Taxes-Itemized Deductions?

[PistolBob]

How much did you make: __________________

Send it in!

Sincerely,

The Infernal Revenoo

 

[snorko]

Well, this will be a "good" (I hesitate to use the word) tax year again. Still too much, but less than what I paid for 2017, close to the same as 2018.

We kept paying our quarterly payments in 2018 based on 2017, but because the Trump tax cuts kicked in we (and this makes me a bit angry) massively overpaid (without going into boring details, it was not always easy to accurately predict my tax liability because of some firm restructuring).

We bought the company mid year 2017 so 2018 taxes were crazy (no quarterlies paid then) and 2019 had high quarterlies as they were based on a GOOD year. I am hoping with another good/normal year things will even out.

As usual, I will probably receive my K1 on about April 10th. My CPA just loves​ this.

Thank you Hough for mentioning the K-1 right before a gun show.

 

[jedi]

I will be taking the standard deduction this year, as I come no where close to the limit. Makes it a LOT easier.

I still hate that we have to play the, "guess what your bill is!" game every year. IRS, YOU ALREADY KNOW THE ANSWER!!!!

ugh...

Technically the IRS does not know the answer.
They may have an idea based on the information they are getting from SSA but until you submit your tax return SIGNED (meaning this is what you are telling the .Gov you made) they CAN NOT confirm your taxes.

For most people who work for a company that reports the taxes to SSA who in turn sends the info to IRS your statement above is true.

But the .Gov has no data on those that are self employed.

And the last group is the bogus SSA number.
Either numbers being used by someone whose number that is not or clerical errors made. In which case you would be screaming bloody murder if the IRS sent you a bill saying you owe $10 in taxes for the $100 in income you made but yet your w2 says $5 tax for the $50 income you made. Yet the IRS is showing another $50 for company 2 in CA while you are in IN.

 

[JettaKnight]

Bumpity bump!


I'm sitting here studying tax law for the upcoming season and found something new:

Even if you don't itemize, you can claim a $300 deduction for charitable contributions for 2020.

 

[Doug]

Bumpity bump!


I'm sitting here studying tax law for the upcoming season and found something new:

Even if you don't itemize, you can claim a $300 deduction for charitable contributions for 2020.

Well, if you give less than $300 to charity and you have a median income for Indiana ($54,181), you're giving about 1/2 of 1 percent of your income and you're probably a Liberal.

 

[KLB]

Bumpity bump!


I'm sitting here studying tax law for the upcoming season and found something new:

Even if you don't itemize, you can claim a $300 deduction for charitable contributions for 2020.

Nice find

 

[CampingJosh]

Remember: You can thank Inuit's lobbyist for that.

Intuit

This is not the fault of Arctic-region natives.