I have a massive Tax Bill due to the Feds on 4-15, primarily because I took advantage of a few tax loopholes in 22 and 23. I ****ing hate taxes...

Can anyone explain the child tax credit and the possible change? If I understand it correctly there is a $2,000 credit. $1,600 is refundable. Which the government may change, but if I owe more than the $2,000 in taxes, then any additional refundable amount won’t matter to me.

quickbooks makes this very easy.. you can even split receipts in case a percent of a receipt can be written off...


I rarely endorse things, but quickbooks has really changed my life with the automated connection between my various accounts and tracking expenses / income..


is it still a chore? yes. Do i procrastinate and wait too long and let transactions "build up" in the queue.. my god yes. But , its SOOO much better now.

I saw something this year that had never occurred to me before.

I had two good stocks that I had a fair amount of money in, and they were up quite a bit. Both companies got acquired in 2023. Instead of a stock exchange, they were allowed to just take my stock and pay me for it. So now, because of a decision that some big company made, I owe a lot of unplanned capital gains tax. I didn't want to sell the stock, either. The sale was forced on me. That really stinks.

wrapping up loose ends but this will be the 1st year in a long time that I havent had to file an extension, and its because i FINALLY started using quickbooks instead of becoming the guy from Christopher Nolan's "Memento" as usual.

I've had $1 returns twice. Never cashed them, they would send me new checks every year. Got real pissed last year when they changed their rules and applied under $5 returns to the next year's taxes automatically.

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****ers! They always get more of my money than should be allowed to take from me.

First, don't lump me in with those psychos. I'd eat a bullet if that was my life. ****.

Your books must be in good order.

I've just accepted the rape. I needed to retain earnings and improve my cash position. So rape it is.

There are rules for different treatments. The equipment I think will be 5 or 7 years. If you bought a building it will be like 29 years I think. Then there is Bonus and 179 available, so there are levers to pull. I'm not very good on the depreciation shit, I just believe the software and carry forward as much depreciation as I can.

Dude. Get a different credit card for business only expenses. Then put all the non-deductable shit in a big pile that no one cares about, and light that shit on fire.

Or just **** your credit card statements alltogether and calculate them off your receipts. You have to keep them anyway.

I'm dumping QB. Hopefully next winter. They've got a bad case of the suck.

My wife had her withholding set to married filling separately by mistake all year. :facepalm:

Couple that with rolling an IRA over to a ROTH and we had to pay $4k.

Great!

Thank god I didn't get into corn futures this past year. Holy shit.

It’s not that much if you have that Lewdog cheddar. :D :Poke:

Seems like chump change for a guy like you

Nah man, I'm cheap as **** and my wife barely works. Basically a single income household over here!

Single 7 figure income

Bro, that ain't me. You've got me confused with Scho!