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Dear IRS

markstanco

By markstanco
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JimmyHoffa

JimmyHoffa 1188

Posted
Posted
3 minutes ago, markstanco said:

Oh I too hate getting money back for that reason, but I also really hate it when I dont estimate correctly and write a check that could go for something more fun like a Polaris side by side. 

 

Yeah the "pay in" plus increase in quarterlies is always a kick in the nuts. 

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hopkinsnhorns

hopkinsnhorns 533

Posted
Posted

This is the first year I've ever had a payment due.  I think the IRS fucked the withholding tables with the Trump tax reform last year.  Damn near everyone I know my age (early 30s) without kids owes money for the first time ever.  And this was after I had them withhold an additional $25/week from my paychecks.  Fuck Trump and fuck the IRS.

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Parliament

Parliament 14230

Posted
Posted



This is the first year I've ever had a payment due.  I think the IRS fucked the withholding tables with the Trump tax reform last year.  Damn near everyone I know my age (early 30s) without kids owes money for the first time ever.  And this was after I had them withhold an additional $25/week from my paychecks.  Fuck Trump and fuck the IRS.


How is that possible? Are you in a State with high income taxes that you can't deduct?
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SDG

SDG 3319

Posted
Posted
1 hour ago, hopkinsnhorns said:

This is the first year I've ever had a payment due.  I think the IRS fucked the withholding tables with the Trump tax reform last year.  Damn near everyone I know my age (early 30s) without kids owes money for the first time ever.  And this was after I had them withhold an additional $25/week from my paychecks.  Fuck Trump and fuck the IRS.

You’re missing the forest through the trees. Look at what you paid overall; is it more or less?  I’m in my 30’s and no kids as well. I made more money last year and my overall tax liability is about $2500 less than 2017.  I do have to write a slightly larger check on April 15th though so I’ll adjust my withholdings this year.  

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hornbri

hornbri 1391

Posted
Posted
2 hours ago, hopkinsnhorns said:

This is the first year I've ever had a payment due.  I think the IRS fucked the withholding tables with the Trump tax reform last year.  Damn near everyone I know my age (early 30s) without kids owes money for the first time ever.  And this was after I had them withhold an additional $25/week from my paychecks.  Fuck Trump and fuck the IRS.

Assuming you are in Texas your total tax liability was almost certainly less (unless you made a lot more this year). Yes the withholding tables got messed with so you are paying for the first time, that is actually what you want to do so you are not giving the government an interest free loan. 

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hopkinsnhorns

hopkinsnhorns 533

Posted
Posted

Well, when the withholding tables are fucked and all of a sudden you owe ~1 weeks wages in taxes at the end of the year when all of your prior experiences have been receiving some form of refund, yeah, that can fuck with your budget a bit.  So, I reiterate - fuck the IRS.  I'm not happy about having to dig into savings to pay Uncle Sam another pound of flesh because some fucking bean counters can't figure out how to use Excel.

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SDG

SDG 3319

Posted
Posted
12 minutes ago, hopkinsnhorns said:

Well, when the withholding tables are fucked and all of a sudden you owe ~1 weeks wages in taxes at the end of the year when all of your prior experiences have been receiving some form of refund, yeah, that can fuck with your budget a bit.  So, I reiterate - fuck the IRS.  I'm not happy about having to dig into savings to pay Uncle Sam another pound of flesh because some fucking bean counters can't figure out how to use Excel.

I get the frustration.  My recommendation is to adjust your withholdings this year. In my case I always claimed 3 in an attempt to 0 out at the end of the year. This year I’ve adjusted to 2 so I’ll be more in line with previous results. 

Btw: the irs has calculators that had I used I would have adjusted last year. 

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hopkinsnhorns

hopkinsnhorns 533

Posted
Posted (edited)

I took 2 exemptions last year, as I've always done.  Suspecting withholdings were too low after the tax cut, I had them start taking an extra $50/paycheck as well.  I still ended up about $1100 shy at the end of the year.  So now I'm working OT to have the funds to cover the taxes, which is likely to fuck me even further next year.

Edited by hopkinsnhorns
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Paper_jam

Paper_jam 831

Posted
Posted

I have about $11,000 in potential itemized deductions this year, and until this year I could have taken a 4k personal exemption. (For a total of about ~$15k in deductions).  But since they eliminated the personal exemption, now the best I can do is to take the $12k standard deduction. So the the change results in me paying taxes on an additional $3k that I would have previously deducted. This is at least partially offset by the changes to tax rates/tables but I'd have to actually do some calculations to see if I recover it all.

 

 

 

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ChiTownDoc

ChiTownDoc 21139

Posted
Posted
26 minutes ago, Paper_jam said:

To follow up my last post, I did a quick and dirty comparison with my 2017 taxes and it looks like even considering the $3k reduction in my deductions/exemption, I owe about $500 less this year.  So yay, I guess.

 

Good to see it trickling down to you, my dude. 

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Anastasis

Anastasis 23457

Posted
Posted

Wrote my check early this year just to be done with it. And for those owing, don’t adjust your withholding. Set an auto withdrawal for the same amount and put it into the savings account. Pay the man from that account. Embrace writing a check. Good to feel a little pinch every year to know that you are still alive. 

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  • 2 weeks later...
Viper

Viper 12098

Posted
Posted
On 4/2/2019 at 7:41 AM, Anastasis said:

Wrote my check early this year just to be done with it. And for those owing, don’t adjust your withholding. Set an auto withdrawal for the same amount and put it into the savings account. Pay the man from that account. Embrace writing a check. Good to feel a little pinch every year to know that you are still alive. 

what about when you owe enough to get a penalty for it?

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Laxtonto

Laxtonto 12078

Posted
Posted

I paid in 700 this year after getting back about a grand last year.

 

I also made about 5k more and paid in about 5k less than the previous year.

 It looks like I screwed up on not taking out enough for some freelance consulting I did, but overall I’m ecstatic on how my taxes turned out.

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HornOnTheBayou

HornOnTheBayou 8904

Posted
Posted
2 minutes ago, Llano Estacado said:

I thought this thread was going to be an open letter with a bunch of posters renouncing US citizenship and declaring themselves supreme leaders of the independent and sovereign state of myownbackyardistan.

Carry on.

Oh, that thought did cross my mind while writing that check to Uncle Sam yesterday.

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JimmyHoffa

JimmyHoffa 1188

Posted
Posted
On 3/30/2019 at 11:45 AM, hopkinsnhorns said:

This is the first year I've ever had a payment due.  I think the IRS fucked the withholding tables with the Trump tax reform last year.  Damn near everyone I know my age (early 30s) without kids owes money for the first time ever.  And this was after I had them withhold an additional $25/week from my paychecks.  Fuck Trump and fuck the IRS.

 

giphy.gif

 

 

Paid in $5K and had to send in 1st quarter estimate of $5K. 

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Nueces River Rat

Nueces River Rat 5537

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Posted

I had to mail a check for second year in a row and this one hurt big time.  But I expected it due to the fact we were taxed on the sale of our business.    I did however wait until 4PM yesterday  to mail it  off at the Post Office.   Next year SHOULD be better for my household as I'm in the middle of a new business start up using an S Corp which means I can use all the start up costs as deductions.  Plus my personal income will be lower this year thanks to me going out on my own and we will  be living on wife's income and some savings while doing this start up.  

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Nueces River Rat

Nueces River Rat 5537

Posted
Posted
On 3/30/2019 at 11:45 AM, hopkinsnhorns said:

This is the first year I've ever had a payment due.  I think the IRS fucked the withholding tables with the Trump tax reform last year.  Damn near everyone I know my age (early 30s) without kids owes money for the first time ever.  And this was after I had them withhold an additional $25/week from my paychecks.  Fuck Trump and fuck the IRS.

The IRS should have left the withholding tables alone and left it up to the individual taxpayer after this tax filing year to adjust up or down accordingly.   If he/she wants to give the Feds an interest free loan,  they should knock themselves out.   If he/she wants to keep more of that money in their cash flow,  it's not that hard to figure out.  All it would take is a few minutes in front of a computer with the numerous calculators on line and you can pretty much figure it out.   Likewise most tax prep software packages spit out worksheets which pull your prior years tax info and allows you to plan for the current year.   If one takes a higher paying job or finds additional sources of income during a current tax year,  again it's not hard to look forward to see how that might effect your tax liability.   That's when you might use that box on the W-4 to withhold an additional amount or you do what someone suggested on here and deposit that amount into a special savings account you know will go to "the man" on April 15.   At the end of the day, everyone's goal should be a zero owed or owed back from Uncle Sam on April 15 and the rapid refund business scams should be out of business.    But then again that is wishful thinking.   

 

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davidg

davidg 4036

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Posted

I like to pay the largest amount without paying a penalty and send it in on 4/15 .   Don't know why anyone would give the government a interest free loan or pay someone else to get their money  back a few weeks later.    We had a bunch of dividends in a taxable account that may have pushed us over the edge this year.

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BearSchlong

BearSchlong 8083

Posted
Posted

That standard deduction change sure did simplify my taxes though.  No more fucking around with home office, mileage, entertainment, travel, etc.

Just checked my bank account and yep the IRS got theirs, only about $850 though. Got a promotion in Dec 2017 and made about $30K more than the previous year, so I can't complain.

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Wally Fairway

Wally Fairway 5539

Posted
Posted
On ‎3‎/‎29‎/‎2019 at 11:19 AM, markstanco said:

Oh I too hate getting money back for that reason, but I also really hate it when I dont estimate correctly and write a check that could go for something more fun like a Polaris side by side. 

I've always said the greatest trick the devil IRS ever pulled was to have payroll withholdings. The masses would rise up with pitchforks and torches if they had to write monthly or quarterly checks to the government. It worked so well and with so little fury that most of the states decided to get in on this money laundering scam, and they too take their bit with each and every paycheck.

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Nueces River Rat

Nueces River Rat 5537

Posted
Posted (edited)
23 minutes ago, Wally Fairway said:

I've always said the greatest trick the devil IRS ever pulled was to have payroll withholdings. The masses would rise up with pitchforks and torches if they had to write monthly or quarterly checks to the government. It worked so well and with so little fury that most of the states decided to get in on this money laundering scam, and they too take their bit with each and every paycheck.

Spot on.   And I would add  local governments should be thankful to the mortgage industry for taking on the responsibility of paying property taxes on behalf of their customers.   Imagine if  everyone all had to write a check or hit a send button by Jan 31 each year to pay that racket.   I've been casually following the debate on property tax reform in Austin, but I see many of the Mayors and County Judges of the larger and medium sized metro areas  are shitting bricks about the prospect the voters would have to approve an increase of more that 3%.   All I have to say you idiots  did all to yourself if occurs by abusing the chit out of us on an annual basis.   

Edited by Nueces River Rat
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SquishMitten

SquishMitten 10403

Posted
Posted

I normally owe a few thousand dollars. I expected to get brutally fucked this year since my firm vastly exceeded expectations, and I wasn't making quarterly payments to account for it. I get a big check at the end of every year (to account for the tax liability on my shares of the firm) that I've always had to hand straight over to the man. I don't know how it happened, but I confirmed with two different CPAs that I fell into the absolute perfect spot with regard to a few of the new tax laws. I'm keeping the entire check (about $35K) plus a $700 refund. Suckas!

* Fingers crossed my CPAs know what they're doing!

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pearlandhorn

pearlandhorn 3269

Posted
Posted
4 hours ago, Laxtonto said:

I paid in 700 this year after getting back about a grand last year.

 

I also made about 5k more and paid in about 5k less than the previous year.

 It looks like I screwed up on not taking out enough for some freelance consulting I did, but overall I’m ecstatic on how my taxes turned out.

Sounds like you should have taken cash for that "freelance" consulting.

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HiggyBaby

HiggyBaby 2529

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Posted

Dropped my check in the mail yesterday. Mostly because my cpa firm waits til the last second for regular Joe’s like me when they are done with the corporates. As in a late Sunday email with end result. That said our tax burden went down decently. More in our paychecks and a much smaller year end bill.

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WBT

WBT 20561

Posted
Posted
2 hours ago, Nueces River Rat said:

And I would add  local governments should be thankful to the mortgage industry for taking on the responsibility of paying property taxes on behalf of their customers.  

I have no idea why people opt into that scam

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