The IRS has deemed me to be the one who is perpetually audited and screwed over. They now want me to pay them 20,000$ for having made a whomping 65,000 last year. How this is in any way fair i have no idea. Pretty much any money i saved this year is straight gone, on top of having to max out the amount i can withhold from my paycheck to ensure i dont get dinged again this year. What I find interesting is any tax rate needs to immediately have 12% attached to it, since FICA steals another 12%. So really that person getting taxed 10% income tax rate is really at 22%, and the 22% is really 34%, etc.
Depreciating something is a good idea. Can you depreciate your house? Leasing a car is another thing because you deduct 100% of the lease payments vs 59 cents/mile of a car you own
I just got my first few bonuses the last few years and learned about taxes on those. Makes no flipping fucking sense and it is absolutely theft when you see your paychecks from that stand point.
And it suddenly makes more sense why they bail out companies. Bonuses > buy votes > keep companies alive.
Bonuses are taxed as seperate income at like 40% + all the other taxes. It's kinda insane how they tax those. Really banking on you counting that money as "lost" money
are you counting your state income tax in this as well? Because your federal isn't going to be that high high unless ofc you paid nothing into fed income tax and maybe paid nothing last year, and yes if you don't pay the amount you should they will DEFINITLY audit you.
Taxation is theft but I think you did this to yourself.
This year it came from a surprise annuity payment that ended up being taxable income. Didn't even know I had it until this year, and the person who died and left it to me died many many years ago now. I had to contact the pension department and tell them to cancel the rest of the payments so i dont get hit with additional taxes on it.
What I find interesting is the IRS give you zero breaks for losing money, or carrying loses, but grinds you into the ground for earning money. So it's either 0, you pay nothing, or +X and you pay a percent on the X amount. It's a lose lose in any direction
In this case my accountants messed up ... again. Every year I tell them NOT to account for some income since its not taxable, and every year they ream me for full capital gains on it messing up my income tax return. May need a new accountant, because clearly listening was not a priority for them. I even gave them the docs they needed and confirmed by calling the IRS, but they STILL dont honor the credit
[ + ] WanderingToast
[ - ] WanderingToast 2 points 1.7 yearsAug 21, 2023 19:12:30 ago (+2/-0)
[ + ] StealthNinjaTaliban
[ - ] StealthNinjaTaliban 1 point 1.7 yearsAug 21, 2023 19:46:22 ago (+1/-0)
[ + ] StealthNinjaTaliban
[ - ] StealthNinjaTaliban 1 point 1.7 yearsAug 21, 2023 19:44:56 ago (+1/-0)
401k contributions are untaxed.
[ + ] Bottled_Tears
[ - ] Bottled_Tears 1 point 1.7 yearsAug 21, 2023 18:50:55 ago (+1/-0)
And it suddenly makes more sense why they bail out companies. Bonuses > buy votes > keep companies alive.
[ + ] CovidHoldout
[ - ] CovidHoldout [op] 1 point 1.7 yearsAug 21, 2023 22:38:30 ago (+1/-0)
[ + ] goatfugee12
[ - ] goatfugee12 0 points 1.7 yearsAug 21, 2023 14:35:47 ago (+0/-0)
Taxation is theft but I think you did this to yourself.
[ + ] CovidHoldout
[ - ] CovidHoldout [op] 1 point 1.7 yearsAug 21, 2023 23:20:43 ago (+1/-0)
What I find interesting is the IRS give you zero breaks for losing money, or carrying loses, but grinds you into the ground for earning money. So it's either 0, you pay nothing, or +X and you pay a percent on the X amount. It's a lose lose in any direction
[ + ] Deleted
[ - ] deleted -1 points 1.7 yearsAug 21, 2023 14:05:43 ago (+1/-2)
[ + ] CovidHoldout
[ - ] CovidHoldout [op] 1 point 1.7 yearsAug 21, 2023 14:08:36 ago (+1/-0)