Taxes are done!

stessier · Post by **stessier** » Mon Apr 17, 2017 12:56 pm

I'm not greedy - I'll take 10% of your property tax.

Scuzz · Post by **Scuzz** » Mon Apr 17, 2017 2:35 pm

Kelric wrote:I had one line on my state taxes that meant I had to mail them in rather than submit online. I did that five weeks ago, but I have NO IDEA if the state got my returns since they don't have any info available until 'six to eight weeks' after. So I won't know if they got my paperwork until after the deadline to file the paperwork. Awesome.

Many accountants recommend you use return receipt in order to know that.

Kelric · Post by **Kelric** » Mon Apr 17, 2017 3:31 pm

Scuzz wrote:
Kelric wrote:I had one line on my state taxes that meant I had to mail them in rather than submit online. I did that five weeks ago, but I have NO IDEA if the state got my returns since they don't have any info available until 'six to eight weeks' after. So I won't know if they got my paperwork until after the deadline to file the paperwork. Awesome.
Many accountants recommend you use return receipt in order to know that.

Yeah, I didn't really think of that until afterward. I don't think the post office lost it, I'm more concerned about whether it went to the right address / department.

hitbyambulance · Post by **hitbyambulance** » Mon Apr 17, 2017 4:14 pm

RunningMn9 wrote:
malchior wrote:Between Feds, NJ and NY we paid almost $37K. With the property taxes it was $50K this year. NJ practically doesn't have any deductions and caps out the property tax at $10K. I'm at the point where I can't justify it anymore - we don't have children. So at some point where I appreciate we need educated kids - it is unrealistic to expect people like us to continue to pay it instead of just leaving. Which we will.
That is utter insanity. What am I doing right that my tax bill to NJ is only like $3000?

If my kids are cutting my tax bill from $37K to $15K, I should be way nicer to them!

try being a non-custodial parent for the ultimate screwing. at least half of the expenses, none of the tax-breaks.

Bakhtosh · Post by **Bakhtosh** » Mon Apr 17, 2017 4:23 pm

Upped my withholding last year to cover for the impending divorce. That didn't go through in 2016, so I got back a little over $3k that was split with her. After talking things over with my wife, after it's final, we'll each be able to claim HoH status on our taxes, and on odd years, I'll claim our oldest, and she'll claim the youngest, then swap in even years. That way we both split the tax credits and neither of us gets the shaft...until the oldest goes independent...

Default · Post by **Default** » Mon Apr 17, 2017 4:29 pm

Ugh. Sorry to hear, B. I went through that with my divorce. As a matter of fact, today I am shredding the paper debris from that debacle.

Ended up getting 2200 back from the gub'ment, some will go into the mortgage, some for "dumb shit".

hentzau · Post by **hentzau** » Mon Apr 17, 2017 5:56 pm

Default wrote:Ugh. Sorry to hear, B. I went through that with my divorce. As a matter of fact, today I am shredding the paper debris from that debacle.

Ended up getting 2200 back from the gub'ment, some will go into the mortgage, some for "dumb shit".

OctoCon is not "dumb shit"! You take that back!!!

Zarathud · Post by **Zarathud** » Mon Apr 17, 2017 6:03 pm

Any way we can bring in the Overlords for tagging....er, gaming.

Kraken · Post by **Kraken** » Mon Apr 17, 2017 7:20 pm

Still haven't heard back from the CPA. Guess he has til tomorrow thanks to Patriots Day.

pr0ner · Post by **pr0ner** » Tue Apr 18, 2017 11:08 am

Kraken wrote:Still haven't heard back from the CPA. Guess he has til tomorrow thanks to Patriots Day.

DC doesn't celebrate Patriots Day. It's delayed until the 18th due to the observation of Emancipation Day in DC.

Octavious · Post by **Octavious** » Tue Apr 18, 2017 12:29 pm

Soul crushing taxes are done. With all the adjustments I did to my withholdings I better not owe a damn penny next year.

Isgrimnur · Post by **Isgrimnur** » Tue Apr 18, 2017 12:30 pm

pr0ner wrote:
Kraken wrote:Still haven't heard back from the CPA. Guess he has til tomorrow thanks to Patriots Day.
DC doesn't celebrate Patriots Day. It's delayed until the 18th due to the observation of Emancipation Day in DC.

But that's not until June.

pr0ner · Post by **pr0ner** » Tue Apr 18, 2017 12:56 pm

Not in DC.

Your Googlefu is weak!

Isgrimnur · Post by **Isgrimnur** » Tue Apr 18, 2017 12:57 pm

I saw it, it just wasn't as funny.

And minus five quatloos for a mobile link. And not properly section-linked.

Kraken · Post by **Kraken** » Tue Apr 18, 2017 6:29 pm

Just forged Wife's signature and uploaded the e-file authorizations. We're getting $1700 from the feds and $600 from the state. Yay! Effective federal rate paid was 9.2%.

Our income went down quite a bit last year. It's going to go back up quite a bit this year, so next year's return will be a crapshoot, as usual. Not gonna reduce any withholding, I'll tell you that.

em2nought · Post by **em2nought** » Tue Apr 18, 2017 6:59 pm

WAG at $3000, and sent in the check with the extension. The revolution I await still hasn't happened. lol

Smoove_B · Post by **Smoove_B** » Wed Apr 19, 2017 9:54 am

Octavious wrote:Soul crushing taxes are done. With all the adjustments I did to my withholdings I better not owe a damn penny next year.

Nice feature in the news today about where NJ resident's federal tax money is going.

You pay more to the federal government than most other Americans do

The average New Jersey taxpayer paid $18,367 in federal income taxes, behind only Connecticut, $22,785; New York, $19,782; and Massachusetts, $18,997. That's $4,316 above the national average of $14,051.

"Health" and "Pentagon" are the federal budget items getting most of our money.

Isgrimnur · Post by **Isgrimnur** » Wed Apr 19, 2017 10:02 am

Median Household Income for NJ is 2nd in the nation, behind only Maryland.

Compared to the national average, your MHI is 34.4% higher. Your income tax is 30.7% higher than the national average.

LordMortis · Post by **LordMortis** » Wed Apr 19, 2017 10:16 am

Isgrimnur wrote:Median Household Income for NJ is 2nd in the nation, behind only Maryland.

Compared to the national average, your MHI is 34.4% higher. Your income tax is 30.7% higher than the national average.

So what you're saying is, that as fourth highest in taxes paid in, they aren't paying their fair share in taxes and should be higher than New York, meaning the there is at least a shortfall of at least $1,700 but not more than $3,700 per year per household?

That sounds right to me.

malchior · Post by **malchior** » Wed Apr 19, 2017 10:49 am

Not to get too R&P but this is what enrages me - a good portion of the Federal budget rests squarely on the shoulders of the NE but they won't lift a finger to help us as the infrastructure that supports this level of taxation crumbles. We've had no less than 2 derailments in the last month going into NYC from NJ that affected commuters for weeks. People were trapped in the tunnel for a few hours under the Hudson River on Friday. Another 2-3 hour set of delays for commuters. Why is that a Federal issue? Because AMTRAK maintains the sections of track that failed and caused the disruption. Yet they also make sure their trains always run on time over NJ Transit or LIRR. It is a total disgrace.

Isgrimnur · Post by **Isgrimnur** » Wed Apr 19, 2017 10:57 am

Business Insider

Trump wants to slash the Department of Transportation’s budget by 13%. The cuts would completely eliminate funding for Amtrak’s long-distance routes, privatize air traffic control, and eliminate subsidies for commercial flights to rural airports.

The Trump administration said the funding cut to Amtrak’s long-distance routes would allow it “to focus on better managing its state-supported and Northeast Corridor train services.”

The exact impact the budget cuts will have on Amtrak’s long-distance routes is still unclear. But Amtrak CEO and President Wick Moorman said it could impact 500 communities.

“Amtrak operates 15 long-distance trains across the nation and these routes offer the only Amtrak service in 23 of the 46 states we serve,” Moorman said in a statement. “These trains connect our major regions, provide vital transportation to residents in rural communities and generate connecting passengers and revenue for our Northeast Corridor and State-Supported services.”

Which would be the end of cross-country rail trips.

Bakhtosh · Post by **Bakhtosh** » Wed Apr 19, 2017 11:26 am

Didn't know people still rode passenger trains for cross country. Last time I heard of anyone I know getting on a train was 1993.

Isgrimnur · Post by **Isgrimnur** » Wed Apr 19, 2017 11:30 am

The wife wants to do one. Of course, I have to be able to stop replacing the roof every year.

LordMortis · Post by **LordMortis** » Wed Apr 19, 2017 11:42 am

If I were made of time and money, I'd love to cross the country by train over the course of months.

Smoove_B · Post by **Smoove_B** » Wed Apr 19, 2017 11:57 am

Isgrimnur wrote:Median Household Income for NJ is 2nd in the nation, behind only Maryland.

Compared to the national average, your MHI is 34.4% higher. Your income tax is 30.7% higher than the national average.

Well, if things continue, that's going to change:

"My Anti-Moocher Bill will simply calculate which states are ‘payers' like us and which ones are the ‘moochers' -- like West Virginia -- and put the difference back into the pockets of New Jersey's residents through tax credits," he said. "Why should Alabama get our federal tax dollars and get a free ride, while we're left holding the bag with higher property taxes? It just doesn't make sense."

Gottheimer said he supports rolling back out-of-date and burdensome regulations that have impaired New Jersey's ability to do business.

Kraken · Post by **Kraken** » Wed Apr 19, 2017 11:58 am

Yeah, sometimes the journey is the destination. When I was a child in the mid 1960s our family took the California Zephyr from Chicago to San Francisco. It made such an impression on me that I wanted to be a porter when I grew up, and I still think about repeating that trip someday, maybe in retirement. Sipping hot chocolate in an air-conditioned domed dining car while speeding through the desert was magical to my 8-year-old self.

That said, intercity rail is not a realistic means of transportation in the US, where we put all of our resources into air and car travel. The long-distance routes persist primarily to buy congressional support (such as it is) for Amtrak.

(edit) ...and that's my 30,000th post. I think it deserves five tentacles.

Scuzz · Post by **Scuzz** » Wed Apr 19, 2017 12:16 pm

So....California keeps working on it's $68 billion high speed train. The work actually started here. They are moving a freeway 100 yards for the train. This will be finished (maybe) in probably 25 years at a cost of probably closer to $90 billion.

Exodor · Post by **Exodor** » Wed Apr 19, 2017 2:21 pm

Bakhtosh wrote:Didn't know people still rode passenger trains for cross country. Last time I heard of anyone I know getting on a train was 1993.

We traveled from Portland to Minnesota in 2005. I'll be getting on a train on May 14 to travel up to Seattle to see U2. It happens.

This year is the first that I filed jointly with the wife. I got $1800 back from the feds but owe Oregon $1100 for no real apparent reason - typically I break even on my state taxes. When I went to file electronically Turbo Tax insisted on getting Tasha's 2015 AGI figure which is when I discovered that Turbo Tax doesn't let you access your returns from previous years unless you give them another $30.

I saved the $30 and mailed in paper copies.

I also saved a PDF of our returns to avoid having to pay ridiculous fees in the future.

Scuzz · Post by **Scuzz** » Wed Apr 19, 2017 4:34 pm

Probably to late to help anyone....but make sure you or your accountant takes the block off the SSN's before you e-file or mail your tax returns. It's a great way to get screwed over.

Isgrimnur · Post by **Isgrimnur** » Mon Jan 22, 2018 8:48 pm

I'm not a fan of the elimination of the PMI deduction.

Kraken · Post by **Kraken** » Mon Jan 22, 2018 8:53 pm

O good lord, not this thread again.

Isgrimnur · Post by **Isgrimnur** » Mon Jan 22, 2018 8:57 pm

There's always that other unavoidable thing to make sure this one no longer concerns you. Just your heirs.

Kraken · Post by **Kraken** » Mon Jan 22, 2018 9:17 pm

Well, I half-hope that this will be the last year that taxes are a major ordeal. Once the home office deduction goes away, so does most of our record-compiling, and we probably won't be itemizing anymore. I'm now running all of our 1099 income through my corporation and turning it into K-1 income, which doesn't trigger self-employment tax. We'll lose the ability to offset Wife's W-2 teaching income, but doing future returns myself and saving my CPA's fee should partially offset the small tax increase that I anticipate from taking the standard deduction and losing those sweet home office writeoffs.

Anyway, it's time to send my QuickBooks file to the accountant to get the ball rolling.

naednek · Post by **naednek** » Mon Jan 22, 2018 10:40 pm

got W2 in the mail today and plugged in preliminary #'s. Gonna enjoy my last refund, cuz next year it's going to hurt.

Jeff V · Post by **Jeff V** » Mon Jan 22, 2018 10:51 pm

Wife wants me to make an appointment with the accountant already even though we just have one (of 3) W2's and no 1099's or other forms. Having bought a money pit this year, she's expecting we'll get a decent refund. I'm a little unsure though how much of what kind of documentation I need to bring to the accountant.

Isgrimnur · Post by **Isgrimnur** » Mon Jan 22, 2018 11:07 pm

Take the closing documents. Iirc, you should be able to deduct the mortgage interest and/or property tax that you prepaid at closing.

Scuzz · Post by **Scuzz** » Tue Jan 23, 2018 12:19 pm

Jeff V wrote: Mon Jan 22, 2018 10:51 pm Wife wants me to make an appointment with the accountant already even though we just have one (of 3) W2's and no 1099's or other forms. Having bought a money pit this year, she's expecting we'll get a decent refund. I'm a little unsure though how much of what kind of documentation I need to bring to the accountant.

You should get a form from your mortgage holder telling you how much interest you paid on your loan.

This will be the last year I itemize. And it really has nothing to do with housing, more to do with S Corp health insurance.

stessier · Post by **stessier** » Tue Jan 23, 2018 1:50 pm

I expect this will be the last year I itemize as well. I'm pretty sure the tax changes make it certain I'll do better with the standard deduction.

Isgrimnur · Post by **Isgrimnur** » Tue Jan 23, 2018 1:53 pm

Isgrimnur wrote: Wed Feb 03, 2016 1:37 pm How much do you Love Your Credit Union?

LordMortis · Post by **LordMortis** » Tue Jan 23, 2018 2:06 pm

Isgrimnur wrote: Tue Jan 23, 2018 1:53 pm
Isgrimnur wrote: Wed Feb 03, 2016 1:37 pm How much do you Love Your Credit Union?

That was disappointing. My Credit Union is affiliated but Premier with state not included for $49.99 is no cheaper than going to the store or any of the other discounters or registering through tubotax.com (as a returning customer?) anyway. I also love (hate) how they don't publish the state cost without going through games.

Also, I've recieved zero 2017 tax documents to date. But I always have to wait until March to file anyway. Scottrade always amends their tax forms in March and I am always affected by this because SPY pays dividends in December that are never reported on Scottrade's first 1099.