Fire Uncle Sam (The Tax Thread)

[Hollywood 362]

So procrastinated for 4.5 months and sat down to do my taxes today. The outcome was that we have to pay a sizable amount this year (over $15k) and I wondering if I am missing anything. At this point, I think I may file an extension and consult a CPA, but I am not sure how much help they will be after their fee. 

So I thought I would consult shaggy Surly on what might help lessen the blow here. 

Details and Deductions:

• Dependent and Childcare (minimal due to income)
• Charitable Giving (we gave, but not much)
• Mortgage Interest
• Home office
• HSA
• Maxed out 401k(s) 
• Property Tax
• Sales Tax

Am I missing anything here? Are we just fucked because of income? Thanks in advance for you help or witty asshole responses. 

 

 

[DanRydell 799]

I assume you have a bunch of non-W-2 income? Otherwise your withholding is all sorts of fucked up.

[SDG 3319]

Automotive licensing fees are deductible so depending on state it could be sizable.  I also started an llc last year to park my assets and was able to deduct start up costs.  

[texasjacket 289]

So is the humble brag thread?

[WastingTime 0]

I used TurboTax for the first time and really found it easy.  Wife owns an LLC and I've got multiple 1099s.

[SDG 3319]

Bump: today is the day so don’t forget to submit.  

[ousuxndallas 65]

Since you have a home office, I assume you have mostly 1099 income?

Make sure to be aggressive on business deductions. That may add up. As long as you show a profit and pay some tax, your likelihood of audit is extremely low.

[Hollywood 362]

4 minutes ago, ousuxndallas said:

Since you have a home office, I assume you have mostly 1099 income?

Make sure to be aggressive on business deductions. That may add up. As long as you show a profit and pay some tax, your likelihood of audit is extremely low.

No, just a remote sales/manager  (salary & commission).

[dingleberryswitzer 2724]

On 4/16/2018 at 5:25 AM, texasjacket said:

So is the humble brag thread?

"Boo hoo, i made so much money and now have to pay taxes on it.  

[deadshank 24653]

15 minutes ago, dingleberryswitzer said:

"Boo hoo, i made so much money and now have to pay taxes on it.  

The "boo hoo" stuff is retarded.  

[Hollywood 362]

I wasn't bitching about paying, just wondering if I can fucking avoid it or pay less. 

[Stunns38 3713]

I wasn't bitching about paying, just wondering if I can fucking avoid it or pay less. 

With or without being audited?


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[BillyBadAss 189]

My employer sells me stock at a discounted price -15% in an ESPP plan. I generally just sell it right away to collect the automatic profit. Anyway, the employer reports the discount as wages on my W-2, so I pay tax on that up front. Well turns out the IRS won't allow the brokerage to report the cost basis on the 1099 adjusted for the taxes already paid, which I didn't know last year.. you have to manually adjust it which is a bit of a PITA to figure out and document. Turns out I was double taxed to the tune of about a grand last year and have to file an amended return. 

TLDR - if you participate in an ESPP plan, don't go by the 1099 for the cost basis, you are screwing yourself. 

[SquishMitten 10466]

Man, HR block software blows. Total beating trying to get my credits and deductions, especially for child care. I kept saying I had child care expenses, and it would say something like “you’re not eligible for that shit.” Eventually figured out how to manually search for the form to be able to enter it. Would’ve owed an extra grand-ish if I hadn’t spent an hour figuring out how to navigate that garbage software. Wife had a single payment from TWC last year as well which their system apparently can’t handle. Same kinda thing, searched manually for the form, but a 1099(something) in their system only allows for state tax refunds, not unemployment checks (no fields available to enter the data). So now I assume I’ve greatly increased my chance of getting audited because I didn’t report some income. Dicks.

[deadshank 24653]

Sent my payment out to the IRS PO Box in Charlotte, NC before the deadline.

I noticed the check hasn't cleared my bank.  LO and BEHOE the entire envelope was returned to me by the dear USPS as "Return to Sender - Not Deliverable As Addressed."

Went back and checked the address in Charlotte again.  The envelope was addressed to a tee as prescribed.

So, while we're firing the IRS can we fire the USPS, too?