[IRS] How much money do you owe this year?

Uncle Sam gave me a nice interest free loan for the year and now it is time to pay him back. Really need to even things out but was expecting this.

 

I am writing off Brewer.

 

Five people on here owe $100k+.

 

I'm no CPA, but "turning the corner" is not a deductible expense

 

I would expense the bricks under Cost of Goods Sold.

 

Mmmm, true. How much fuel, and what type of vehicle, does it take to turn the proverbial corner?

 

Day Trading is hell. Thank you for your service.

 

Forced savings.

Being self-employed, I'm very afraid of owing big one year, but it hasn't happened yet.

 

I owe 8k

Luckily.

I will write off enough to come out on top.

And I don't make enough to be looked at.

 

I owe $1253.

Childcare credit doesn't really do much for me (about $600 credit). FSA route is much better.

I'm hoping between doing more FSA and withholding a little extra for each check, I can break even. I miss the days of the $1K refunds, but now uncle sam says I make too much. Guess I can't complain.

 

My wife and I both claim 0 dependents to get taxed to the max. Two kids in daycare that runs me 500 a WEEK, and we owed money every year except this year, because I didn't make as much due to being out of work for a little. People say, well you make too much. I dunno man...something doesn't seem right.

 

Same here. Definitely need to make adjustments to my wife's W4. Didn't help that we had so few deductions last year as we were renting a house. Definitely doesn't help that the government screws over teachers in so many ways. Only $250 is claimable on supplies...which is f***ing ridiculous.

 

Those child tax credits and childcare credits go away quickly once you reach a certain threshold.

 

I still haven't done mine, I'll probably file for an extension. I should owe around 5 or 6k, but I have a good amount to write off. I hate this time of year.

 

Getting a refund as usual.

I write off TONS of stuff every year for my rental income (lots of repairs, unfortunately) and my music income (supplies, mileage, portion of applicable bills, etc.). That way, what I owe on that income doesn't cut into the normal refund we usually get from our regular 9 to 5 income.

 

Extra teaching supplies should go as a donation. I know the IRS would say differently, but I think I could make the argument.

 

The childcare doesn't. 20% of up to $3K per child ($6K total, as there is a 2 child limit more or less). Your income level does effect the % of the credit, but 20% is the lowest and kicks in at a relatively low income ($40kish).

 

I owe about 9500 this year but may have to file an extension. I want to double check to make sure I'm able to write off the appropriate stuff. How much do you need to make that they will start evaluating your case?

 

Right, so at the end of the day, the folks who are paying $12K per year, are receiving a credit of $600 (or 5% of total).

The FSA route seems to be better, because you can set aside $5K per year pre-tax. So if you're at the 25% rate, that saves you $1,250 in taxes ($5K X 25%). As a percent of your total amount paid, you're saying about 10% (assuming $12K a year). And I haven't any threshold for that.

 

I think I owed like 800 bucks, but I got a 2 dollar refund from the State of Virginia, so I got that going for me, which is nice.