Taxes reddit

However, this year I got an HSA through my job. H&R Block is essentially saying that I need to have their Pro version (pay $30) to file my taxes because I have an HSA and need to fill out extra forms which are only available in this pro version. The HSA only has like $200-$250 in it (because I literally just started it, and it only has that ...

Hi, r/taxadvice, I'm looking for guidance. I am a resident of DC. Last summer I had my employer's HR update my mailing address to one in Texas for personal reasons. I only recently realized that since that change, they started applying Texas income withholding, i.e. 0%. 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...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.Regular pay (from working a job) is taxed 1:1. Capital gains from proceeds of sale of stock is applied at 50%. Had you made $1000 as ordinary income at 25% marginal tax rate, you would be taxed $250. $1000 (capital gains) x 0.5 (50% of capital gains attributed to marginal tax rate) = $500 (towards marginal tax rate).ADMIN MOD. ILPT: Avoid taxes on digital purchases. Commit tax fraud by changing your billing address to a place without sales taxes like Oregon. Been using this method for a long time now, saves tons of money. Now you can save money on your crippling Clash of Clans addiction. EDIT: Useful if you have a gift card with the same amount of money as ...Andy, a director in The Tax Institute at H&R Block, answers some of the Internet’s most burning tax questions on Reddit. Learn about late and delinquent taxes, …

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.If you mark "as exempt" then you have $0 taxes taken out per paycheck. Your calculation at filing needs to come out as you owe $0 taxes based on income minus deductions and credits etc. Otherwise you are going to owe at the end of the year as well as get penalized for underwithholding. r/personalfinance.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. ... At least for federal taxes, effective 2018 employee ...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. ... But we could both file MFJ w/ 1 income and include child tax credits. - Figure out what I would owe at filing. Take an IRA distribution for that amount with 100% federal tax withholding. 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 ... 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 ....

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 ... A payer is required to issue you a Form W-2G, Certain Gambling Winnings (PDF) if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding. You must report all gambling winnings as "Other Income" on Form 1040 or Form 1040-SR (PDF) (use Schedule 1 (Form 1040 or 1040-SR) (PDF)), including ...Rhouliha. •. Marginal rates: For tax year 2024, the top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly). The other rates are: 35% for incomes over …When tax season approaches, that means it’s time to get a copy of your W2 from each job you worked that tax year. If you don’t receive copies before your appointment to have your t...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 ...

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Had taxes been taken out of you paycheck, your employer would have given you a W2 form by January 31, 2015. You would have seen dollar amounts on your pay stubs for things like Fed Withholding, Social Security, and Medicare. Sometimes you are paid without taxes taken out. In this case you would receive a 1099-MISC.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] • ... A user shares a comprehensive list of resources and tips for filing an individual tax return in 2022, including IRS Free File, free tax preparation programs, and self-filing options. The post covers different income levels, states, foreign addresses, and special situations such as military, prior years, and US expats. Overall, FreetaxUSA is much easier to navigate. You can navigate to specific parts of the process using links and tabs. Cashapp makes you click through many questions just to get to one field at the end of a sequence. FreetaxUSA also imported all of the info from my Turbotax 2020 return, including depreciable assets. Only 1 number was off.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.Cash App Taxes supports most IRS forms and schedules for federal and state returns, including Schedule C. It doesn't cost a dime for preparation and filing, but it doesn't offer as much support as ...

As a single individual, you are barely in the 12% tax bracket, most income in the 10% bracket. Your taxable income is about 11,000 after standard deduction. 1,136 is about 10% of your income. This makes sense overall. Your withholding just closely matched the tax amount this year. Better than last year. 11.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 social media platform is set to hit the stock market this week and some users are worried about what will happen to the site after it goes public. …Generally no. Married taxpayers are required to file a joint tax return in order to qualify for premium tax credits. People who use the “married filing ... 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. Overall, FreetaxUSA is much easier to navigate. You can navigate to specific parts of the process using links and tabs. Cashapp makes you click through many questions just to get to one field at the end of a sequence. FreetaxUSA also imported all of the info from my Turbotax 2020 return, including depreciable assets. Only 1 number was off.Reddit is a popular social media platform that boasts millions of active users. With its vast user base and diverse communities, it presents a unique opportunity for businesses to ...Since expenses reduce your profit, less of your business income is subject to SE tax. If your expenses in 2020 were also about one third of your gross income, then your net self employment income would be about 14k. Self employment tax would be about $2000 and income tax would be less than $150.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 ...

Tax Software. Cash App Taxes 2024 (Tax Year 2023) Review. Totally free federal and state tax filing. 3.5. Good. By Kathy Yakal. Updated February 5, …

You will need to either search online for the tax forms or go to a tax office to get them done as they cannot be done electronically now. Maybe 2017 can still be done online. If you cannot afford to go to an office I suggest freetaxusa.org . They do federal past forms for free you just have to print, sign, and mail.For your first time, I would recommend finding a tax professional in your area to file your taxes for you. They can charge anywhere from $100-$500, so ask them how much they would charge before hiring them. You can go to places like H&R Block to get it done too, but I think they are too expensive.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.Since expenses reduce your profit, less of your business income is subject to SE tax. If your expenses in 2020 were also about one third of your gross income, then your net self employment income would be about 14k. Self employment tax would be about $2000 and income tax would be less than $150.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.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 ... Jan 18, 2024 ... Browsing in reddit in the Kiwi mobile app — no ads. ... The main reason we file taxes, is because the TAX ... taxes while maximizing taxes on earned ...

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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. r/IRS: Get help with your taxes from experts and fellow taxpayers. Stay ahead of the curve with news and updates. Find answers to your questions…. 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 ...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.Bill Gates: I’ve paid $10 billion in taxes. I should have paid more. - Vox. Future Perfect. Bill Gates: I’ve paid $10 billion in taxes. I should have paid …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.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.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...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. ... p.s. even turbo tax is deductible… note that business aside, on schedule A you may list child credits, deduct mortgage interest, charitable giving, state and local taxes, and many other ...Matthew Holst/Getty Images. CNN —. After a long season, the hopes of the top NCAA basketball programs all come down to this. On Selection …From a Q&A posted on turbotax earlier this year [ Link ]: "Payments for your plasma sale activity are taxable income but not self-employment income. Therefore, you will pay income tax, but not social security or medicare taxes on the payments. The payments are entered as "other income" ... If you have a W2 job, your withholding may be enough to ...Market Cap. $4B. Today's Change. (-0.37%) -$0.05. Current Price. $13.36. Made a profit after getting a stock tip from Reddit? Here's how much 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 ...If you think you're going to owe more than $1000 in taxes, then technically you should pay quarterly estimated taxes. It's super simple. If you're tracking your pay, deduct your mileage ($.56/mile) and your business expenses, and that is …Jul 6, 2023 ... ... When you "pay taxes" do you actually have to give up money? 3 upvotes · 12 comments. Top Posts. Reddit · reReddit: Top posts of July 6, 2023&nb...Withholding is done on the expected tax of the single W-2 income. When you file you are combining the two incomes and the tax rate increases. Let’s say one person makes $80k and the other makes $30k. The withholding on 80k is done with an expected 80k/yr salary. The withholding on the 30k is done with an expected 30k/yr salary. 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. 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 ... 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. Yes, often normal as both companies were withholding taxes based on your wages at the respective companies. Company A withheld based on the belief you would have $39,000 of income. Company B withheld based on the belief you would have $77,000 of income. In fact, you had $116,000 in income. Yes. Taxes reddit, [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1], [text-1-1]