2024 Taxes reddit

Congrats, there will be no changes to your tax life. You are not selling with the intention of making a profit. This is similar to having a yard sale and this income is not taxable. This is assuming you bought these items at a higher price than what you sold them for. Example; Selling your old Gamecube you bought for $150 20+ years ago, for $40 .... Service garage door

Coinbase sends a tax form called a 1099-MISC (Miscellaneous Income) to both you and the IRS. You'll be issued a 1099-MISC if your Coinbase transactions meet certain criteria, typically if they exceed $600 in value. The IRS receives a copy of the 1099-MISC form from Coinbase.This is ONE of the MANY ways the IRS tracks your crypto!Without forms/extra returns turbo tax has for often extra fees these your tax filing isn’t going to be as accurate if you actually need them ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended ...As the old adage goes, taxes are a fact of life. And the more we know about them as adults the easier our finances become. There are many things to learn to become an expert (this ...Most interest and dividends thrown off by investments and funds in a taxable account are taxable as ordinary income at your marginal tax rate. Bank interest and bond fund dividends are the most common. However, dividends paid by U.S. companies, whose stock has been held for at least 60 days prior to the ex-dividend date (90 days for preferred ...Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. … MOD. Tax Filing Software Megathread: A comprehensive list of tax filing resources. Taxes. Please use this thread to discuss various methods of filing taxes. This can include: Tax Software Recommendations (give detail as to why! Tax Software Experiences. Other Tax Filing Tools. Experiences with Filing Manually. Taxes. My husband and I make just over 100,000/year combined income, now. But this applies to both this year and years previously where our income was substantially less. We ALWAYS owe the feds money. Every single year, yet we tend to get back a decent state refund (which thankfully usually offsets what we owe the feds).This month, Reddit is poised to reach the stock market in one of the first tech initial public offerings of the year. Its move stands out. Unlike a recent crop of …Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. ... Turbo tax was pretty easy to use but they try and up sell the hell out of everything. I don’t know if I could have gotten out of there under $70 all in. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. Don't post questions related to that here, please. The difference between claiming 0 and 1 on a tax return is that 0 means the taxpayer claims no exemptions while 1 means the taxpayer claims one exemption, according to the IRS. A t...taxslayer. taxact. Next post Can the Tax Office Check Your Bank Accounts? This article provides an overview of the best tax services available for …IIRC correctly, underpayments are figured quarterly because the IRS requires payment in full (or close) and on time. It sounds like you were likely underpaid in Q2 and that underpayment may have persisted into Q3. Obviously by Q4 you had met the safe harbor criteria. Fill out Form 2210 (or look at the form view in your tax software) to confirm. A pro is going to cost $350 to $750, and perhaps more depending on the location. Pricing cam vary wildly. Someone may do your return for $300 while another place may not answer the phone for less than $1500. If you use a tax pro, use a credentialed tax professional (CPA, Enrolled Agent, attorney, or AFSP practitioner). One example of an indirect tax is sales tax, which is imposed entirely on the buyer rather than both on the seller and the buyer. Indirect taxes are taken from stakeholders that ar...Cash App Taxes supports most IRS forms and schedules for federal and state returns, including Schedule C. It doesn't cost a dime for preparation and filing, but it doesn't offer as much support as ... Most (not all) people take the standard deduction if they don't own a home. Mortgage interest, real estate taxes, and state income tax (or sales tax paid if you live in a state with no income tax) generally make up the biggest deductions. Medical expenses are only deductible if they exceed 10% of your income. It is an amount that you get taxed at 0%. This is "before" your income starts poking into any of the tax brackets, and people almost always forget that when talking about tax rates. If your standard deduction is $12,400 (note that if you can be claimed as a dependent, it is often smaller) then your first $12,400 of income is taxed at 0%.TurboTax is a software package that helps you file your taxes. It is one of the most popular tax programs available, and for a good reason. It is easy to use and can help you get y...Alternatives to Reddit, Stumbleupon and Digg include sites like Slashdot, Delicious, Tumblr and 4chan, which provide access to user-generated content. These sites all offer their u... Same. The first time filing my tax as a 17 year old, I had to get a thick scary booklet from the post office and get tax clinic volunteers to do it all the way up to university. After using browser based tax software for simple tax items, it just feels like filling out a longer application form. A pro is going to cost $350 to $750, and perhaps more depending on the location. Pricing cam vary wildly. Someone may do your return for $300 while another place may not answer the phone for less than $1500. If you use a tax pro, use a credentialed tax professional (CPA, Enrolled Agent, attorney, or AFSP practitioner). Cashapp tax had 0 fees. I didn't have any issues getting setup on my desktop, but cash app didn't have some features that make turbo tax very easy. I couldn't upload any documents and typed everything individually. Luckly it was pretty easy to do so since I could just review what I put in turbo tax.A community for Redditors who are tax professionals to discuss professional development, firm procedures, news, policy, software, AICPA/IRS changes, news/updates about law relating to any tax - U.S. and International, Federal, State, or local.As a single individual, you are barely in the 12% tax bracket, most income in the 10% bracket. Your taxable income is about 11,000 after standard deduction. 1,136 is about 10% of your income. This makes sense overall. Your withholding just closely matched the tax amount this year. Better than last year. 11.Cash App Taxes supports most IRS forms and schedules for federal and state returns, including Schedule C. It doesn't cost a dime for preparation and filing, but it doesn't offer as much support as ...Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything.Yes, often normal as both companies were withholding taxes based on your wages at the respective companies. Company A withheld based on the belief you would have $39,000 of income. Company B withheld based on the belief you would have $77,000 of income. In fact, you had $116,000 in income. Yes.Since expenses reduce your profit, less of your business income is subject to SE tax. If your expenses in 2020 were also about one third of your gross income, then your net self employment income would be about 14k. Self employment tax would be about $2000 and income tax would be less than $150.Reddit is a popular social media platform that has gained immense popularity over the years. With millions of active users, it is an excellent platform for promoting your website a...Reddit, often referred to as the “front page of the internet,” is a powerful platform that can provide marketers with a wealth of opportunities to connect with their target audienc...Confused about local taxes. Unsolved. I am filing a joint return with me and my wife. Everything has gone smooth up until the local taxes part. My wife had 2 employers plus unemployment last year. #1 she worked at the beginning of the year at the office, then remotely for a month or so. They neglected to withhold any local taxes, not for the ...Jul 6, 2023 ... ... When you "pay taxes" do you actually have to give up money? 3 upvotes · 12 comments. Top Posts. Reddit · reReddit: Top posts of July 6, 2023&nb...Taxes. Please use this thread to discuss various methods of filing taxes. This can include: Tax Software Recommendations (give detail as to why! Tax Software …Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything.Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. …Tax Software. Cash App Taxes 2024 (Tax Year 2023) Review. Totally free federal and state tax filing. 3.5. Good. By Kathy Yakal. Updated February 5, …Dec 2, 2021 ... Generally speaking, expect 25%-33% of your income to go to taxes. This is normal. In many non-American developed countries, this can be closer ... Freetaxusa is great. I usually do my taxes first in TurboTax because they tend to have some nicer import features, and then I'll do them in freetaxusa. You don't have to pay until you file. If the numbers match up I know I did them right and I'll submit through freetaxusa because fuck TurboTax. The short answer is yes. The more detailed response is still yes; you have to report and potentially pay taxes on any crypto transaction that results in a taxable event with gains or losses. While not every crypto transaction is a taxable event, many are. Below, we’ll describe how crypto is taxed and what constitutes a taxable event.Here is a IRS tool to determine if you need to file for 2020. If you have over 400 in self employment, over 1100 in unearned income like investment gains, or over 12400 in earned income, you have to file. See Form 1040 instructions pages 10 and 11 for filing requirement details for dependents. Also some include the state tax return for free. Just finished both in TurboTax and FreeTaxUSA and they both came out to the same exact amount for my return, so that helps my confidence. The main difference that I noticed is TurboTax wants to charge $69 and FreeTaxUSA wants to charge $0. As for User Experience, they definitely feel different. Taxes on $72,600 is 12.0%, but your employer doesn't go back and just change it all to 12.0%, they (at the direction of the IRS) keeps the old 11.7% on non-OT and just withholds the higher amount on OT. ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State ...I called them a few years ago when I still needed to do the catch up/amnesty program, and they wanted at least 2000$. I almost hung up the phone right when they gave me the quote :D. I ended up going with Expat Tax Online, which cost me around 8-900 to catch up, and about 250-300$ a year to file. Reply reply.Filing Taxes: W-2 Box 14 Explained. Taxes. Hi Everyone, I just personally filed my taxes for the first time. I used H&R Block as they have free Federal returns AND free State returns, as long as your Adjusted Gross Income is $69,000 or less (most of the other services offer free Federal returns, but charge for state returns, as can be seen on ...Tax Software. Cash App Taxes 2024 (Tax Year 2023) Review. Totally free federal and state tax filing. 3.5. Good. By Kathy Yakal. Updated February 5, …A user shares a comprehensive list of resources and tips for filing an individual tax return in 2022, including IRS Free File, free tax preparation programs, and self … Depends on how Much it would cost you. At 150k your average pay Works out at +-30$ an hour, after tax. we I pay someone 50$ to make mine, instead of taking 3 h of my week-end to do it myself...paying 1.6 h of my hourly pay to save 3h of doing something I don't like is a good investment. r/personalfinance. true. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. …When tax season approaches, that means it’s time to get a copy of your W2 from each job you worked that tax year. If you don’t receive copies before your appointment to have your t...Are you looking for an effective way to boost traffic to your website? Look no further than Reddit.com. With millions of active users and countless communities, Reddit offers a uni...IIRC correctly, underpayments are figured quarterly because the IRS requires payment in full (or close) and on time. It sounds like you were likely underpaid in Q2 and that underpayment may have persisted into Q3. Obviously by Q4 you had met the safe harbor criteria. Fill out Form 2210 (or look at the form view in your tax software) to confirm.Before you file taxes with cash app. I’m just gonna leave this here since i know it’s different for everyone, but i had my taxes “accepted” a day after filing with cashapp. This still hasn’t been reflected on the IRS website after almost 2 weeks now. and it’s ridiculously difficulty to get in touch with support because the support ... To get the same thing, set up your W-4 appropriately, then have the difference in taxes be automatically allocated to a savings account that you don't touch and use it as you like end of the year. Or put it in a retirement account (preferably a 401(k) if your company matches) and start building your wealth for retirement. For example, in this case, you have $10,500 of expenses. You need $4,000 of net expenses to get the full credit, which means you can exclude $6,500 of taxable scholarship. If the terms of your scholarship allow for it, you could report an income of $16,500 (total scholarship) - $6,500 (able to be excluded) = $10,000.Reddit's largest economics community. Serving as a central forum for users to read, discuss, and learn more about topics related to the economic discipline. ... "The …Use turbo-tax, H&R block, any other, these are just the ones I know offhand. If it's super simple it's free. If it's pretty simple they'll charge a small amount. ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing ...I would need to use TaxAct Premier (cheapest version that supports Schedule D for investments), which is $40+$40. So it's a little cheaper than TurboTax but still rather expensive. TaxSlayer: $47 for federal filing and $29 for state, cheaper still. FreeTaxUSA is $6 for federal and $14 for state.Had taxes been taken out of you paycheck, your employer would have given you a W2 form by January 31, 2015. You would have seen dollar amounts on your pay stubs for things like Fed Withholding, Social Security, and Medicare. Sometimes you are paid without taxes taken out. In this case you would receive a 1099-MISC.ADMIN MOD. Reminder, use your Triangle Mastercard to pay municipal taxes and bills. This has been mentioned many time before; you can use your Canadian Tire/Triangle Mastercard to pay bills. You also get 1% reward for paying your bill, which could be a substantial amount depending on your municipal taxes. Not every bill payees or …Turbotax gave me a $489 return. Take the $89 for the premium version they claim I have to have to file, and another $40 in service fees, leaving me with a $360 return. Free tax USA quoted me a $530 return to start, but by the end, it dropped to $503. All the same info, not sure what the service saw differently to deduct from. Chime (Column Tax).Simple example: you were reimbursed $8k in scholarships every year. You add $8k to your return, at 12% rate you own $960 in taxes. Instead you take the AOTC, you add $12k to your return, at 12% you own $1,440 in taxes that can be offset by $2,500 in tax credits. Now the government owes you $1,060.I would need to use TaxAct Premier (cheapest version that supports Schedule D for investments), which is $40+$40. So it's a little cheaper than TurboTax but still rather expensive. TaxSlayer: $47 for federal filing and $29 for state, cheaper still. FreeTaxUSA is $6 for federal and $14 for state.Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything.Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. ... Just used for IN taxes (helping a friend file) and says they owe about $8k, same info input into TaxSlayer and they get a $50 refund. They are over the income level to use the other free ...There’s a question about “virtual currency” on the front page of your tax return, making it clear you need to disclose crypto activity. If you don’t report transactions and face an IRS ...Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. …In today’s digital age, having a strong online presence is crucial for the success of any website. With millions of users and a vast variety of communities, Reddit has emerged as o...Alternatives to Reddit, Stumbleupon and Digg include sites like Slashdot, Delicious, Tumblr and 4chan, which provide access to user-generated content. These sites all offer their u... If your income is low ($<39,000 for TurboTax), you can qualify for their FreeFile program. If you don't use FreeFile, buy the physical CD (their online pricing is a ripoff). For comparison, their Deluxe edition online costs $110 for 1 federal and state filing. The physical CD on amazon costs $50 for 5 federal filings and 1 free state filing. Filing Taxes: W-2 Box 14 Explained. Taxes. Hi Everyone, I just personally filed my taxes for the first time. I used H&R Block as they have free Federal returns AND free State returns, as long as your Adjusted Gross Income is $69,000 or less (most of the other services offer free Federal returns, but charge for state returns, as can be seen on ...Taxes. Please use this thread to discuss various methods of filing taxes. This can include: Tax Software Recommendations (give detail as to why! Tax Software …In the U.S., the cryptocurrency tax rate for federal taxes is the same as the capital gains tax rate. In 2021, it ranges from 10-37% for short-term capital gains and 0-20% for long-term capital gains. In the US, crypto-asset gains are calculated using two factors: your income bracket, and how long you have held the cryptocurrency.Tax "Refunds" -- Not Ideal. Capital Gains and Capital Losses. Other Taxes. Frequently Asked Questions about Taxes. Should I see someone about my …For your first time, I would recommend finding a tax professional in your area to file your taxes for you. They can charge anywhere from $100-$500, so ask them how much they would charge before hiring them. You can go to places like H&R Block to get it done too, but I think they are too expensive.If you lost $4500, you report that in deductions. You will then pay taxes on the $500 net profit if you can itemize. YOU DO NOT PUT $500 IN THE INCOME SECTION. As we all wondered, unless you have enough deductions to actually itemize, you’re stuck paying taxes on all of the winnings and your losses get lumped into the standard deduction.Dec 2, 2021 ... Generally speaking, expect 25%-33% of your income to go to taxes. This is normal. In many non-American developed countries, this can be closer ...Tax Software. Cash App Taxes 2024 (Tax Year 2023) Review. Totally free federal and state tax filing. 3.5. Good. By Kathy Yakal. Updated February 5, … So we lost about $750 in tax credits. We have 2 options. 1) File an amended return that moves $1000 of the $2500 tax credit claim into my wife's column and keep the remaining $1500 in my column. Or 2) Wait to claim the remainder next year because this credit rolls over. Reddit’s IPO plans are coming into focus with a new S-1 filing released Monday morning that sets an initial price range for its stock at $31 to $34 per … MOD. Tax Filing Software Megathread: A comprehensive list of tax filing resources. Taxes. Please use this thread to discuss various methods of filing taxes. This can include: Tax Software Recommendations (give detail as to why! Tax Software Experiences. Other Tax Filing Tools. Experiences with Filing Manually. MOD. Tax Filing Software Megathread: A comprehensive list of tax filing resources. Taxes. Please use this thread to discuss various methods of filing taxes. This can include: Tax Software Recommendations (give detail as to why! Tax Software Experiences. Other Tax Filing Tools. Experiences with Filing Manually. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. ADMIN MOD. Tax Advice for 2024: Do not file with Turbotax. Taxes. On Feb. 5 I attempted to file my taxes. My family qualifies for a tax credit due to energy updates to our home during 2023. There was no place in the tax credits section to file for this tax credit. In order to find out how to file this credit, I had to upgrade to Live-Assisted. 48,0000miles x 0.585/mi = $28,000 YOU DO NOT OWE TO THE GOVERNMENT IN TAXES. $40,000 (totals flex income) - $28,000 in deductible income = $12,000 is the actual amount of income you owe taxes (15% self employment tax of income based on your particular math at this point). ... Stop being all smart on Reddit!!!! Reply reply [deleted] • ...

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If you owe, or are getting back, $500 that is not a big deal. For the most part, a $500 return/payment at tax time is minor. I have owed, or been owed, up to $5,000 at different times with no big deal. Any time an average Joe messes up with their taxes the IRS either cuts you a check or sends you a bill months later. Cash App Taxes supports most IRS forms and schedules for federal and state returns, including Schedule C. It doesn't cost a dime for preparation and filing, but it doesn't offer as much support as ...Matthew Holst/Getty Images. CNN —. After a long season, the hopes of the top NCAA basketball programs all come down to this. On Selection …The formula to back out sales tax from a purchase is written as total price / 1 + sales tax rate = cost without sales tax, according to the financial section of the Houston Chronic...If you lost $4500, you report that in deductions. You will then pay taxes on the $500 net profit if you can itemize. YOU DO NOT PUT $500 IN THE INCOME SECTION. As we all wondered, unless you have enough deductions to actually itemize, you’re stuck paying taxes on all of the winnings and your losses get lumped into the standard deduction.Taxes on $72,600 is 12.0%, but your employer doesn't go back and just change it all to 12.0%, they (at the direction of the IRS) keeps the old 11.7% on non-OT and just withholds the higher amount on OT. ... Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State ...Mar 3, 2013 ... ELI5: How do I do my taxes? · Get form 1040EZ from your local post office. · Follow the simple, straight-forward directions on the form. · Done...There are two sets of penalties: • Failure to File; BIG deal; • Failure to Pay; small, and based only on the outstanding balance. SO: File a complete return by April 18 -- no FTF penalty. Include as much of your payment as you can afford -- minimize FTP penalty. Wait for …Carry that new number to your Schedule SE and figure the 15.3% self employment tax on your net earnings from self employment. Also carry your profit over to your 1040. It goes under self employment income. You have to add a Schedule 1 to do this. If you have a W-2 job, add that income under regular wages.Here is a IRS tool to determine if you need to file for 2020. If you have over 400 in self employment, over 1100 in unearned income like investment gains, or over 12400 in earned income, you have to file. See Form 1040 instructions pages 10 and 11 for filing requirement details for dependents.Taxes. Please use this thread to discuss various methods of filing taxes. This can include: Tax Software Recommendations (give detail as to why! Tax Software …Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U.S. and International, Federal, State, or local. The IRS is experiencing significant and extended delays in processing - everything. ….

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