Anybody need help with their tax?

[hmgROCK]

Can you do mine for me. Too lazy to do it myself. As for those "free" e-filings, as I recalled only federal is free and state you gotta pay, right? Softwares are easy to use but they're not free either, still filing the old fashion ways with the mail.

you can file state free too
again, turbotax and other site will try to clickbait you to upgrade
just click on the free version

[hmgROCK]

this year i only owe 3k so i'm pretty happy with that 

you probably set your allowance too high
when start your work, your human resource give you a piece of paper to fill out
if you claim too much allowance/dependent
you are not setting up enough money aside for tax

[hmgROCK]

I buy my software each year just for federal.  I filed the state separately free on their website. I just got done gathering all my documents today.  Just double checking my numbers tonight and then filed by the end of the week or next week.  I'm not in a rush as I keep my refund check until I really need it for something.  If it is close to expired then I asked for a replacement check.

if you make less than $66k
you can file alot of tax for free included FEDERAL AND STATE
those software at walmart, are just grimmick
you can just file start at the site, no need to install junk on your computer

if you are a low income, you want to get your refund ASAP
put it in your bank, so it can start collecting interest

also, DIRECT DEPOSIT
because its much safer and faster

[hmgROCK]

You sound like my mom telling my sisters to have more babies to claim income tax. Um No. Not worth the headache and you pay more for kids in the long run than what you get back with taxes.

that just how our tax system is written
the more kids you have
the bigger your refund are
if you are a low income

I RECOMMEND 3 kids

[hmgROCK]

for the hmong homies that bough cryptocurrency (bitcoin, ripple, tether, etc...)
haven't been clear rules regarding tax
but they are treating this as an investment

this mean investment rules apply
AKA if you sell it at gain/loss, you need to report it
UNCLE SAM will find out and sent you a bill

 

[Reporter]

This post of yours has been hanging around since 2017.

why yall got to go deleting my thread
yet....people posting fake food pic....is ok   

[hmgROCK]

This post of yours has been hanging around since 2017.

it's good stuff, man
if you going delete my thread
delete the dude THEKING fake food pic

[DuMa]

Just this past weekend, my dumb azz just won 3 jackpots in one night.  Now lets see, a 3g, a 8g and a 1.3g

The trick with jackpot winning at casino is to let the house holds your 24% of your winnings.  In this way, irs is not going after me.  I have receipt transaction from the casino that they withheld my 24%, which is the highest withholding for casino jackpot in the state of california.  I mean I can declare a 1% hold but that would still means that I would have to pay back them taxes.  Uncle sam don't play around.  He audit you if you have an income at a certain level.  If you are low income, he's not going after you.  I know a poor broke dude who won jackpots too but he never have to pay back any.

First of all, if you poor, you shouldn't be gambling in the first place.  Fix that beat down car of yours first before you go gambling.   Feed your kids first before gambling.  It makes my heart hurts just to see the poor driving a beat up car and still trying to gamble. 



 

[hmgROCK]

Just this past weekend, my dumb azz just won 3 jackpots in one night.  Now lets see, a 3g, a 8g and a 1.3g

The trick with jackpot winning at casino is to let the house holds your 24% of your winnings.  In this way, irs is not going after me.  I have receipt transaction from the casino that they withheld my 24%, which is the highest withholding for casino jackpot in the state of california.  I mean I can declare a 1% hold but that would still means that I would have to pay back them taxes.  Uncle sam don't play around.  He audit you if you have an income at a certain level.  If you are low income, he's not going after you.  I know a poor broke dude who won jackpots too but he never have to pay back any.

First of all, if you poor, you shouldn't be gambling in the first place.  Fix that beat down car of yours first before you go gambling.   Feed your kids first before gambling.  It makes my heart hurts just to see the poor driving a beat up car and still trying to gamble.

why you let the casino hold you money
just take it all and put in a high saving account so you can collect INTEREST
a few bucks till tax day april 15
gotta have discipline
can't be spending those money

[DuMa]

why you let the casino hold you money
just take it all and put in a high saving account so you can collect INTEREST
a few bucks till tax day april 15
gotta have discipline
can't be spending those money

And what am I gonna do with the tax that I have gained?  Cash out to pay the irs tax on that too? 

There is another way that I am going to teach you.  You take all jackpot winnings and when filing your tax, you can go and get a win/lose statement and if you are a typical gambler, you will be in the negative.  Take that amount and file a loss on gambling.   In cali, not sure if it is national but you can only file your lost up to how much you win.  It may not offset all but it will help some.  In other words, you better have money handy during tax season or bust.  Then again, the irs do let you do monthly payment with sign up. 

The irs takes your money first and he uses it to help built up this nations.  He pays you back though but without interest.  Now if you are a rogue person and has no lick for government, you can figure out how much you should claim on your w2 so that it should even out.  I don't owe  him nothing and he don't owe me a refund check.  Now that's how you can be an unamerican, riding on american built roads sponsors by everyone else and you can free load of that.     

[Cali Guy]

Lets say I sold some stocks; capital gain was 800k and capital lost was 50k. I understood because of high amount that I’ll need to file quarterly. What is the next process?

[hmgROCK]

And what am I gonna do with the tax that I have gained?  Cash out to pay the irs tax on that too? 

There is another way that I am going to teach you.  You take all jackpot winnings and when filing your tax, you can go and get a win/lose statement and if you are a typical gambler, you will be in the negative.  Take that amount and file a loss on gambling.   In cali, not sure if it is national but you can only file your lost up to how much you win.  It may not offset all but it will help some.  In other words, you better have money handy during tax season or bust.  Then again, the irs do let you do monthly payment with sign up. 

The irs takes your money first and he uses it to help built up this nations.  He pays you back though but without interest.  Now if you are a rogue person and has no lick for government, you can figure out how much you should claim on your w2 so that it should even out.  I don't owe  him nothing and he don't owe me a refund check.  Now that's how you can be an unamerican, riding on american built roads sponsors by everyone else and you can free load of that.     

lotto are consider income
it gets taxed
if you win $10k, you need to set about 25% to be safe
so you eat about $7,500 and give the other $2500 for uncle sam

you ask casino to withheld that $2500 for you
when you can just put it in a high saving account and get some INTEREST
till april 15

[DuMa]

lotto are consider income
it gets taxed
if you win $10k, you need to set about 25% to be safe
so you eat about $7,500 and give the other $2500 for uncle sam

you ask casino to withheld that $2500 for you
when you can just put it in a high saving account and get some INTEREST
till april 15

tell us again with your math skills how much am I gonna get out of 2500 from now till tax day? 

Why waste time going that route?  Let casino keep the tax so the irs can tax their azz instead of going after me.  By tax day, I might not even have that cash around to pay uncle same.  The safe way is the best way.  IRS off your back is a big burden off your back.

[hmgROCK]

Lets say I sold some stocks; capital gain was 800k and capital lost was 50k. I understood because of high amount that I’ll need to file quarterly. What is the next process?

quarterly, monthly, 6 months,etc... are for more for business
depending on the business
sometimes, they prepaid in advance, pay as they go
some wait till april 15 to pay it all at once..
you gotta check with your business and what kind of filing they choose to do



now for the AVERAGE JOE....working 9 to 5
it varies, but USUALLY employer just collect and withheld all your taxes for you
they will pay uncle sam using any of the following timeframe up above  (quarterly, monthly,etc...)


regarding your stocks, you don't pay quarterly
because you don't get your tax form till the end of the year
your brokerage will just send you a tax form and you just enter that into the investment
you pay your tax by april 15
$800k gain  -   $50k loss= $750k
if you trade in a ROTH IRA, you don't need to report

[hmgROCK]

regarding stocks
when you sell stock throughout the year
you need to set aside about 25% for the tax man if you have a captial gain
you will just set these money aside, all by yourself
no such thing as quarterly


just buying stocks, you haven't gotten any gains
so you don't need to report

it's only when you sell
also dividend are taxable, so you gotta report that