2022 Taxes

BarSinister

BarSinister

Old Mossy Horns
DBCooper said:
I don't understand all the uncertainty people seem to have over their taxes...that they alone control (withholdings).

Call me lazy, but we always get a check back (federal) and usually have to pay the state of NC a "little". I "might" look at this differently, if someone would tell me what the ROI is on the money I loan to the US Treasury for a few months is. We end up just sticking it in a vacation fund and roll.
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Earlier in life it was sometimes more important to have that money monthly to pay bills rather then get a refund at the end of the year. Not speaking in your case but there were times I was way better off with $300 a month over a 3600 return.
 
DBCooper

DBCooper

Old Mossy Horns
Contributor
BarSinister said:
Earlier in life it was sometimes more important to have that money monthly to pay bills rather then get a refund at the end of the year. Not speaking in your case but there were times I was way better off with $300 a month over a 3600 return.
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I've been there. Trust me. In those times, I could never risk having to pay (at filing).
 
bwfarms

bwfarms

Old Mossy Horns
woodmoose said:
that's what cracks me up on that "lottery" BS,,,, folks WILLINGLY giving the govt money,,,and then taking HALF (ish) of what someone "wins",,,,

Vegas casinos are envious of that scheme,,,
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Along with the dollar has been taxed more than it’s worth.
 
UncleFester

UncleFester

Old Mossy Horns
Claim zero dependents have quite a bit extra taken out per pay period both Fed and State. Usually break even on state, but owe federal. This time I 'only' owe fed $4,500 and some change. Then listen to folks that don't gross 25k yet they're getting back thousands because they're breeders....
 
BigBow

BigBow

Ten Pointer
Contributor
During President Trump's successful time in office from 1/2017-1/2021 his Tax Reform initiative was basically responsible for Congress creating the Tax Cuts & Jobs Act of 2017, TCJA. Pres. Trump signed the TCJA & it became law effective 1/1/2018. This Act almost doubled the standard deduction from $13k to $24k for a fed. joint return. This significantly decreased the wife & my federal tax liability due to the fact we had so few deductions to claim. For Trump naysayers, I ask you what has Sleepy Joe Biden done for you on a positive note?
 
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Buxndiverdux

Buxndiverdux

Old Mossy Horns
woodmoose said:
that's what cracks me up on that "lottery" BS,,,, folks WILLINGLY giving the govt money,,,and then taking HALF (ish) of what someone "wins",,,,

Vegas casinos are envious of that scheme,,,
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Keep in mind.... Lottery tickets are purchased with after tax monies already.

The only winner in this deal are the FEDS. It's just another scam honestly.
 
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Firedog

Firedog

Old Mossy Horns
Contributor
well I got my email today.. effective tax rate with all deductions etc. was a bit above 22% The actual number is just stupid, but I do not want to hear anybody try to tell me that is not my fair share.
 
dc bigdaddy

dc bigdaddy

Old Mossy Horns
Contributor
Just got off the phone with my cpa.

The IRS can go and a;lsjg;ladsigh;aldsgfj;lasgaksdl;j l;kajsd;lfjas;ldgfj; ald ;fasldjgf;lajs gf ;asldgkajh;sldgfa;jls df;l ;lsjkdf;ljfsals;d;lf
and then they can a;ldskgjfa;sldg jf;als aj;lasdjf ;lkldj!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I've already made changes to my withholdings and 401 contributions.
 
bwfarms

bwfarms

Old Mossy Horns
Finally got everything finished, amendments and catching my accountant’s error 😳

I don’t know why I’m paying him 21% more than last year for the same service and he nearly screwed my ass. Bad year to be a farmer and I still managed to make money. *Sigh*… writing a check to the government that inflated my expenses sticks in my craw worse this year.
 
adamm13

adamm13

Button Buck
Contributor
I owe every year and have accepted it. I keep a chunk of cash in a high-yield savings account to cover the bill knowing that I at least made a little off the interest. Better than letting them have it early, interest-free. I have paid my "fair share." Barf.
 
DBCooper

DBCooper

Old Mossy Horns
Contributor
I paid $5,365 to those bastards, yesterday.

It is ASTOUNDING what hoops my wife and I have to jump through to even be able to itemize (we didn't meet the threshold).

It's a first-world "problem". Conceded.
 

Homebrewale

Old Mossy Horns
I have not been able to itemize since the Trump tax cuts started. The main component when I could previously itemize was the state income tax deduction. Since Trump's tax cuts limited that deduction to $10,000, I didn't have enough other deductions to make up for the loss.
 
MJ74

MJ74

Old Mossy Horns
I gotta pay ......not surprised, I sold some stock so I knew it was going to be bad.
 
timekiller13

timekiller13

Old Mossy Horns
woodmoose said:
I don’t wanna talk about 2022 taxes

Suffice it to say - it’s ugly
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I’m in the same boat. We finally did ours.

We always have to pay. But this year we are really paying. I had extra withheld from my check throughout the year. Thank goodness I did because I’d really be crying.

P Diddy was pretty much spot on. More money more problems, or just more taxes.
 
flathead977

flathead977

Ten Pointer
bwfarms said:
Finally got everything finished, amendments and catching my accountant’s error 😳

I don’t know why I’m paying him 21% more than last year for the same service and he nearly screwed my ass. Bad year to be a farmer and I still managed to make money. *Sigh*… writing a check to the government that inflated my expenses sticks in my craw worse this year.
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Let it be known, that bw is the first farmer I’ve ever known to admit making money 😂.
 
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