Anybody need help with their tax?

[hmgROCK]

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.

if you get that 2% high saving account on that $2500 the casino withheld for you
$2500x .02= $50/year
$50 / 12months= $4.16 x 4 months till april = $16.66

good for a case or two of beer

[DuMa]

if you get that 2% high saving account on that $2500 the casino withheld for you
$2500x .02= $50/year
$50 / 12months= $4.16 x 4 months till april = $16.66

good for a case or two of beer

$16 and I gotta do the reporting and all that on my end to the irs?  eff that.. 

Just like procrastinatio n.  I don't

Take care of it and move on with your life

[hmgROCK]

per cali-guy requested


if you just "BUYING" stock
you don't need to report anything until you "SELL"
when you "SELL", you realized the GAIN/LOSS

that's when you need to report
and depending on the time length you held the stock
you will be charge "LONG TERM(more than 1 year)" and "SHORT TERM (less than 1 year)

"short term"= more tax
"Long term"= less tax

keep the profit you make and keep 25% aside when you pay uncle during tax day april 15
there's no quarterly payment, because your brokerage don't mail them 1099 B till the end of the year

[hmgROCK]

there are different retirement account
taxable and nontaxable

in a ROTH IRA (nontaxable)....all your gains are tax free
meaning you don't need to report anything to uncle sam
$6,000 limit per year

go read some of my thread on the investment section

[hmgROCK]

if you are like DONALD TRUMP and bankrupty multiple business
you can write that as a "LOSS"
and carry that over year after year

and pay zero taxes for many years to come

people get upset DONALD TRUMP pay zero tax
he lost alot of money in the past
i won't be suprise if he still pay zero tax today

[DuMa]

My employer helps me not to pay that.  Some company has a benefit program calls FSA or flexible spending account. 

Lets say I make 10K a year.  10K is taxable.   Under this program, the maximum is allowable can be used to pay for lets say toll fees or fast track car pool passes or transit to work where I have to pay for the bus fare or parking fees at work.  Mine is only $270 a month but still, my employer cuts that amount off my paycheck and sends it to my house in a form of a live check.  This amount of money is non taxable so a win for me.  So when it comes to tax season, I'll just claim lets say 8K as disposable income so the irs will tax on my 8k. 

I can't wait to get marry where the wifey has health benefit that covers the entire family.  I then can ride off her health benefit and get off mine.  My employer, instead of paying the health insurance company lets say 300 bux a month, they then will take that 300 and give it to me instead.  $300 a month is a car payment so free car if I want to go that route.   Another tax free incentives. 

Competitions are high here thus why some companies are giving perks to help keep their employees employed with them longer. 

[hmgROCK]

$16 and I gotta do the reporting and all that on my end to the irs?  eff that.. 

Just like procrastinatio n.  I don't

Take care of it and move on with your life

IRS is not going come after you if you owe them $16
they got bigger fish to catch

[hmgROCK]

IRS will start accepting tax return next week.....Janua ry 27, 2020
those with kids and dependent will need to wait 3-4 more week if they are collecting the EITC
IRS need more verification to hand out them $$$

[hmgROCK]

coworker ask me a question today....thoug ht i share

what happen if your kids die on JAN 1, 2019?
if you kid die on Jan 1... Jan 2......march 3... anytime of the year
they still consider as having live with you the whole  year and you can claim them

[theking]

Two years ago, you posted the same thing you did this year, hmgRock.

This post of yours has been hanging around since 2017.

  CAUGHT TWICE...

[hmgROCK]

IRS accepting federal tax return today
those with dependent will need to wait an extra 3-4 weeks to get your refund
MID FEB to maybe LATE FEB
if you don't have dependent, you should received it fast, maybe next week the latest
this week the earliest


For STATE, it should be fast too, for both single and people with dependent
depending on your states
looking at this week or next week for your refund if you have any

[Redsea]

I have a few questions (for now, more may come up later).

Using Turbo tax:
 1. how does one qualify section 179 expense (not related to Turbo Tax)
 2. where do you enter or write up an explanation note to the IRS in Turbo Tax?

Filing (marry vs separate):
1. I've heard married couple are making big bucks by filing separate.  Please do explain the good, the bad, and the ugly.

Thanks,

[hmgROCK]

I have a few questions (for now, more may come up later).

Using Turbo tax:
 1. how does one qualify section 179 expense (not related to Turbo Tax)
 2. where do you enter or write up an explanation note to the IRS in Turbo Tax?

Filing (marry vs separate):
1. I've heard married couple are making big bucks by filing separate.  Please do explain the good, the bad, and the ugly.

Thanks,

1. so most of the people i help with (simple W2 tax).  you won't be doing those kind of stuff, because you don't make enough money $$$. you will just take the standard deduction.
  unless you own like a business and have ton of expense that you need to deducted.  $24k for married

2. it will just be under the deduction tab. might need to purchase the business version.  if you wanna write off that $50k donation you make to GOODWILL, again. i don't think you make that much, maybe you do or don't.  the IRS will contact you and do AUDIT if you are claiming like $100k on traveling expense and your business don't even travel etc....

3.  if you are making big buck $500k++ than it's best to be single so your spouse don't pay the higher tax if they make only $30k
cuz it's combine
if you are poor, than married jointly is the way to go

[hmgROCK]

Redsea


unless you are making big money $$$ like in the 6 digital plus
i'm talking about $200k+  to millions and billions $$$
you will just take the standard deduction $24k for married couple

90% of american just take the standard deduction
because wage is low
and they are wage slave

lmao
 
im one of them