How are your taxes looking this year?

[Exterous]

Not too bad for us. Managed to inch our effective tax rate a tad lower but the wife's side business is now out of the startup phase so we'll probably owe a chunk on that next year. Small business taxes are so fun and reasonable...

 

[TwiceOver]

They look long since done.

 

[Ken g6]

I put a bunch of money in an IRA, so I'll get a lot more back this year. But my investments also have over 200 little buys/sells, of which I think I should review at least few. I'm putting that off.

 

[Red Squirrel]

I went to sign today for mine actually. Getting about $1,300 back. More or less what I get every year. Should be able to finally pay off the credit line. Every time I come close to paying it off something comes up. My company always waits last minute to send our T4 so it always takes me a while to get them done.

 

[bbhaag]

Still waiting on our k form. We decided to do an sep-ira so the k form had to be redone. Estimates put us at owing around 18k-20k. Not bad considering the year we had but we need to spend more money on the business next year.

 

[Red Squirrel]

Still waiting on our k form. We decided to do an sep-ira so the k form had to be redone. Estimates put us at owing around 18k-20k. Not bad considering the year we had but we need need to spend more money on the business next year.

Ohhh ouch that sucks. That's always been my fear, that some weird thing happens and I end up owing a huge amount like that. I've heard of it happening to people. Usually has to do with trying some "trick" from sketchy financial advisors though. Then you get audited and end up owing a ridiculous amount. I got nailed on my first year out of college and living on my own. Any write offs I got for living at my parents and being in college were gone and I didn't do anything to offset that so ended up owing. Was not a huge amount though but still sucks. Now I buy RRSPs and have a monthly charity donation to ensure it does not happen.

 

[AznAnarchy99]

About to go meet with my tax person right now. Wish me luck.

 

[JEDIYoda]

I am going to Cancun with my return!!!

 

[bbhaag]

Ohhh ouch that sucks. That's always been my fear, that some weird thing happens and I end up owing a huge amount like that. I've heard of it happening to people. Usually has to do with trying some "trick" from sketchy financial advisors though. Then you get audited and end up owing a ridiculous amount. I got nailed on my first year out of college and living on my own. Any write offs I got for living at my parents and being in college were gone and I didn't do anything to offset that so ended up owing. Was not a huge amount though but still sucks. Now I buy RRSPs and have a monthly charity donation to ensure it does not happen.

Nothing weird happened. Because we are taxed as an scorp the business taxes get passed through to us that way we save from double taxation. The business gives us an annual disbursement to cover the tax bill. It wasn't unexpected or a surprise.
Like I said we had a good year and if we have another good year we will need to spend more on the business to lower our tax rate for 2018.

 

[Squisher]

Owed $1600 to the Feds and $350 to the State of Michigan.

Now I have tax payments to make for next year. Oh well, better than not making any money.

 

[Red Squirrel]

Nothing weird happened. Because we are taxed as an scorp the business taxes get passed through to us that way we save from double taxation. The business gives us an annual disbursement to cover the tax bill. It wasn't unexpected or a surprise.
Like I said we had a good year and if we have another good year we will need to spend more on the business to lower our tax rate for 2018.

Oh I see yeah guess it's different for a business then. So if you know to expect it then you can save up throughout the year.

 

[ImpulsE69]

I got $6 federal back. Chaching!

 

[FelixDeCat]

I do mine at the last minute. Got a month to go before I screw with it.

 

[Fardringle]

I adjust my withholdings and pre-tax contributions so that I don't give Uncle Sam an interest free loan all year. I usually end up just about even each year, which is where it should be so I can have my money throughout the year instead of waiting for the IRS to give me my money back without interest..

 

[RockinZ28]

Did a quick run with CK or Mints new tax filing, can't remember which.

Showed about $1k back I think. Probably file with something more substantiated like TT though.

I'm good with that after owing about 3.5k last year thanks to the wife...

 

[RichieZ]

owed $4k fed and got back $650 from CA

 

[Linflas]

Like every year, I make, they take.

 

[cbrunny]

Mine will be close to zero refund. Wife's will return several thousand this year due to employment changes and other fun stuff.

 

[boomerang]

Pretty much nailed my withholding. $40 back from the feds, $45 back from the state. I was surprised it came out that close although I had made a concerted effort to make it shake out as close as possible. Next filing will reflect selling a primary and secondary residence as well as a replacement for the primary. I'm hoping I can still do them myself and that I can minimize the capital gains on the sale of the secondary.

 

[AznAnarchy99]

Because of the house I bought I'm getting about $2500 back. I owe some business tax but that's going on my partner cause he's been taking out money for a while.

 

[JTsyo]

Have to pay both the feds and the state. Kind of surprised since my wife had dropped 10 hours a week.

 

[Oyeve]

Hopefully I will break even.

 

[dullard]

Have to pay both the feds and the state. Kind of surprised since my wife had dropped 10 hours a week.

The amount the company withholds is highly non-linear. Thus if she dropped income by 25% when she dropped 10 hours, her employer may withhold say 50% less. If the withholding dropped so much, then of course you have to make up for it when you file taxes.

 

[TXHokie]

I keep getting email to go to turbotax website to get my refund that's waiting. I logged in, punched in a few numbers and it said I owe $600 so I gtfo. Those stupid spam email keeps coming tho.
Ask me again on Apr 15.

 

[rh71]

We owe like $4k. AMT crap.