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Thanks to those of you who did give serious and good answers which was most of you. it still bothers me, but I understand it more now which does help. Just blew my mind though as I have never owed before in my entire life!
Years ago I started a spreadsheet that summarizes my federal taxes year-by-year. This way I can see at a glance where the differences are. If you don't understand how taxes are calculated and let someone else do them for you, you will never know. I have done my taxes every year since i started working, except for one year. That equals 40+ years of experience. Things change, but rarely does the way I am paid change. When Trump took office he changed the way the forms are laid out. He also did away with the personal exemption and lowered the tax rate for many, but is it really a lower rate if you lose those personal exemptions? In 2017 the personal exemption was worth $4,050/person. Does the decrease in the tax rate makeup for the loss of those personal exemptions? Probably not.
You don't give any information for us to calculate where you came up short in 2021. Do you have children? Did you receive the advance child tax credit in the last months of 2021? When you fill out the W2 at work for your withholding amount, did you use the worksheet to figure out how much you need to withhold?
I understand today's young adults may not understand the tax situation since I still have to do my adult child's taxes. How old are you?
Disclaimer: I am not a tax expert; I am a taxpaying citizen who knows what they are doing when it comes to taxes.
Thanks to those of you who did give serious and good answers which was most of you. it still bothers me, but I understand it more now which does help. Just blew my mind though as I have never owed before in my entire life!
So I appreciate most of the answers given!
I've owed before and I don't mind getting an interest free loan for a while. I just don't like giving big interest free loans to uncle Sam
Thanks to those of you who did give serious and good answers which was most of you. it still bothers me, but I understand it more now which does help. Just blew my mind though as I have never owed before in my entire life!
My God under President Trump we were getting huge tax refunds each year and it was great!! Now since biden took over not only are the refunds gone but now we owe money!! What the hell did he do and is there anything we can do about it?
How are people suppose to survive. tax refunds are gone as process skyrocket. How are people living? or are they? When will this stop?
He probably jumped from 12% into the 22% Tax Bracket. His HR department (or a Google search) should have alerted him to the Tax implications.
This is why I don't want a big Refund. Our Income is stable now, and I've got it figured pretty close, so I'd rather write them a $100 check than wait til Hell freezes to get a $100 from them.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,694 posts, read 58,012,579 times
Reputation: 46171
Quote:
Originally Posted by FiveLoaves
His withholding this year, is only one data point.
He needs to compare last year's Income and withholding amount against his complaint year income and withholding.....and then project that forward into this current tax year.
Or he's going to be back year next January bemoaning the IRS.
or worse... "Due with interest"
or worse... "Due with interest and penalties"
or worse... "Wage garnishment"
or worse... "Accounts locked" (By IRS)
or worse... " imprisoned", and charged for your food and HC
The entire problem was the OP spouted off about presidents and taxes and was ignorant of his own situation.
If a person doesn't know what they're talking about or their information is lacking, perhaps they should not rant and make uninformed accusations.
Inquire and ask to be educated -- without the arrogance -- and you might not look like such a fool.
I stand by what I said because it is still true. go troll someone else kid
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