The standard deduction this year is $13,850 for single filers and married couples filing separately; $20,800 for head-of-household filers; and …Depends on how Much it would cost you. At 150k your average pay Works out at +-30$ an hour, after tax. we I pay someone 50$ to make mine, instead of taking 3 h of my week-end to do it myself...paying 1.6 h of my hourly pay to save 3h of doing something I don't like is a good investment. r/personalfinance. true. 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 ... ADMIN MOD. I filed my taxes and..... Taxes. Well, I’ve seen a ton of posts on here recently about taxes. Everyone arguing about who is right, who is wrong. The constant “that’s dumb. Nobody would gamble if they did taxes like that”. Well, I filed my taxes last night. Everyone saying that you report total winnings as income and report ...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.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.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 IRS is experiencing significant and extended delays in processing - everything.Unlike Twitter or LinkedIn, Reddit seems to have a steeper learning curve for new users, especially for those users who fall outside of the Millennial and Gen-Z cohorts. That’s to ...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 ...For tax purposes: you should save receipts for things you will deduct from your income on taxes. This typically only comes into play if you are doing itemized deductions. The reason for saving them is in case of an audit by the IRS to show that the amount deducted was in fact an allowable expense. 12. MDfoodie.r/DeathAndTaxesMTG: A subreddit dedicated to the best deck in Magic, Death & 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.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 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.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.The difference between claiming 0 and 1 on a tax return is that 0 means the taxpayer claims no exemptions while 1 means the taxpayer claims one exemption, according to the IRS. A t... ADMIN MOD. Tax Advice for 2024: Do not file with Turbotax. Taxes. On Feb. 5 I attempted to file my taxes. My family qualifies for a tax credit due to energy updates to our home during 2023. There was no place in the tax credits section to file for this tax credit. In order to find out how to file this credit, I had to upgrade to Live-Assisted. 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 ... 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 ... 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.Posted March 15, 2024 at 6:00am. Some Senate Democrats are pushing to bring a popular House-passed $79 billion tax package to the floor …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.Current_Caramel317. •. I got approved (after a long wait) and I’m expected to receive my refund on March 7, according to the app. I checked online and I’m expected to receive my refund on March 3. However, a few days later, I tried to check again (because IRS adjusted the amount), and it kept saying incorrect.Nov 27, 2022 ... Assuming you are filing single, you would have total federal tax due of $2,024. If box 2 of your W2 is more then $2,024, you will get a refund, ... 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. ·. 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 …Besides preparing the returns, there will need to be communication with IRS collections because of the IRS backlog (unless your friend has money to pay the taxes in full). Start with 2021, and then try to submit the other returns ASAP - there's no need to stagger sending them in. What's probably going to happen is the IRS will send a notice ...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.taxslayer. taxact. Next post Can the Tax Office Check Your Bank Accounts? This article provides an overview of the best tax services available for …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.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.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.If you’re a working American citizen, you most likely have to pay your taxes. And if you’re reading this article, you’re probably curious to know what exactly you’re paying for. Th... MOD. Top ten FAQs for tax filing season. Taxes. Things to keep in mind for tax filing season (with clarifications edit: fixed to record some easy updates). You have to file federal taxes if you make enough money that you have tax liability, which is generally over about $12,200 gross for regular employment, and only $400 if you are self-employed. 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 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 ...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, if you put money into a Traditional 401k or Traditional Roth, then it'll affect (usually lower, but I don't know how much you make) your federal tax wage base. Depending on your age, they might recommend a Roth instead of a Traditional. Or tell you about current, new, or upcoming tax deduction items.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.Here is a IRS tool to determine if you need to file for 2020. If you have over 400 in self employment, over 1100 in unearned income like investment gains, or over 12400 in earned income, you have to file. See Form 1040 instructions pages 10 and 11 for filing requirement details for dependents.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 ...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.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. …Current_Caramel317. •. I got approved (after a long wait) and I’m expected to receive my refund on March 7, according to the app. I checked online and I’m expected to receive my refund on March 3. However, a few days later, I tried to check again (because IRS adjusted the amount), and it kept saying incorrect.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. Most (not all) people take the standard deduction if they don't own a home. Mortgage interest, real estate taxes, and state income tax (or sales tax paid if you live in a state with no income tax) generally make up the biggest deductions. Medical expenses are only deductible if they exceed 10% of your income. Alternatives to Reddit, Stumbleupon and Digg include sites like Slashdot, Delicious, Tumblr and 4chan, which provide access to user-generated content. These sites all offer their u...Treat the scholarship as tax-free. Her taxable income, after the $12,200 standard deduction, is $6,800, which leads to a tax liability of $680. Include the scholarship as income. 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.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 $0 taxes based on income minus deductions and credits etc. Otherwise you are going to owe at the end of the year as well as get penalized for underwithholding. r/personalfinance.Jan 21, 2022 ... People like you are why Reddit gets a bad rap. It costs 0$ to be kind. So if you don't have anything nice to say, move along and reflect on ... 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 ... The husband turns 65 in the current year whereas the wife turns 64. The husband converts a portion of his RRSP to a RRIF and withdraws the entirety of the RIF (withholding tax applies above the minimum for age 65 - 4%). The husband elects to split 50% of pension income with 64 year old wife. 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, …Treat the scholarship as tax-free. Her taxable income, after the $12,200 standard deduction, is $6,800, which leads to a tax liability of $680. Include the scholarship as income. 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.Here is a IRS tool to determine if you need to file for 2020. If you have over 400 in self employment, over 1100 in unearned income like investment gains, or over 12400 in earned income, you have to file. See Form 1040 instructions pages 10 and 11 for filing requirement details for dependents.taxslayer. taxact. Next post Can the Tax Office Check Your Bank Accounts? This article provides an overview of the best tax services available for …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 …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.In today’s digital age, having a strong online presence is crucial for the success of any website. With millions of users and a vast variety of communities, Reddit has emerged as o...If you’re a working American citizen, you most likely have to pay your taxes. And if you’re reading this article, you’re probably curious to know what exactly you’re paying for. Th...Politics. The IRS has a big opportunity to fix the way Americans file taxes. You shouldn’t need TurboTax to file your taxes. The IRS can and should … 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. Introduction. Help Series for Tax Season. Additional Helpful Posts. Do I need to file taxes? Deductions. Exemptions. Taxable Income and Tax Brackets. Marginal Tax Rates. Tax Withholding. Tax Credits. Tax "Refunds" -- Not Ideal. Capital Gains and Capital Losses. Other Taxes. Frequently Asked Questions about Taxes. A user asks for tips on doing taxes for the first time and gets some replies from other Reddit users who share their experiences and advice. Some suggest using Turbo …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.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.Confused about local taxes. Unsolved. I am filing a joint return with me and my wife. Everything has gone smooth up until the local taxes part. My wife had 2 employers plus unemployment last year. #1 she worked at the beginning of the year at the office, then remotely for a month or so. They neglected to withhold any local taxes, not for the ...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 ...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.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.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 ...Jan 21, 2022 ... People like you are why Reddit gets a bad rap. It costs 0$ to be kind. So if you don't have anything nice to say, move along and reflect on ...If you lost $4500, you report that in deductions. You will then pay taxes on the $500 net profit if you can itemize. YOU DO NOT PUT $500 IN THE INCOME SECTION. As we all wondered, unless you have enough deductions to actually itemize, you’re stuck paying taxes on all of the winnings and your losses get lumped into the standard deduction. 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. 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). But wait there’s more! ELI5 answer: Use Tax = Sales Tax that you pay to the state directly when a vendor doesn't charge you sales tax on an otherwise taxable product or service. Let's say your office buys a new computer for $1,000 from an online retailer and they don't charge you sales tax. Your state's sales tax rate is 6% so the retailer would have charged you $60 ...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 think that scandalous, mean-spirited or downright bizarre final wills are only things you see in crazy movies, then think again. It turns out that real people who want to ma...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.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. Yes, it’s not free. They’ll take their little cut, but it’s waaaaay better/cheaper than going to an establishment to do it imo which will take around $100 some places (H&R block). Reply reply. MinutesFromTheMall. •. No. CashApp Taxes is completely free. Reply reply. DJ2real. •. 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.Alternatives to Reddit, Stumbleupon and Digg include sites like Slashdot, Delicious, Tumblr and 4chan, which provide access to user-generated content. These sites all offer their u...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 recommended CashApp’s tax service. Very simple, 100% free, and any refund is direct deposit to your bank not cash app. vorter. •. Yeah if your AGI qualifies for the free state I’d do that. Cash App Taxes is also completely free. Run your numbers through TurboTax just to make sure the refund amounts match up.Coinbase sends a tax form called a 1099-MISC (Miscellaneous Income) to both you and the IRS. You'll be issued a 1099-MISC if your Coinbase transactions meet certain criteria, typically if they exceed $600 in value. The IRS receives a copy of the 1099-MISC form from Coinbase.This is ONE of the MANY ways the IRS tracks your crypto!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.
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 …. Best theme parks
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 … 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. Honestly I'm happy with using FreeTaxUSA, I have seen no reason (so far) to not use FreeTaxUSA. As you said, it's cheap (in my case, free because I live in Florida, so no state income taxes to file) Same. I used TurboTax for many years and then switched a couple years ago. I've been very happy.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 …But while Gates stood up for companies and the pursuit of wealth, he said in his Reddit AMA that billionaires could stand to be kept in check through …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.Use turbo-tax, H&R block, any other, these are just the ones I know offhand. If it's super simple it's free. If it's pretty simple they'll charge a small amount. ... 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 ...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 ...A user asks for tips on doing taxes for the first time and gets some replies from other Reddit users who share their experiences and advice. Some suggest using Turbo …Just wanted to ask lang po kung paano ang magiging computation ng tax for 8% tax type ng online shop. Is it - a. Matic na exempted ako sa full time job then lahat ng sales ko sa shopee ang magkakaron ng tax. Or b. Iaadd full time job income and Shopee sales. If more than 250k, magkakaron ng tax yung mag exceed sa 250k. Sana po may makasagot ... 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). 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 ... MOD. Top ten FAQs for tax filing season. Taxes. Things to keep in mind for tax filing season (with clarifications edit: fixed to record some easy updates). You have to file federal taxes if you make enough money that you have tax liability, which is generally over about $12,200 gross for regular employment, and only $400 if you are self-employed. 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. ... Every tax return done through VITA or AARP Tax-Aide has to be quality reviewed by someone else, and they should give you constructive feedback. If you get into a subject that you aren't sure ...For tax purposes: you should save receipts for things you will deduct from your income on taxes. This typically only comes into play if you are doing itemized deductions. The reason for saving them is in case of an audit by the IRS to show that the amount deducted was in fact an allowable expense. 12. MDfoodie.Pre-deduct the penalty (in OP's case, penalty cancels the 12/1 interest) Basically, track the value shown on TreasuryDirect website on 12/31, not 1/1. If purchased $5k, on Dec 31 2021 it was still $5k, there's no increase in redemption value, hence $0 interest income. Also expect a 3 month interest spike when the penalty goes away.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..