Haven't checked.
Expecting to cut a 5 figure check, and the first digit isnt a 1, to the IRS.
Hooray being a 1099 business owner...
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Haven't checked.
Expecting to cut a 5 figure check, and the first digit isnt a 1, to the IRS.
Hooray being a 1099 business owner...
I made about 20K more this year than I did last year. I'm a 1099 who hasn't quite gotten around to quarterlies yet...but I still owe only $700 or so more than last year and got another 3-4K in deductions this year.
Quote:
Originally Posted by Grant H.
I'm in this camp.Quote:
Originally Posted by esizer
Damn...suddenly I feel much better! Thanks!Quote:
Originally Posted by Grant H.
[Coffee]
A lot of people here are mentioning a smaller refund (or having to pay), but aren't mentioning if their total tax actually went up or down... this is the same thing the fake news is harping on.
When the tax change went into effect, most peoples withholdings automatically dropped, so its no surprise that many people didn't get as much back. But I'd bet that for most, their total tax amount decreased.
Yeah...according to my CPA, had my taxes been done under the old system, my refund would've been about double what I received back. Kinda pissed me off, but meh, it is what it is. Taxation is theft.
Yeah, I've never bothered with quarterlies... I probably should, but I really hate doing taxes, so I do them once a year.Quote:
Originally Posted by esizer
It sucks, but I do like being a 1099 for a fair number of reasons.Quote:
Originally Posted by Irving
Buying tools and such with pre-tax money is one of the cool ones.
Lol. You're welcome.Quote:
Originally Posted by Bailey Guns
It sucks, but it's just part of the game.
I'll be able to tell pretty quickly when I get around to it.Quote:
Originally Posted by DenverGP
In general, with the standard deduction nearly doubling, that should make most folks tax bills lower.
I'm looking forward to writing off the miles to my favorite liquor store from now on. I have a hard time with quarterlies as well. Doesn't help when you never have any idea how much you're going to make. For most of this year I had made so little money that I wasn't even sure if I was going to owe any taxes. Then a hurricane happened and I made 40% of my annual total in 3 weeks.Quote:
Originally Posted by Grant H.
I was surprised when I realized that last year, my itemized deductions were about 23K. This year we had less deductions but it didn't matter since we took the standard 24k. But even with last years and this years deductions being close, the total tax was significantly lower on slightly higher income.