Tax season is here

Joey_V
Joey_V Posts: 8,586
in The Clubhouse
So, who's excited?
Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • pitdogg2
    pitdogg2 Posts: 25,739
    Can't get blood from a turnip.....
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  • Clipdat
    Clipdat Posts: 12,972
    Why would I be excited to pay several thousand dollars in taxes?
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  • gudnoyez
    gudnoyez Posts: 8,132
    No rush to file ours, I like waiting to the last minute to pay someone, to tell me I owe on both state and federal, nothing to look forward to here. What are you getting with your refund Joey?
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  • ZLTFUL
    ZLTFUL Posts: 5,657
    Our refunds paid for the last of the materials to finish construction on the basement.
    "Some people find it easier to be conceited rather than correct."

    "Unwad those panties and have a good time man. We're all here to help each other, no matter how it might appear." DSkip
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  • motorhead43026
    motorhead43026 Posts: 3,919
    My taxes are going up, no excitement here.
    The best way to predict the future is to invent it.

    It is imperative that we recognize that an opinion is not a fact.
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  • mrbiron
    mrbiron Posts: 5,711
    Wish i knew. Waiting on a corrected W2 so i can gets my moola.
    Where’s the KABOOM?!?! There’s supposed to be an Earth shattering KABOOM!!!
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  • Joey_V
    Joey_V Posts: 8,586
    gudnoyez wrote: »
    No rush to file ours, I like waiting to the last minute to pay someone, to tell me I owe on both state and federal, nothing to look forward to here. What are you getting with your refund Joey?

    A refund?

    Hahahahahaha

    I’m getting bent over this tax season.
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • mhardy6647
    mhardy6647 Posts: 34,037
    we're filed -- as always, any refunds go into estimated taxes for next year. :|
    Two states to worry about, since my teaching gig's in MA.
    NH has no income tax -- which is good! -- but they do tax some other things, e.g., out of state investment income.



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  • lightman1
    lightman1 Posts: 10,794
    ZLTFUL wrote: »
    Our refunds paid for the last of the materials to finish construction on the basement.

    See ya Saturday morning to put those materials into place.
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  • Joey_V
    Joey_V Posts: 8,586
    nbrowser wrote: »
    Joey_V wrote: »
    So, who's excited?

    Dude...if you get excited about tax paperwork...you need to reboot into Life 2.0...it's much like life 1.0 but tax time sucks ! lol

    We done with taxes as of today, I received word from my accountant as of the damage.

    One word:

    Catastrophic
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • Viking64
    Viking64 Posts: 7,168
    edited March 2018
    Joey_V wrote: »
    We done with taxes as of today, I received word from my accountant as of the damage.

    One word:

    Catastrophic

    You should have itemized your cables. :p
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  • Joey_V
    Joey_V Posts: 8,586
    Viking64 wrote: »
    Joey_V wrote: »
    We done with taxes as of today, I received word from my accountant as of the damage.

    One word:

    Catastrophic

    You should have itemized your cables. :p

    Nothing can save me.
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • Joey_V
    Joey_V Posts: 8,586
    edited March 2018
    nbrowser wrote: »
    Joey_V wrote: »
    nbrowser wrote: »
    Joey_V wrote: »
    So, who's excited?

    Dude...if you get excited about tax paperwork...you need to reboot into Life 2.0...it's much like life 1.0 but tax time sucks ! lol

    We done with taxes as of today, I received word from my accountant as of the damage.

    One word:

    Catastrophic

    I'm gonna guess...income...parents house, and possibly other things making am mess of the paperwork?

    I witheld taxes for my monthly paychecks and claimed zero. Still, I’m negative. I expected destruction but I didn’t expect annihilation.

    Next year is better as I have a final K1 coming on some investment that’ll offset income.

    But yeah, if I hear one more commercial on TV about HR Block “Refund Season” or that new Hamm commercial about refund advance, I’ll punch my TV.
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • rpf65
    rpf65 Posts: 2,127
    Joey_V wrote: »
    Viking64 wrote: »
    Joey_V wrote: »
    We done with taxes as of today, I received word from my accountant as of the damage.

    One word:

    Catastrophic

    You should have itemized your cables. :p

    Nothing can save me.

    You need a more creative accountant. Boulder amps = educational materials, for an example. You are teaching your children music appreciation, anyone can plainly see that.
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  • lightman1
    lightman1 Posts: 10,794
    Joey_V wrote: »
    nbrowser wrote: »
    Joey_V wrote: »
    nbrowser wrote: »
    Joey_V wrote: »
    So, who's excited?

    Dude...if you get excited about tax paperwork...you need to reboot into Life 2.0...it's much like life 1.0 but tax time sucks ! lol

    We done with taxes as of today, I received word from my accountant as of the damage.

    One word:

    Catastrophic

    I'm gonna guess...income...parents house, and possibly other things making am mess of the paperwork?

    I paid all my taxes and claimed zero. Still, I’m negative. I expected destruction but I didn’t expect annihilation.

    Next year is better as I have a final K1 coming on some investment that’ll offset income.

    But yeah, if I hear one more commercial on TV about HR Block “Refund Season” or that new Hamm commercial about refund advance, I’ll punch my TV.

    Shoot it.....most effective and saves your manual dexterity for your day job.
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  • mhardy6647
    mhardy6647 Posts: 34,037
    lightman1 wrote: »
    ...

    Shoot it.....most effective and saves your manual dexterity for your day job.


    https://youtu.be/YAlDbP4tdqc
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  • lightman1
    lightman1 Posts: 10,794
    mhardy6647 wrote: »
    lightman1 wrote: »
    ...

    Shoot it.....most effective and saves your manual dexterity for your day job.


    https://youtu.be/YAlDbP4tdqc

    Poignant......then versus now.
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  • Joey_V
    Joey_V Posts: 8,586
    rpf65 wrote: »
    Joey_V wrote: »
    Viking64 wrote: »
    Joey_V wrote: »
    We done with taxes as of today, I received word from my accountant as of the damage.

    One word:

    Catastrophic

    You should have itemized your cables. :p

    Nothing can save me.

    You need a more creative accountant. Boulder amps = educational materials, for an example. You are teaching your children music appreciation, anyone can plainly see that.

    You should be my accountant.

    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • BlueFox
    BlueFox Posts: 15,251
    Not looking forward to it. I am paying double in taxes now than what I was making when I bought my house in 1990. Had to pay a penality last year for not withholding enough, and expect the same this year.
    Lumin X1 file player, Westminster Labs interconnect cable
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    Mapleshade Samson V.3 four shelf solid maple rack, Micropoint brass footers
    Three 20 amp circuits.
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  • kharp1
    kharp1 Posts: 3,453
    Would this be a bad time to ask for a refund on the gear I just bought? :)
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  • Joey_V
    Joey_V Posts: 8,586
    edited March 2018
    kharp1 wrote: »
    Would this be a bad time to ask for a refund on the gear I just bought? :)

    Lol... yes. Totalled despite all my tax withholdings for the year, I still owe the government a luxury car so I would say a refund would not be advisable on the Directstreams!
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • DaveHo
    DaveHo Posts: 3,539
    Owe a couple K. Better to pay than give Uncle Sam an interest free loan.
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  • kevhed72
    kevhed72 Posts: 5,075
    Im wondering after our recent 'tax reform' how much more or less I will owe next year.
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  • Joey_V
    Joey_V Posts: 8,586
    kevhed72 wrote: »
    Im wondering after our recent 'tax reform' how much more or less I will owe next year.

    I think I owe less next year according to my accountant.
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • mhardy6647
    mhardy6647 Posts: 34,037
    The nice thing is that the overall tax rate in the US is still pretty reasonable -- not like 1960s England, which drove many of its rock stars into exile due to draconian tax rates. Of course, we probably wouldn't have had the Rolling Stones' absolute best albums were that not the case.

    One may recall this jaunty little ditty from the era:

    https://youtu.be/y8OgkjcW0g4

    "One for you, nineteen for me" = 95% tax rate.

    The only big problem is "interest and penalties" for some taxpayers whose exploits might incur same.

    Always better to overpay, but only a little bit, I'd opine.

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  • Willow
    Willow Posts: 11,071
    Taxes done 2 weeks ago. I owe because of lots of backpay and severance buy out. My wife got a good refund.
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  • kharp1
    kharp1 Posts: 3,453
    Joey_V wrote: »
    kevhed72 wrote: »
    Im wondering after our recent 'tax reform' how much more or less I will owe next year.

    I think I owe less next year according to my accountant.

    Man, you need to let me do your taxes for you...I'll get you the hook up!
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  • Joey_V
    Joey_V Posts: 8,586
    kharp1 wrote: »
    Joey_V wrote: »
    kevhed72 wrote: »
    Im wondering after our recent 'tax reform' how much more or less I will owe next year.

    I think I owe less next year according to my accountant.

    Man, you need to let me do your taxes for you...I'll get you the hook up!

    I don’t think anyone could help me.
    Magico M2, JL113v2x2, EMM, ARC Ref 10 Line, ARC Ref 10 Phono, VPIx2, Lyra Etna, Airtight Opus1, Boulder, AQ Wel&Wild, SRA Scuttle Rack, BlueSound+LPS, Thorens 124DD+124SPU, Sennheiser, Metaxas R2R
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  • ken brydson
    ken brydson Posts: 8,789
    Joey_V wrote: »
    kharp1 wrote: »
    Joey_V wrote: »
    kevhed72 wrote: »
    Im wondering after our recent 'tax reform' how much more or less I will owe next year.

    I think I owe less next year according to my accountant.

    Man, you need to let me do your taxes for you...I'll get you the hook up!

    I don’t think anyone could help me.

    Better to have a tax problem than an income problem I always say...
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  • mrbigbluelight
    mrbigbluelight Posts: 9,885
    Well, Joey, you've come to the right place for solutions to your taxes.

    The annual gift tax exclusion is currently $14,000 per year, per person. This applies to monetary gifts, as well as to the fair market value of gifted property. You can give up to this amount to as many people you'd like every year, and the federal government won't tax one cent.

    So there you have it. I imagine that there may be a few Polkies willing to step up and accept a gift of $14,000 if it helps to lower your tax burden because, darn it, that's just the way we are ! o:)
    Sal Palooza
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