2024 Taxes reddit

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 .... Silverlake financial review

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 …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 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.Jan 18, 2023 ... No, that program, IRS Free File, has an income cap, a bit more than $70k. FreeTaxUSA has no restrictions on using their program to file federal ... Depends on how Much it would cost you. At 150k your average pay Works out at +-30$ 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. Dec 2, 2021 ... Generally speaking, expect 25%-33% of your income to go to taxes. This is normal. In many non-American developed countries, this can be closer ...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 ...Normally, if you just have one job, payroll withholding for SS tax stops after you pass $147,000. But, if you’re overemployed, there is no way for your payroll provider to know that you have another job. That means if you have J1 comp of $147,000 and j2 comp of $100,000, throughout the year you pay social security tax on $247,000 of income. The following offer free/cheap filing for EVERYONE. No income requirement. MyFreeTaxes.com (Run by United Way/TaxSlayer), Free fed/State (multistate included up to 3) CreditKarmaTax (owned by Square, not Intuit), free federal/state (single state only) FreeTaxUSA, free fed, pay like $12 for state, 10% off code FREETAXUSA10. 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.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 Inc. disclosed further details of what is set to be one of the year’s biggest initial public offerings, with the company and some existing shareholders …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. 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…. 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.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, …If you owe, or are getting back, $500 that is not a big deal. For the most part, a $500 return/payment at tax time is minor. I have owed, or been owed, up to $5,000 at different times with no big deal. Any time an average Joe messes up with their taxes the IRS either cuts you a check or sends you a bill months later.If you think that scandalous, mean-spirited or downright bizarre final wills are only things you see in crazy movies, then think again. It turns out that real people who want to ma... Depends on how Much it would cost you. At 150k your average pay Works out at +-30$ 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. 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. The IRS is experiencing significant and extended delays in processing - everything.Jan 17, 2024 ... Best bet is to use the IRS withholding calculator early each year to make sure you're withholding enough. If not, you'll owe when you file. 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! It’s not uncommon for people to not know there SARS tax number. Having this number is very important for tax purposes. Keep reading to learn what a SARS tax number is and your vari...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.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 ... Rental property can reduce taxes. Even if you make money each month, the depreciation benefit along with the other deductions can make it show up as a loss on your taxes. Up to $25k of that loss can be used against your other income (more if you can qualify as a real estate professional). Make less money. Reply reply. IR-2024-04, Jan. 8, 2024. WASHINGTON — The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax returns. The IRS expects more than 128.7 million individual tax returns to be filed by the April 15, 2024, tax deadline.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.Total taxable income is $15,000. There are two brackets -. Bracket 1) 10% for income earned from $0 to $10,000. Bracket 2) 20% for income from $10,001 to $20,000. This would result in tax assessed of 10% x $10,000 = $1,000 AND 20% for the next $5,000 = $1,000. Total tax is $2,000. This person's “marginal” rate is 20%. 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. 15.3% payroll tax. If you are employee, half of this is paid by your employer. If you are self employed you get to pay all of it. Varying amounts of income tax, starting at 10% and going up to 30+%. depending on how much you earn. The other problem that I have is that calculating your taxes is a pain in the neck. 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. 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.Online account shows details for any federal tax liability associated with your individual account, such as: Income tax owed on your Form 1040; Additional tax ... 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. ·. Total taxable income is $15,000. There are two brackets -. Bracket 1) 10% for income earned from $0 to $10,000. Bracket 2) 20% for income from $10,001 to $20,000. This would result in tax assessed of 10% x $10,000 = $1,000 AND 20% for the next $5,000 = $1,000. Total tax is $2,000. This person's “marginal” rate is 20%.April 18, 2023 is the deadline for declaring your 2022 crypto activity as part of your 2022 U.S. federal income tax return. The 2022 tax year includes any activity between January 1, 2022 and December 31, 2022. Late filings, failure to pay taxes owed, and crypto tax evasion all carry penalties ranging from fines to jail sentences. 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 Tax, FreeTax USA, or IRS Free File, while others warn about the risks of using Turbo Tax or H&R Block. 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] • ...Here's my experience (very positive, congratulations to Turbotax!): I signed up to Turbotax Live Full service, and next day, a Tax Preparer (not a CPA) called me (10 minutes late, but it's ok). She was local to my state. We discussed my general situation on the phone, as I'd do with any other tax preparer (she didn't ask for any amounts ...20% Social Security. 20% Defense. 14% Safety Net programs. 7% Benefits for Federal Retirees and Veterans. 6% Interest on the Federal Debt. 3% Education. 3% Transportation and Infrastructure. And the rest gets broken up into smaller pieces. So 41 cents of every dollar you pay in taxes goes to Social Security, Medicaid and Medicare.A Warning About TurboTax. I went to file my taxes yesterday the same way I have done for several years, with the TurboTax free file. I noticed a few things that I thought I'd share: When I got to the section for the child and dependent care credit, the software kept telling me that I don't qualify. I knew that I still qualified for the credit ...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 …Jan 18, 2023 ... No, that program, IRS Free File, has an income cap, a bit more than $70k. FreeTaxUSA has no restrictions on using their program to file federal ...After taxes, benefits, retirement: $15,000/mo in NYC community EM. ETA: love that this sparked a discussion on NYC taxes so I’m happy to report that I’m moving out of the city in 5 weeks! To California 😂. Zealousideal-Cry709. • 2 yr. ago.Your job has to give you your W2 on or before January 31. The earliest you can file is as soon as you get all of your needed information. For most people this is just a W2. I file mine first week of Feb every year for about 7 years. So there’s no issue doing it “early”. Jmb3930.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.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. … 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. ·. 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 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 …Here's my experience (very positive, congratulations to Turbotax!): I signed up to Turbotax Live Full service, and next day, a Tax Preparer (not a CPA) called me (10 minutes late, but it's ok). She was local to my state. We discussed my general situation on the phone, as I'd do with any other tax preparer (she didn't ask for any amounts ...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 ...There’s a question about “virtual currency” on the front page of your tax return, making it clear you need to disclose crypto activity. If you don’t report transactions and face an IRS ...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, …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.The plugged-in transaction history from Kraken onto Koinly shows the following results but I need to pay to generate tax documents for individual years. I made 52 transactions in 2021, Capital gains/ PNL- $-169.11. I made 0 transactions in 2022, Capital gains/ PNL- $0. I made 0 transactions in 2023, Capital gains/ PNL- $0.If you do so, there's no need to file Form 4868, Application for Automatic Extension of Time to File a U.S. Individual Income Tax. Return. Payment options. 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. 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...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 ...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. 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. 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 ...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 …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 ...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.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 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.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...r/tax: Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or….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.You can only use business expenses to offset business income, so your W2 income would stay the same. Most wealthy people use their money to start or maintain a legitimate business and just eat the taxes on their smaller W2 income if they bother to keep a job at that point. 15. goingback2back.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 …Online account shows details for any federal tax liability associated with your individual account, such as: Income tax owed on your Form 1040; Additional tax ...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. ... 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 ...

IIRC correctly, underpayments are figured quarterly because the IRS requires payment in full (or close) and on time. It sounds like you were likely underpaid in Q2 and that underpayment may have persisted into Q3. Obviously by Q4 you had met the safe harbor criteria. Fill out Form 2210 (or look at the form view in your tax software) to confirm.. Most comfortable couches 2023

Taxes. Income tax. Personal income tax. Claiming deductions, credits, and expenses. Line 21900 – Moving expenses: Eligible moving expenses. You must first determine if you qualify to deduct moving expenses either as an individual who is employed or self-employed or as a full-time student.Our basic tax strategy after FIRE: stay below the $80K income to get 0% long term capital gains tax. After hitting FIRE, we plan to tap into our non-retirement account investments as needed but will pay 0% on long term capital gains since our total income should be well below the $80K threshold. Some of that income may be from hobbies or ...Jun 16, 2014 ... ... taxes, or Medicare taxes, or any state/local income taxes. ... Our tax laws, tax forms, and anything to do with taxes ... Reddit · Topics · Conte...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 …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!Advertising on Reddit can be a great way to reach a large, engaged audience. With millions of active users and page views per month, Reddit is one of the more popular websites for ...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.FreeTaxUSA® - Free Tax Filing for All Federal Returns, E-File Income Taxes Online. Pricing & Products. Support. Prior Year. After You File. 100% free federal tax filing. E-File your tax return directly to the IRS. Prepare federal and state income taxes online. 2023 tax preparation software. 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. Rental property can reduce taxes. Even if you make money each month, the depreciation benefit along with the other deductions can make it show up as a loss on your taxes. Up to $25k of that loss can be used against your other income (more if you can qualify as a real estate professional). Make less money. Reply reply. Jan 18, 2023 ... No, that program, IRS Free File, has an income cap, a bit more than $70k. FreeTaxUSA has no restrictions on using their program to file federal ...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!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.Here's my experience (very positive, congratulations to Turbotax!): I signed up to Turbotax Live Full service, and next day, a Tax Preparer (not a CPA) called me (10 minutes late, but it's ok). She was local to my state. We discussed my general situation on the phone, as I'd do with any other tax preparer (she didn't ask for any amounts ...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 $2,024, you will get a refund, ... Depends on how Much it would cost you. At 150k your average pay Works out at +-30$ 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. To get the same thing, set up your W-4 appropriately, then have the difference in taxes be automatically allocated to a savings account that you don't touch and use it as you like end of the year. Or put it in a retirement account (preferably a 401(k) if your company matches) and start building your wealth for retirement. .

Popular Topics