2018 Taxes - Did the tax cut hurt or help you?

[Hummer]

I think it's a darn shame that personal financial management isn't a required course study at the elementary, junior high and high school levels.

[CS1983]

I think it's a darn shame that personal financial management isn't a required course study at the elementary, junior high and high school levels.

How can an organization at large (public schooling), that is utterly, egregiously wasteful in its own budgeting teach about budgeting?

[XC700116]

$103 less taxes paid on $4600 more income all said and done.

[Skip]

[snip]

I've looked at it, and given how I move around on contracts, the additional paperwork doesn't make sense.

Also, given the phone call I just got, I may not be a 1099 anymore in the near future...

The S-Corp is specific to you and your business and is on the level of your LLC filing, exists for all your customers.

Taking a new contract is as easy for me as setting up a new customer in QuickBooks and setting up the job. They can then 1099 me all they want, doesn't matter, it's corp-to-corp. The difference is how I handle the money coming in and pay myself. I also have better accounting if they don't 1099 me because everything is running through the corp.

The only time it doesn't make sense is if you are transitioning between contract/employee work or back and forth (which would look sketchy to the IRS).

[CS1983]

So... hrm.

When we went through HR Block, they calculated our return at 454 dollars.

I just logged in to the bank account and saw our return direct deposited: way higher (6.5k).

So now I guess I gotta go back to HR Block and have them double look. I can’t imagine the IRS corrected HR Block and found a mistake in our favor. If they did, awesome. If not, then I want to get it back ASAP so we done get hit with interest charges on an erroneous return.

Anyone ever experienced this issue and have any advice on steps to take?

[ChickNorris]

Hehehe ...Parabolas.

[brutal]

So... hrm.

When we went through HR Block, they calculated our return at 454 dollars.

I just logged in to the bank account and saw our return direct deposited: way higher (6.5k).

So now I guess I gotta go back to HR Block and have them double look. I can’t imagine the IRS corrected HR Block and found a mistake in our favor. If they did, awesome. If not, then I want to get it back ASAP so we done get hit with interest charges on an erroneous return.

Anyone ever experienced this issue and have any advice on steps to take?

Yea, I'd be looking hard at it. I suppose it's possible HR messed up royally. I'd be pounding on someone's desk over that if so.

While far fetched, it's entirely possible that someone else filed fraudulently, but your bank routing info got tied to your SSN.

Couple years ago someone tried to file my taxes for a refund. ROTFLMFAO. I never get a refund. I pay big $$$$ every year. Thankfully, the IRS must have smart enough algos to figure that one out and did not issue a refund to the scum. Interestingly, they accepted my extension in April as is usual, but the fraud had been committed months earlier. Why they didn't contact me is a mystery. I only found out when they rejected my e-file in October with a code that indicated I had to contact the IRS before paper filing. They agent basically told me they were waiting for me to contact them. It was a huge hassle for me to straighten out, prove I was who I said I was, and actually file that year.

[CS1983]

So... hrm.

When we went through HR Block, they calculated our return at 454 dollars.

I just logged in to the bank account and saw our return direct deposited: way higher (6.5k).

So now I guess I gotta go back to HR Block and have them double look. I can’t imagine the IRS corrected HR Block and found a mistake in our favor. If they did, awesome. If not, then I want to get it back ASAP so we done get hit with interest charges on an erroneous return.

Anyone ever experienced this issue and have any advice on steps to take?

HR Block called my wife back. They said that when we filed our taxes there was a system glitch (unclear if on theirs or IRS) and wasn't calculating the child tax credit, so the IRS has been correcting this before sending returns. So, according to them, we indeed have a return which is much higher than we originally thought. However, it comports much more with what I'd been calculating w/ the help of online calcs prior to filing.

I plan to go into the office today to try to get something amended/in writing, so if there are any issues in the future we have proof of what we were told.

Any idea how long it takes to get the IRS explanation letter for refunds?

[brutal]

HR Block called my wife back. They said that when we filed our taxes there was a system glitch (unclear if on theirs or IRS) and wasn't calculating the child tax credit, so the IRS has been correcting this before sending returns. So, according to them, we indeed have a return which is much higher than we originally thought. However, it comports much more with what I'd been calculating w/ the help of online calcs prior to filing.

I plan to go into the office today to try to get something amended/in writing, so if there are any issues in the future we have proof of what we were told.

Any idea how long it takes to get the IRS explanation letter for refunds?

My experience is they'll claim they sent you two letters that were ignored and the third will be a demanding letter threatening asset seizure or wage garnishment.

[CS1983]

My experience is they'll claim they sent you two letters that were ignored and the third will be a demanding letter threatening asset seizure or wage garnishment.

Buddy reminded me that Credit Karma has a tax filing service for free. So I just went through and entered in all my applicable info, dependents, etc. -- essentially did the same thing HR Block did, and the return amount is estimated at the exact amount we had deposited.

I went by HR Block today and they said the glitch was related to child tax credit (confirming what they said on the phone).

So, at this point I think I'm out of the woods on this.

This money will go towards our mortgage payment's monthly nest egg. As of now we have 5 months of mortgage payments saved for when we move. That way, if the house doesn't sell or is delayed, we aren't tight on our budget at the new place due to paying rent/mortgage or mortgage/mortgage. If all goes quickly and well, we'll shift it to paying off any vehicle debt we may have at that time.

Once we do that, the only debt we will have is a house, when we decide to buy again.