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Old 03-04-2024, 11:02 AM  
Buehler445 Buehler445 is online now
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2024 Tax Season Thread
It's that time.

Let's talk taxes.
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Old 03-04-2024, 04:41 PM   #31
ChiTown ChiTown is offline
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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...
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Old 03-04-2024, 04:57 PM   #32
UteChief UteChief is offline
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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.
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Old 03-04-2024, 05:03 PM   #33
Ming the Merciless Ming the Merciless is offline
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Now, you may ask if I could do it as I go and not have to do it all at once at the end of the year, and the answer to that question is yes. Yes, I could, and every year I think I should, and then I don't.

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.
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Old 03-04-2024, 05:06 PM   #34
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Sucks for sure.

Had a good year killing weeds and spent an ass load on equipment and repairs so offset most.

Cap gains are a killer so been holding back on taking stock profits.


Hope cattle stay strong so I dont get blind sided. My customers that are all grain are about to get a dose of reality with cheap corn and beans in the next year or more.
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.
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Old 03-04-2024, 05:07 PM   #35
Ming the Merciless Ming the Merciless is offline
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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.
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Old 03-04-2024, 05:11 PM   #36
kstater kstater is offline
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Originally Posted by loochy View Post
Well it's really freaking hard to nail it right on, and it really sucks to have to cut a check every year so I always err on the side of refund. That measly couple of thousand or so wouldn't have generated much extra if it was invested anyway.
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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Old 03-04-2024, 05:14 PM   #37
BigRedChief BigRedChief is online now
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****ers! They always get more of my money than should be allowed to take from me.
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Old 03-04-2024, 05:16 PM   #38
Buehler445 Buehler445 is online now
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Do not have.

Seriously, you CPA's perform voodoo black magic. I sit down with my CPA every early December, ask him how much equipment I have to buy to not get raped by the man, and he figures it out within about 5-6 minutes.

I choke back tears, he tells me to stop being a bitch and start shopping.

Incredible.
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.

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Dumb question, but will my accountant determine that or?
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.

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Because I have an apartment attached to my house, I have to go through every credit card transaction, electronic payment, and written check to see what expenses apply to the house, to the apartment, or to an apportioned combination of the two. It's roughly 1,200 transactions this year.

Now, you may ask if I could do it as I go and not have to do it all at once at the end of the year, and the answer to that question is yes. Yes, I could, and every year I think I should, and then I don't.
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.

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Originally Posted by Ming the Merciless View Post
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'm dumping QB. Hopefully next winter. They've got a bad case of the suck.
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Old 03-04-2024, 05:29 PM   #39
lewdog lewdog is offline
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My wife had her withholding set to married filling separately by mistake all year.

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

Great!
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Old 03-04-2024, 06:13 PM   #40
notorious notorious is offline
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Originally Posted by HonestChieffan View Post
Sucks for sure.

Had a good year killing weeds and spent an ass load on equipment and repairs so offset most.

Cap gains are a killer so been holding back on taking stock profits.


Hope cattle stay strong so I dont get blind sided. My customers that are all grain are about to get a dose of reality with cheap corn and beans in the next year or more.
Thank god I didn't get into corn futures this past year. Holy shit.
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Old 03-04-2024, 06:49 PM   #41
Buehler445 Buehler445 is online now
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My wife had her withholding set to married filling separately by mistake all year.

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

Great!
It’s not that much if you have that Lewdog cheddar.
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Old 03-04-2024, 07:07 PM   #42
Jewish Rabbi Jewish Rabbi is offline
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My wife had her withholding set to married filling separately by mistake all year.

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

Great!
Seems like chump change for a guy like you
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Old 03-04-2024, 08:29 PM   #43
lewdog lewdog is offline
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It’s not that much if you have that Lewdog cheddar.
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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!
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Old 03-04-2024, 08:37 PM   #44
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Old 03-04-2024, 08:38 PM   #45
lewdog lewdog is offline
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Single 7 figure income
Bro, that ain't me. You've got me confused with Scho!
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