2022 Taxes

Homebrewale

Old Mossy Horns
Nobody started a tax thread this year so I'll start. I finished my income tax forms for 2022. I owe the feds $1042 and receiving a $155 state refund. About the same as last year. Keeping my streak alive for owing the feds. I paid my "fair" share.
 

bwfarms

Old Mossy Horns
Frankly don’t want to talk about it lol. State already has 2% of my taxable sales revenue.

Rest of the stuff I haven’t completed yet. My accountant said to hold off to let the IRS knock out last minute kinks before we get started. Just as well, not in a hurry to know my bill.
 

stilker

Old Mossy Horns
By the time everything to do with filing is sent to me and with farmers having a march 1st deadline I’ve only got a couple weeks every year to get it done.I could have bought a nice used vehicle with this years donation
 

timber

Twelve Pointer
Just carried mine to accountant but did get a note from them that their fees would be going up accordingly because of big rise in cost like computers.
 

timekiller13

Old Mossy Horns
Have not done mine yet and I’m kind of scared.

Both my wife and I got promotions and pretty significant pay raises last year. We leap frogged a couple tax brackets. We both maxed out 401k contributions and HSA contributions and I had an extra $50 withheld every check for feds. Still probably going to owe a few thousand to the feds.
 

BarSinister

Old Mossy Horns
Have not done mine yet and I’m kind of scared.

Both my wife and I got promotions and pretty significant pay raises last year. We leap frogged a couple tax brackets. We both maxed out 401k contributions and HSA contributions and I had an extra $50 withheld every check for feds. Still probably going to owe a few thousand to the feds.
This was my scenario the last 2 years. I kept things the same the 1st year and ended up with a small refund (maybe 1000) from the fed and owed the state $100 or so. Then this year it happened again so I left it and it came to about the same, even with the increases. I'll leave again it this year and adjust it after. It's not as close as I usually want it but it's not too bad. I might have to have them withhold about $20 per week less.
 

Bailey Boat

Twelve Pointer
Frankly don’t want to talk about it lol. State already has 2% of my taxable sales revenue.

Rest of the stuff I haven’t completed yet. My accountant said to hold off to let the IRS knock out last minute kinks before we get started. Just as well, not in a hurry to know my bill.
What "kinks" does he think they have to "knock out". At midnight 12-31-22 it's set in stone and there's nothing they can change. He's pulling ya leg for some reason......

I have all of my stuff sent in so it's just waiting for the number. i always WANT to owe the Fed AND the State, I ain't in the business of making interest free loans to ANYBODY...... This is my first year with the Trust's I set up but it was all structured using the CPA's advise and guidance so I think we should be okay...... HIS bill for fees is the only thing I'm a little afraid of but I know it's more than worth it......
 

Billy

Twelve Pointer
Contributor
We've been retired and on pretty much fixed income for 16 years, so our taxes are easy and I do them as soon as all documents are received.
 

np307

Ten Pointer
Miscalculated something on my self-employed stuff and owed more than I ever have before. Whatever. Won't be a problem next year as I'm back to W2 work.
 

Loganwayne

Ten Pointer
This was my first year filing as married. We were 300.00 under the next up tax bracket. I changed jobs mid year and ended with with a nice pay raise so next year 100% will be in the next tax bracket, possibly jumping up another depending on performance bonuses.
 

Homebrewale

Old Mossy Horns
Have not done mine yet and I’m kind of scared.

Both my wife and I got promotions and pretty significant pay raises last year. We leap frogged a couple tax brackets. We both maxed out 401k contributions and HSA contributions and I had an extra $50 withheld every check for feds. Still probably going to owe a few thousand to the feds.

Two incomes were always our cause of owing every year. Each employer withhold at lower rates because they only withhold based on their employee's income but when combined at tax time, our tax rate is at a higher rate than what rate it was withheld. Not sure what's going to happen next year since our income will drop a good bit with a full year of retirement.
 

turkeyfoot

Old Mossy Horns
Came out ok and his yr. But not looking forward to next year. Losing my Daughter as a write off with college expense. Crazy kid growing up and all.
That's only thing saving me on taxes but hey even when they growing up still come out ahead when they on own them kids will nickel and dime ya😁
 

agsnchunt

Old Mossy Horns
Nobody started a tax thread this year so I'll start. I finished my income tax forms for 2022. I owe the feds $1042 and receiving a $155 state refund. About the same as last year. Keeping my streak alive for owing the feds. I paid my "fair" share.

I think we’re somewhere near that. Want to say she said $3k fed, few hundred NC, few hundred NY.
 

np307

Ten Pointer
Two incomes were always our cause of owing every year. Each employer withhold at lower rates because they only withhold based on their employee's income but when combined at tax time, our tax rate is at a higher rate than what rate it was withheld. Not sure what's going to happen next year since our income will drop a good bit with a full year of retirement.
For anyone in a similar situation, you can alter your W4 to withhold more for 2 income situations. Theres even a schedule provided to give you an estimate of what you should withhold.
 

Homebrewale

Old Mossy Horns
For anyone in a similar situation, you can alter your W4 to withhold more for 2 income situations. Theres even a schedule provided to give you an estimate of what you should withhold.

We just withheld an extra "x" dollars per paycheck.
 

Firedog

Old Mossy Horns
Contributor
Mine are at the accountant. I expect that the bill will be significantly bigger than last year given our income increases in 2022. Did buy a rental property so I hope that will help offset some. I will pay them on the last day, and file at the same time. I do not recall the last time I did not have to stroke a check on the 15th(ish) of April, but they do not get an interest free loan either so all good.
 

Moose

Administrator
Staff member
Contributor
Nobody started a tax thread this year so I'll start. I finished my income tax forms for 2022. I owe the feds $1042 and receiving a $155 state refund. About the same as last year. Keeping my streak alive for owing the feds. I paid my "fair" share.
Nobody started a colonoscopy thread this year so here goes... dang waiting for my photos to upload 😉
 
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