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Old 03-23-2019, 10:45 AM
 
4,714 posts, read 11,822,012 times
Reputation: 3269

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Quote:
Originally Posted by cornsnicker3 View Post
I have yet to understand how the national conversation isn't about the change in net tax burden. If you want a higher refund, just add it to your W-4. Believe me, the IRS loves holding your money (although too much and they might audit you).
Really, you can't believe it? 80% of the population is financially clueless as far as I can tell.
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Old 03-27-2019, 03:36 PM
 
1,774 posts, read 474,526 times
Reputation: 2495
CPA finally got back to me (he is very thorough). We'd owe about 4.5k without pass through loss and owe only about $20 thanks to S-Corp. NY State we will get back $5k. W-2 total joint return around $200k. I think there may be some truth to the under-withholding problem but it's hard to tell because I always deliberately claim exempt for at least 2 paychecks so I expect to get no refund.

If you earn $75k+ in NYC and haven't gone into business for yourself, start now. Bottom line you will save on taxes and pay yourself instead of the IRS/NYS Dept of Finance. Get some side clients and incorporate yourself. And obviously get a good CPA that analyzes your bank statements. That's my best advice. I could probably make his life easier though by ensuring my biz/personal is separated 100% of the time, I'm up from 50% prior to 2016 to 75% of the time though this year
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Old Today, 03:59 PM
 
Location: Boulder, CO
208 posts, read 77,924 times
Reputation: 420
Just sent mine in this afternoon.

Only was a home-owner for Jan/Feb of 2018. Sold it back in my old home state.
Was on the bench without a check for about three months (Feb/Mar/Apr) in 2018.
Had to move from Aurora to Boulder (Colorado) for a new position. So my income
was about 2/3 to 3/4 of normal.

Four dependent children but I think the child credit goes *poof* when you hit ~$54,000.

Still got a refund of $11,100 (Federal) and $450 (Colorado).

I need to reduce my withholding. Just bough a condo, so my interest deduction will make
next year's refund larger (all other facets being equal). Increasing my take-home will
about cover my HOA fees.

Now I can scratch doing my taxes off my to-do list and focus on replacing all the old
stuff in the condo (35 yr old Furnace, 20 yr old Hot Water Heater, terrible Electrical
Panel - Federal Pacific - fraught with risks and hazards) and moving my few possessions
an SUV load at a time.
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