avatar! | 1,944 Posted April 13, 2023 Share Posted April 13, 2023 The old adage goes there are two certainties in life - death and taxes. So, how is tax season treating people? Anyone getting a nice return to purchase some nice video games? Link to comment Share on other sites More sharing options...
MrWunderful | 2,932 Posted April 13, 2023 Share Posted April 13, 2023 I pass on giving the govt an interest free loan, Take that money up front. I stay as close to zero as possible. 1 Link to comment Share on other sites More sharing options...
TDIRunner | 2,909 Posted April 13, 2023 Share Posted April 13, 2023 I completed mine months ago. I got a few thousand back, which was a vast improvement over the 9 grand I owed last year. Link to comment Share on other sites More sharing options...
avatar! | 1,944 Posted April 13, 2023 Author Share Posted April 13, 2023 1 minute ago, TDIRunner said: I completed mine months ago. I got a few thousand back, which was a vast improvement over the 9 grand I owed last year. 9 grand... Well, I can only assume you made a hell of a salary to owe that much Link to comment Share on other sites More sharing options...
TDIRunner | 2,909 Posted April 13, 2023 Share Posted April 13, 2023 Just now, avatar! said: 9 grand... Well, I can only assume you made a hell of a salary to owe that much Not exactly. It was a one off thing unrelated to my salary. Depreciation recapture is a bitch. Link to comment Share on other sites More sharing options...
Gloves | 12,269 Administrator · Posted April 13, 2023 Share Posted April 13, 2023 Thanks to some masterful planning, my return is $15k this year. 1 Link to comment Share on other sites More sharing options...
RH | 5,220 Posted April 13, 2023 Share Posted April 13, 2023 We owed about $5,000 this year and last year was about $8,500. The reason was we took out $100,000 from our IRA with the CARES Act, and we used the cash to buy our current home and pay it off in full after selling our last house. With the CARES Act, you could basically take the additional income and spread it out over 3 years with no early withdrawal penalty. At work I had my deductions set as low as possible but my tax payments were still not enough to cover. Next year should be much better. We had money set aside for these taxes and I always over project my tax payment expectations so that we never have to pay more than what was saved for it. I too don’t like giving the tax man a tax free loan, but if you under pay by too much that make you pay a small penalty. They get you one way or another. 1 Link to comment Share on other sites More sharing options...
Tabonga | 2,533 Posted April 13, 2023 Share Posted April 13, 2023 This is the first year in a very long time I filed as a single taxpayer (last year I was a qualifying widower). I wound up paying the Feds about $470 and got almost the same back from the state. So a wash. I just filed last week - but I did a preliminary estimate and since I was going to have to pay I decided to wait - the government seemed to survive without that massive contribution of my hard earned money. Link to comment Share on other sites More sharing options...
Daniel_Doyce | 491 Posted April 13, 2023 Share Posted April 13, 2023 Just sent in 40 grand total to the fed and my state along with what was already seized from each of my paychecks during FY 2022. Not a fun year. I'm sure it will be spent wisely and prudently by our government, though 1 Link to comment Share on other sites More sharing options...
Sumez | 3,162 Posted April 13, 2023 Share Posted April 13, 2023 (edited) I forgot about this - just logged in to check, and I got billed for $60. Probably the lowest difference I've ever had. Like others said, I don't mind an interest free loan. I keep a savings account already, so I have no need for surprise tax returns, though it's always pleasant to see even if you know it's money you could have already had regardless. Edited April 13, 2023 by Sumez Link to comment Share on other sites More sharing options...
Andy_Bogomil | 861 Posted April 13, 2023 Share Posted April 13, 2023 Taxes are so stupid. I spent money on Turbo Tax and when I filed I got an instant correction because I forgot to put money towards an RRSP payback. What is the point of wasting time and money doing my taxes if the CRA knows exactly what I owe? Link to comment Share on other sites More sharing options...
Sumez | 3,162 Posted April 13, 2023 Share Posted April 13, 2023 2 minutes ago, Andy_Bogomil said: What is the point of wasting time and money doing my taxes I'd question the same thing. Does anyone outside of the states do this? I've never heard about it elsewhere. Link to comment Share on other sites More sharing options...
Hammerfestus | 4,107 Posted April 13, 2023 Share Posted April 13, 2023 I pay my taxes like a man; I don’t whine about it like a little bitch. Vote yes on every tax increase that’s not sales tax. 1 1 1 Link to comment Share on other sites More sharing options...
Kguillemette | 1,618 Posted April 13, 2023 Share Posted April 13, 2023 As long as everything goes smoothly, I wound up owing $10, which is fine by me. I anticipated a roughly $2k tax bill, so I am pumped! Link to comment Share on other sites More sharing options...
RH | 5,220 Posted April 13, 2023 Share Posted April 13, 2023 5 hours ago, Daniel_Doyce said: Just sent in 40 grand total to the fed and my state along with what was already seized from each of my paychecks during FY 2022. Not a fun year. I'm sure it will be spent wisely and prudently by our government, though How does one owe $40k in taxes? I mean, what do you do that you have to pay that much above tax withholdings/quarterly tax payments? I'm not asking about specifics of your income but man, that's a lot of money to owe at tax time, regardless of your tax bracket. 1 Link to comment Share on other sites More sharing options...
nrslam | 486 Posted April 13, 2023 Share Posted April 13, 2023 2 hours ago, RH said: How does one owe $40k in taxes? I mean, what do you do that you have to pay that much above tax withholdings/quarterly tax payments? I'm not asking about specifics of your income but man, that's a lot of money to owe at tax time, regardless of your tax bracket. That happened to me once-pulled out a big chunk of my 401K to buy my house so the tax bill was pretty high. Still cheaper than paying mortgage interest, though, and eventually that money would have been taxed anyway as I withdrew it later, albeit at a lower rate. Just a one-time thing in my case, and unrelated to my 'income.' Link to comment Share on other sites More sharing options...
Daniel_Doyce | 491 Posted April 13, 2023 Share Posted April 13, 2023 2 hours ago, RH said: How does one owe $40k in taxes? I mean, what do you do that you have to pay that much above tax withholdings/quarterly tax payments? I'm not asking about specifics of your income but man, that's a lot of money to owe at tax time, regardless of your tax bracket. Two reasons; I realized a lot of long-term capital gains in 4Q, and I also had an accelerated earning of some ESPP shares that were revalued at a much higher level due to my company being acquired in 2022 and the merger happening on 12/31 (and which no taxes were deducted earlier for). Many of the shares were also reclassified as short-term capital gains as a result, so treated as normal income. Since I live in a state with a lot of courageous people like @Hammerfestus that stunningly and bravely raise other people's taxes at great personal sacrifice to themselves, I got hit hard by all this on the state level too. That was all in addition to the normal taxes I had to pay but were seized during the year. 1 Link to comment Share on other sites More sharing options...
RH | 5,220 Posted April 13, 2023 Share Posted April 13, 2023 1 minute ago, Daniel_Doyce said: Two reasons; I realized a lot of long-term capital gains in 4Q, and I also had an accelerated earning of some ESPP shares that were revalued at a much higher level due to my company being acquired in 2022 and the merger happening on 12/31 (and which no taxes were deducted earlier for). Many of the shares were also reclassified as short-term capital gains as a result, so treated as normal income. Since I live in a state with a lot of courageous people like @Hammerfestus that stunningly and bravely raise other people's taxes at great personal sacrifice to themselves, I got hit hard by all this on the state level too. That was all in addition to the normal taxes I had to pay but were seized during the year. Ah, ok. That makes sense. I didn't think about selling a business. If you had a business, and then all of a sudden the value of the company materialized as personal income, then that makes sense. Ouch that it happened on 12/31 but I assume that was to benefit the buyer (I don't really know much about those types of details.) But I'd assume if you had $40k to pay in taxes to Uncle Sam, it was probably a nice pay day, so congrats on that. Link to comment Share on other sites More sharing options...
Daniel_Doyce | 491 Posted April 13, 2023 Share Posted April 13, 2023 2 minutes ago, RH said: Ah, ok. That makes sense. I didn't think about selling a business. If you had a business, and then all of a sudden the value of the company materialized as personal income, then that makes sense. Ouch that it happened on 12/31 but I assume that was to benefit the buyer (I don't really know much about those types of details.) But I'd assume if you had $40k to pay in taxes to Uncle Sam, it was probably a nice pay day, so congrats on that. Sorry, it wasn't "my" company, just the one I work at, that was acquired. That was ambiguous. Link to comment Share on other sites More sharing options...
Hammerfestus | 4,107 Posted April 13, 2023 Share Posted April 13, 2023 23 minutes ago, Daniel_Doyce said: Two reasons; I realized a lot of long-term capital gains in 4Q, and I also had an accelerated earning of some ESPP shares that were revalued at a much higher level due to my company being acquired in 2022 and the merger happening on 12/31 (and which no taxes were deducted earlier for). Many of the shares were also reclassified as short-term capital gains as a result, so treated as normal income. Since I live in a state with a lot of courageous people like @Hammerfestus that stunningly and bravely raise other people's taxes at great personal sacrifice to themselves, I got hit hard by all this on the state level too. That was all in addition to the normal taxes I had to pay but were seized during the year. 2 Link to comment Share on other sites More sharing options...
Tulpa | 3,716 Posted April 13, 2023 Share Posted April 13, 2023 Taken care of back in January/February. That's a slow month for me, and April is always insane, so I like to get it out of the way. Link to comment Share on other sites More sharing options...
RegularGuyGamer | 2,043 Posted April 13, 2023 Share Posted April 13, 2023 In think the IRS needs to be bigger and we need to collect more taxes from everyone. The government spends money so well. All hair our federal overlords. Link to comment Share on other sites More sharing options...
fcgamer | 5,015 Posted April 14, 2023 Share Posted April 14, 2023 Just applied for an extension, I'll file in October but of course don't owe and won't get anything back either. Link to comment Share on other sites More sharing options...
Estil | 1,292 Posted April 14, 2023 Share Posted April 14, 2023 I don't have to worry...I done paid my taxes over a year ago! 1 Link to comment Share on other sites More sharing options...
Estil | 1,292 Posted April 14, 2023 Share Posted April 14, 2023 On 4/12/2023 at 8:06 PM, avatar! said: The old adage goes there are two certainties in life - death and taxes. Actually there's a third certainty as well... https://www.gocomics.com/peanuts/1973/11/11 Link to comment Share on other sites More sharing options...
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