Taxes reddit

Simple example: you were reimbursed $8k in scholarships every year. You add $8k to your return, at 12% rate you own $960 in taxes. Instead you take the AOTC, you add $12k to your return, at 12% you own $1,440 in taxes that can be offset by $2,500 in tax credits. Now the government owes you $1,060.Many states have cross state tax credits and these all work at the click of a button on the CD software They do charge like 20-30+ for another state so it could get expensive that way. ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS ...IIRC correctly, underpayments are figured quarterly because the IRS requires payment in full (or close) and on time. It sounds like you were likely underpaid in Q2 and that underpayment may have persisted into Q3. Obviously by Q4 you had met the safe harbor criteria. Fill out Form 2210 (or look at the form view in your tax software) to confirm.ADMIN MOD. Tax Filing Software Megathread: A comprehensive list of tax filing resources. Taxes. Please use this thread to discuss various methods of filing taxes. This can include: Tax Software Recommendations (give detail as to why! Tax Software Experiences. Other Tax Filing Tools. Experiences with Filing Manually. A: First, make sure you actually had a filing requirement for each year. For any year that you should have filed, you need to file a return. You may even be due a refund. If so, you can claim a refund for only the last three years (2015 and later years). If you owe, there are options to pay your taxes over an extended period of time or, in some ... One simple way to see if the IRS has received your tax return, especially if you are anticipating a refund, is to use the IRS’s “Where’s My Refund” tool. The IRS updates refund sta...Jun 16, 2014 ... ... taxes, or Medicare taxes, or any state/local income taxes. ... Our tax laws, tax forms, and anything to do with taxes ... Reddit · Topics · Conte...That means your withholding is going to be under. Based on the W-2 information, it looks like you should owe about $7,222 in taxes. If you were paid bi-weekly and all payments were about equal (such as salary), you'd have had $3,541 in withholdings based on claiming zero but not checking the box.I called them a few years ago when I still needed to do the catch up/amnesty program, and they wanted at least 2000$. I almost hung up the phone right when they gave me the quote :D. I ended up going with Expat Tax Online, which cost me around 8-900 to catch up, and about 250-300$ a year to file. Reply reply.Now her taxable income is $8,800, which leads to a tax liability of $880. But those $2,000 of expenses now qualify her for the AOTC. She gets $2,000 of credit, of which 40% ($800) is refundable. Thus she doesn't owe any income tax ($880 liability is cleared by $1,200 nonrefundable portion of the AOTC) and she gets an additional refund of $800.Tax software walks you through your taxes pretty well and it is really not that hard to do. It takes me about 2 hours to enter everything in turbo tax. If you have 3 jobs, a side gig, inherited retirement accounts, capital gains from selling stocks, gambling losses, have a rental house, AND you got divorced and also adopted a kid - sure, go pay ...April 18, 2023 is the deadline for declaring your 2022 crypto activity as part of your 2022 U.S. federal income tax return. The 2022 tax year includes any activity between January 1, 2022 and December 31, 2022. Late filings, failure to pay taxes owed, and crypto tax evasion all carry penalties ranging from fines to jail sentences.There are two sets of penalties: • Failure to File; BIG deal; • Failure to Pay; small, and based only on the outstanding balance. SO: File a complete return by April 18 -- no FTF penalty. Include as much of your payment as you can afford -- minimize FTP penalty. Wait for …The best way to handle any tax form is to take it a step at a time. A W-9 form is an official tax document you fill out if you’re hired as a contractor, freelancer or vendor for a ...The best way to handle any tax form is to take it a step at a time. A W-9 form is an official tax document you fill out if you’re hired as a contractor, freelancer or vendor for a ... Per federal law this interest is not supposed to be taxed at the state level only federal, however credit karma system appears to be subjecting this income to state (PA), income tax and my state return drops from $90 to $78 after I entered the information. Used CK last night after over a decade of using TurboTax. Per federal law this interest is not supposed to be taxed at the state level only federal, however credit karma system appears to be subjecting this income to state (PA), income tax and my state return drops from $90 to $78 after I entered the information. Used CK last night after over a decade of using TurboTax. FreeTaxUSA, Free fed, pay $15 for state, ( TaxHawk is the same company) OnLine Taxes offers free federal and $10 state returns. It has a more simplified interface, more like CashApp Tax vs FreeTaxUsa. MyFreeTaxes.com (Run by United Way/TaxSlayer/CashApp), Free fed/State. Free to all military members and not just for a basic 1040ez like some other options. FreeTaxUSA has an AD military free file offer - as long as your AGI is under $73k and you were AD in 2021 (have a W-2 from an AD employer), you can file everything for free...federal, state, any sort of tax situation (interest, dividends, capital gains, self ... You most likely should file your tax return as married, joint. The income split allows some of your income move down into their unused lower bracket space. The only filing option you have is married joint, or married filing separately. Married or Married filing separately even if you got married Dec 31. It will likely get rejected if you even ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. Also some include the state tax return for free. Just finished both in TurboTax and FreeTaxUSA and they both came out to the same exact amount for my return, so that helps my confidence. The main difference that I noticed is TurboTax wants to charge $69 and FreeTaxUSA wants to charge $0. As for User Experience, they definitely feel different. Notably, tax-preparation companies may offer advances against an expected IRS tax refund. However, unless there's a dire emergency, there's no reason to give up ...In the U.S., the cryptocurrency tax rate for federal taxes is the same as the capital gains tax rate. In 2021, it ranges from 10-37% for short-term capital gains and 0-20% for long-term capital gains. In the US, crypto-asset gains are calculated using two factors: your income bracket, and how long you have held the cryptocurrency.true, but if you file by paper it could take months/years for the irs to process your return. they are still working through the backlog of paper returns from the 2020 tax year. And it's only free if you make less than 50k, at least that's the way it was last year. That was the Free File program that Intuit left.Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. How To File Taxes – A Beginner’s Guide (cross post from r/personal finance) I've been seeing a lot of questions about the basics of taxes - do I need to file, how do I file, etc. I don't want to break the rules of of this sub, but I've written a blog post that addresses exactly these questions. Regardless of where or how you file, I hope ... A community for Redditors who are tax professionals to discuss professional development, firm procedures, news, policy, software, AICPA/IRS changes, news/updates about law relating to any tax - U.S. and International, Federal, State, or local.Jan 19, 2021 ... I have used FreeTaxUSA to file my mom's taxes for the last 5 years and it's super easy and 100% free for federal e-file. If you have to file ...upvote · 3. LPT - It's tax season, so make sure you don't waste money on Turbotax. Turbotax is wildly overpriced and you're wasting a lot of money when you could use Freetaxusa and other services that are literally over a hundred dollars cheaper. Freetaxusa is $15 to file your state return - federal is free. ·.Most interest and dividends thrown off by investments and funds in a taxable account are taxable as ordinary income at your marginal tax rate. Bank interest and bond fund dividends are the most common. However, dividends paid by U.S. companies, whose stock has been held for at least 60 days prior to the ex-dividend date (90 days for preferred ...Cashapp tax had 0 fees. I didn't have any issues getting setup on my desktop, but cash app didn't have some features that make turbo tax very easy. I couldn't upload any documents and typed everything individually. Luckly it was pretty easy to do so since I could just review what I put in turbo tax. 15.3% payroll tax. If you are employee, half of this is paid by your employer. If you are self employed you get to pay all of it. Varying amounts of income tax, starting at 10% and going up to 30+%. depending on how much you earn. The other problem that I have is that calculating your taxes is a pain in the neck. ADMIN MOD. Tax Filing Software Megathread: A comprehensive list of tax filing resources. Taxes. Please use this thread to discuss various methods of filing taxes. This can include: Tax Software Recommendations (give detail as to why! Tax Software Experiences. Other Tax Filing Tools. Experiences with Filing Manually.The following offer free/cheap filing for EVERYONE. No income requirement. MyFreeTaxes.com (Run by United Way/TaxSlayer), Free fed/State (multistate included up to 3) CreditKarmaTax (owned by Square, not Intuit), free federal/state (single state only) FreeTaxUSA, free fed, pay like $12 for state, 10% off code FREETAXUSA10.Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. For example, $100k SE profit = $14.1k in SE tax (15.3% of 92.35% of net SE profit). The SE individual gets to subtract ~$7k to make their taxable income ~$93k. With an S-Corp, with the same $100k they'd likely pay the "employee" $93k and pay $7k in ER FICA tax. The employee's W-2 would should $93k of income= the same as SE income after the ... Filing Taxes: W-2 Box 14 Explained. Taxes. Hi Everyone, I just personally filed my taxes for the first time. I used H&R Block as they have free Federal returns AND free State returns, as long as your Adjusted Gross Income is $69,000 or less (most of the other services offer free Federal returns, but charge for state returns, as can be seen on ... I've seen the following. -Taxes for Expats. -Greenback Expat Tax Services (mixed reviews) -Bright Taxes (mixed reviews) -1040 abroad. -CPAs for Expats. -HR Block (probably want to avoid) -Many based here in Canada but very expensive and probably not worth it, since i can do my own Canadian return. 10. It's currently 3% per year, so if you make a late estimated payment you get charged .03/365 per day the payment is late. It's also good to know about the safe harbor rules. As long as you pay 100% of your total tax from the previous year or 90% of your total tax for the current year, whichever amount is smaller, you won't be subject to the ...Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything.Carry that new number to your Schedule SE and figure the 15.3% self employment tax on your net earnings from self employment. Also carry your profit over to your 1040. It goes under self employment income. You have to add a Schedule 1 to do this. If you have a W-2 job, add that income under regular wages.Nov 11, 2016 ... "Taxes" as we call it (i.e. income tax, property tax) ... There are sales taxes and income taxes (and property taxes ... Reddit · reReddit: Top po...Feb 19, 2023 ... It's how the government collects money to pay for services like the military, police, school, judges and courts, medical insurance, etc. The ...48,0000miles x 0.585/mi = $28,000 YOU DO NOT OWE TO THE GOVERNMENT IN TAXES. $40,000 (totals flex income) - $28,000 in deductible income = $12,000 is the actual amount of income you owe taxes (15% self employment tax of income based on your particular math at this point). ... Stop being all smart on Reddit!!!! Reply reply [deleted] • ...Taxes on $72,600 is 12.0%, but your employer doesn't go back and just change it all to 12.0%, they (at the direction of the IRS) keeps the old 11.7% on non-OT and just withholds the higher amount on OT. ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State ...Personal Finance Taxes. Should I do my own taxes or hire a pro? Here's how to decide. Written by Tanza Loudenback. Feb 28, 2023, 4:41 PM …In terms of tax liability, yes, any pre-tax deduction will lower your tax liability. This can be your health insurance premiums, traditional TSP, FSA/HSA, traditional IRA, etc. If it's traditional contributions, then it will reduce your taxable income. But it will also reduce the withholding accordingly.Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything.TurboTax vs. TaxAct 2024 (Tax Year 2023) Written by Laura McCamy. Updated. Mar 8, 2024, 11:14 AM PST. Our experts answer readers' tax questions …New York CNN —. Reddit on Monday said it expects to price shares between $31 and $34 each when it makes its long-anticipated initial public …Jan 21, 2023 ... You're getting so much back because you're low income with a dependent, so the EITC is the bulk of your refund which isn't the case for everyone ....If you do so, there's no need to file Form 4868, Application for Automatic Extension of Time to File a U.S. Individual Income Tax. Return. Payment options.the_ferryman_abides. •. Yeah, 2021-2022 the self-employment tax rate is a little over 15% of NET up to like $130,000. After your 20% pass through deduction and business miles/ standard deduction, writing off all Lyft/Uber fees as business expenses, you're probably not paying much in tax. Reply reply. KJ6BWB. •. now since turbotax doesn't participate in the free file program anymore. Intuit owns TurboTax. They also own Cash App Tax (formerly credit karma). Cash App Tax is completely free in all ways. They'll probably start charging for it in the future but this year it's the best completely-free tax software that I've found. Also some include the state tax return for free. Just finished both in TurboTax and FreeTaxUSA and they both came out to the same exact amount for my return, so that helps my confidence. The main difference that I noticed is TurboTax wants to charge $69 and FreeTaxUSA wants to charge $0. As for User Experience, they definitely feel different.Oct 19, 2023 ... How can i legally stop paying taxes ... r u new to reddit. i'll give u some upvotes ... I mean, and this is not legal advice, just don't pay taxes ...Most interest and dividends thrown off by investments and funds in a taxable account are taxable as ordinary income at your marginal tax rate. Bank interest and bond fund dividends are the most common. However, dividends paid by U.S. companies, whose stock has been held for at least 60 days prior to the ex-dividend date (90 days for preferred ...President Biden has a plan to raise that maximum tax rate from 20 percent to 39.6 percent, and proponents see that as one way to tax the rich. But … MOD. Tax Filing Software Megathread: A comprehensive list of tax filing resources. Taxes. Please use this thread to discuss various methods of filing taxes. This can include: Tax Software Recommendations (give detail as to why! Tax Software Experiences. Other Tax Filing Tools. Experiences with Filing Manually. IIRC correctly, underpayments are figured quarterly because the IRS requires payment in full (or close) and on time. It sounds like you were likely underpaid in Q2 and that underpayment may have persisted into Q3. Obviously by Q4 you had met the safe harbor criteria. Fill out Form 2210 (or look at the form view in your tax software) to confirm. A pro is going to cost $350 to $750, and perhaps more depending on the location. Pricing cam vary wildly. Someone may do your return for $300 while another place may not answer the phone for less than $1500. If you use a tax pro, use a credentialed tax professional (CPA, Enrolled Agent, attorney, or AFSP practitioner). Confused about schedule K-1. Taxes. Hi tax gurus, I hope this question is easy enough to answer. I own shares of the ETF trading under the symbol GSG. My expectations for this were that it would function like any other security; I pay taxes on capital gains when the position is sold. However, I received a schedule K-1 (form 1065) for this, and ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. … Per federal law this interest is not supposed to be taxed at the state level only federal, however credit karma system appears to be subjecting this income to state (PA), income tax and my state return drops from $90 to $78 after I entered the information. Used CK last night after over a decade of using TurboTax. If you didn't file an extension before 15 April 2022, then your delinquency will be calculated from that date. If your taxes are withheld from wages, then your tax bill may be small. It may be that you owe nothing at all, but that would only be the case if your withholding is high enough. As others have said, just do it. Confused about schedule K-1. Taxes. Hi tax gurus, I hope this question is easy enough to answer. I own shares of the ETF trading under the symbol GSG. My expectations for this were that it would function like any other security; I pay taxes on capital gains when the position is sold. However, I received a schedule K-1 (form 1065) for this, and ... 48,0000miles x 0.585/mi = $28,000 YOU DO NOT OWE TO THE GOVERNMENT IN TAXES. $40,000 (totals flex income) - $28,000 in deductible income = $12,000 is the actual amount of income you owe taxes (15% self employment tax of income based on your particular math at this point). ... Stop being all smart on Reddit!!!! Reply reply [deleted] • ...After maxing out 401-Ks and HSAs, healthcare costs, and contributing to a mega backdoor, our take home after taxes is $12K every two weeks. We file married filing jointly. We make 55k a year so 3530.00 a month after taxes. I make 52K pre-tax, $1400 biweekly takehome.Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. KJ6BWB. •. now since turbotax doesn't participate in the free file program anymore. Intuit owns TurboTax. They also own Cash App Tax (formerly credit karma). Cash App Tax is completely free in all ways. They'll probably start charging for it in the future but this year it's the best completely-free tax software that I've found. Tax calculators are useful for those who would like to know information about their take-home pay after deductions occur. Here are some tips you should follow to learn how to use a...Online account shows details for any federal tax liability associated with your individual account, such as: Income tax owed on your Form 1040; Additional tax ...Taxes on $72,600 is 12.0%, but your employer doesn't go back and just change it all to 12.0%, they (at the direction of the IRS) keeps the old 11.7% on non-OT and just withholds the higher amount on OT. ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State ...A community for Redditors who are tax professionals to discuss professional development, firm procedures, news, policy, software, AICPA/IRS changes, news/updates about law relating to any tax - U.S. and International, Federal, State, or local.Mar 5, 2024, 10:00 AM PST. Our experts answer readers' tax questions and write unbiased product reviews ( here's how we assess tax products ). In some cases, … upvote · 3. LPT - It's tax season, so make sure you don't waste money on Turbotax. Turbotax is wildly overpriced and you're wasting a lot of money when you could use Freetaxusa and other services that are literally over a hundred dollars cheaper. Freetaxusa is $15 to file your state return - federal is free. ·. Jun 16, 2014 ... ... taxes, or Medicare taxes, or any state/local income taxes. ... Our tax laws, tax forms, and anything to do with taxes ... Reddit · Topics · Conte...Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. …FreeTaxUSA® - Free Tax Filing for All Federal Returns, E-File Income Taxes Online. Pricing & Products. Support. Prior Year. After You File. 100% free federal tax filing. E-File your tax return directly to the IRS. Prepare federal and state income taxes online. 2023 tax preparation software.My first two years of filing taxes I had pretty high "negative" tax rates for my federal taxes. Both years I made somewhere between 11 and 20k but after accounting for tuition deductions and credits relating to being a student I got 1.8k back even though I only paid $525 in fed taxes. If you owe, or are getting back, $500 that is not a big deal. For the most part, a $500 return/payment at tax time is minor. I have owed, or been owed, up to $5,000 at different times with no big deal. Any time an average Joe messes up with their taxes the IRS either cuts you a check or sends you a bill months later. Personal Finance Taxes. Should I do my own taxes or hire a pro? Here's how to decide. Written by Tanza Loudenback. Feb 28, 2023, 4:41 PM …In addition, self-employment tax = $55,000 * 0.9235 * 0.153 = $7771 SE tax. Total income and SE tax = $19,792. Subtract from that the annualized total Federal income tax withholdings on your paystubs, and that's an approximation of your estimated tax. Divide by four for quarterly payments. If your income is low ($<39,000 for TurboTax), you can qualify for their FreeFile program. If you don't use FreeFile, buy the physical CD (their online pricing is a ripoff). For comparison, their Deluxe edition online costs $110 for 1 federal and state filing. The physical CD on amazon costs $50 for 5 federal filings and 1 free state filing. For the lowest tax bracket (up to $11,000/year income), single filers will be charged less $14.50 per YEAR in taxes. For the second tax bracket (up to $44,725), single filers will be charged less $295 per YEAR less in taxes plus the $14.50 above for a total of $309.50 more back on your annual pay.IRS has a free file program that allows to use either a common software if you are eligible (usually need to satisfy income thresholds, credit eligibility, etc.) or their free fillable forms for any income. People already posted the links. 1a) Common software through IRS - go with this option if you satisfy their requirements.Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. ... The federal tax law changes from 2018 severely restricted the amount of deductions for most people for state and local taxes and mortgage interest and real estate taxes. Before those changes ...I have sinking funds for taxes/insurance that I contribute to monthly. To figure how much to set aside, I take last year’s bills and add 10% to cover any increases, then divide by 12. Insurance is set up to pay automatically when due in August, and in early December I pay my property taxes online in about 2 minutes.I have changed icons and security answers a few times with my bank, and that doesn't work either. I did find the account and routing number for where my refund went. I found it on my tax return. They replaced my acc & rout number with theirs. It's MVB bank in Allen,Texas, phone number is West Virginia. 304-368-2180. If you owe, or are getting back, $500 that is not a big deal. For the most part, a $500 return/payment at tax time is minor. I have owed, or been owed, up to $5,000 at different times with no big deal. Any time an average Joe messes up with their taxes the IRS either cuts you a check or sends you a bill months later. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. Don't post questions related to that here, please. How To File Taxes – A Beginner’s Guide (cross post from r/personal finance) I've been seeing a lot of questions about the basics of taxes - do I need to file, how do I file, etc. I don't want to break the rules of of this sub, but I've written a blog post that addresses exactly these questions. Regardless of where or how you file, I hope ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. …Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything.Jan 30, 2024 ... There was a video on Reddit yesterday with a woman explaining why everyone's taxes are going up. I believe she said it was Paul Ryan's tax ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. Don't post questions related to that here, please. Sell as gradually as possible. The best way to minimize taxes is to keep your income as even as possible year-to-year to avoid crossing into higher tax brackets. Get ahead of the problem by practicing tax-gain harvesting in low income years. Between the 12k standard deduction and the 40k 0% long-term cap gains bracket, you can sell your assets ...April 18, 2023 is the deadline for declaring your 2022 crypto activity as part of your 2022 U.S. federal income tax return. The 2022 tax year includes any activity between January 1, 2022 and December 31, 2022. Late filings, failure to pay taxes owed, and crypto tax evasion all carry penalties ranging from fines to jail sentences.Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything.A user asks for recommendations on online tax filing sites after having a bad experience with TurboTax and Credit Karma. Other users suggest FreeTaxUSA, … Freetaxusa is great. I usually do my taxes first in TurboTax because they tend to have some nicer import features, and then I'll do them in freetaxusa. You don't have to pay until you file. If the numbers match up I know I did them right and I'll submit through freetaxusa because fuck TurboTax. In addition, self-employment tax = $55,000 * 0.9235 * 0.153 = $7771 SE tax. Total income and SE tax = $19,792. Subtract from that the annualized total Federal income tax withholdings on your paystubs, and that's an approximation of your estimated tax. Divide by four for quarterly payments. | Cusmnfosioeq (article) | Mvsvon.