this is only our third year filing k-1 papers and i'm not really sure what to expect with the new corp process. 1 Link to comment Share on other sites More sharing options...
K_N Posted February 25, 2019 Share Posted February 25, 2019 4 hours ago, lupin_bebop said: What? Why? Didn’t file? Business stuff? Unemployment? I work for myself under an LLC, so I pay SE tax. It's quite a bit higher than wage taxes. The new tax changes modified itemized deductions and made it harder for me to write off a lot of stuff, so I had to take the standard deduction, which I never do, and makes me have a lot more taxable income than I otherwise would. Despite making about $20k less than last year I am actually paying more in taxes. 2 Link to comment Share on other sites More sharing options...
fuggstop Posted February 25, 2019 Author Share Posted February 25, 2019 On 2/8/2019 at 9:54 PM, tsar4 said: Even my state was way more than that. BTW - I also closed my "brick & mortar" bank accounts and moved to an online one. Why get only .01% APY when I could be getting over 2% APY.? Check out Bankrate.com. I might do this. I need an account thats not so easy for me to use. My do it and mail the debit card to my brother. Link to comment Share on other sites More sharing options...
fuggstop Posted February 25, 2019 Author Share Posted February 25, 2019 2 hours ago, K_N said: I work for myself under an LLC, so I pay SE tax. It's quite a bit higher than wage taxes. The new tax changes modified itemized deductions and made it harder for me to write off a lot of stuff, so I had to take the standard deduction, which I never do, and makes me have a lot more taxable income than I otherwise would. Despite making about $20k less than last year I am actually paying more in taxes. Tax scam Link to comment Share on other sites More sharing options...
Professah Tex Posted February 25, 2019 Share Posted February 25, 2019 (edited) For me working under an LLc it was the first time.. LLC's being Limited Liability Corporations.. The one I was working for crumbled.. and I was left jobless with the promise I was to be hired onto a new one, but they dragged their feet.. someone in debt buying a house can't wait for empty promises to come to fruition.. So that's how I ended up working my last crummy job. Edited February 25, 2019 by Professah Tex Link to comment Share on other sites More sharing options...
lupin_bebop Posted February 28, 2019 Share Posted February 28, 2019 On 2/24/2019 at 11:04 PM, wacky1980 said: that's what happens when you're in one of the top tax brackets. ~~~ still waiting on my shit. guesstimating our schedule k-1 papers, it's looking like our return should be going up about 25% over last year. but i could be guesstimating really badly. this is only our third year filing k-1 papers and i'm not really sure what to expect with the new corp process. Fuck that. My return is going DOWN.....simply because I work for a living. I will probably owe money because I lost my job. Being in the top bracket pretty much gives you money. My family was there at one point. Link to comment Share on other sites More sharing options...
lupin_bebop Posted February 28, 2019 Share Posted February 28, 2019 (edited) On 2/25/2019 at 2:15 AM, K_N said: I work for myself under an LLC, so I pay SE tax. It's quite a bit higher than wage taxes. The new tax changes modified itemized deductions and made it harder for me to write off a lot of stuff, so I had to take the standard deduction, which I never do, and makes me have a lot more taxable income than I otherwise would. Despite making about $20k less than last year I am actually paying more in taxes. Okay. 3 things here: 1. You’re paying more because the way the tax code changed for all brackets is based on gross income, regardless of deductions, last time I looked at it. That went up for pretty much everyone, minus the top of the top. That’s why you have higher taxable income, even making less. 2. Don’t you have an accountant or someone on retainer to do this shit, for the company? Man, you’re not auditing/adulting right. If you can’t afford that, I get that. No big on that one, it’s just helpful. Also, how can you not write off some things like parts, mileage, and bills? You CAN write off certain bills on your taxes as expenditures for your LLC, as they are also used for your LLC use. One example being your cell phone. Another one being Internet, which (I’m assuming a lot here) is being used mostly for business use, and not us, Netflix, or your masturbation habit? Purchased a car? Yep. New house? Yep. Printers? Paper clips? Wireless router? All of those go towards your deductions for your LLC use. 3. You need to keep your receipts and file them, man. Speaking as someone who has worked for himself previously (and corporate America for a while), keep that kind of stuff. It’s helpful come this time of year. File them under monthly tabs. I’d rather see you and your LLC move forward and upward. Getting screwed (tax-wise) simply because of bad bookkeeping is dumb, and you’re smarter than that. I would do the same with your marriage things, too. You guys can file together, but there is a way for you to get more, even while filing together, especially in the instance of mass debt from student loans. For the most part, though you’re in good shape, just adult a little more for your business, and you’ll be fine. Edited February 28, 2019 by lupin_bebop 1 1 Link to comment Share on other sites More sharing options...
lupin_bebop Posted February 28, 2019 Share Posted February 28, 2019 On 2/25/2019 at 4:28 AM, fuggstop said: Tax scam 1 Link to comment Share on other sites More sharing options...
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