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 Message Boards » » Income Tax Season 2016 Page 1 2 [3], Prev  
Douche Bag
Fcuk you
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Your accountant should handle all of it for you. I'm not sure what the taxable event is with your stocks if you aren't selling it, unless you are making a shit ton in dividends. You typically are only taxed (excluding reinvested dividends) when you sell. I'd prefer to pay at the end of the year in lieu of giving the gov't a free loan. That said, I also wrote a fat check to the IRS this year, so there is no incentive to do estimated payments.

I have an S Corp that passes through, but I only take dividends at the end of the year (don't need the income to survive based on previous years' savings), so I claim $0 each quarter and claim everything 12/31 and have not had to pay estimated taxets or AMT.

4/12/2018 9:14:09 AM

Elwood
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My wife use to be a 1099 so she had did estimated payments, and it was tough making those quarterly tax payments. We just had to make sure we set the tax money aside to make each 1/4 payment.

She's now has an S-corp with a w-2 through her own company, but will probably also do estimated payments or additional withholdings. it's the first year of the S-corp so still figuring that out.

4/12/2018 9:21:25 AM

Douche Bag
Fcuk you
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^you aren't required to, but may be helpful if you don't have as much in savings. Before I was making good money as a 1099, I just put 35% of each check into a separate bank account and that allowed me to instantly feel like I had money I could play with while ensuring I had enough to cover my tax obligations. After I made more money and started to save more (didn't need money this year to cover all expenses), it made it even easier to just have one distribution and quarterly taxes. That said, I'm 100% commission, so I could make 90% of my money January 1 or December - totally random. Flexibility is key.

4/12/2018 9:44:50 AM

jbrick83
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I'm an S-corp and don't pay quarterly. I split my income into thirds...1/3 into my personal account, 1/3 into business checking, and 1/3 into business savings. Don't touch the savings until the end of the year to pay taxes...then split the left overs back into personal and business checking. Wash, rinse, repeat. Has worked out pretty well so far.

4/12/2018 9:45:42 AM

Douche Bag
Fcuk you
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^Assuming you still mail in $0 for the first 3 quarters are far as reporting goes?

4/12/2018 11:05:09 AM

jbrick83
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yup

4/12/2018 12:00:36 PM

Jeepin4x4
Cam Time Steamroller
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Quote :
"Your accountant should handle all of it for you. I'm not sure what the taxable event is with your stocks if you aren't selling it, unless you are making a shit ton in dividends. You typically are only taxed (excluding reinvested dividends) when you sell. I'd prefer to pay at the end of the year in lieu of giving the gov't a free loan. That said, I also wrote a fat check to the IRS this year, so there is no incentive to do estimated payments."



In early 2017 i changed who was handling my investments. Closed one account and moved all of my money to a new one. Could this have been the big event? I didn't receive any dividend payments or anything. It was all done internally through the accounts. Even my new CPWA handled closing the first account and the transfer of the funds.


Quote :
"I'd prefer to pay at the end of the year in lieu of giving the gov't a free loan. That said, I also wrote a fat check to the IRS this year, so there is no incentive to do estimated payments."


If i am setup to make estimated payments and I decide not to is there any penalty? I keep reading about late payment penalties, but then it seems like most people never report actually getting them

4/12/2018 12:04:25 PM

Jeepin4x4
Cam Time Steamroller
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ok, so exploring this more it looks like my big hit is from the closing of one account and opening of the other. I'm getting hit with capital gains taxes from the sell of the shares associated with the closed account.

4/12/2018 2:04:21 PM

A Tanzarian
drip
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Did you sell the shares and transfer cash, or did you transfer the shares?

The first is taxable, the second isn't.

4/12/2018 2:27:45 PM

Jeepin4x4
Cam Time Steamroller
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i'm guessing the shares were sold since the new account has a completely different list of funds?

4/12/2018 3:43:26 PM

A Tanzarian
drip
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Yeah, if you're holding different funds than you were before then they were probably sold and the cash transferred. When your cpwa starts bragging about how much he's making you, ask if he's made up for the tax hit you took moving the money.

Was it a retirement account or just a regular brokerage account?

4/12/2018 7:10:25 PM

Jeepin4x4
Cam Time Steamroller
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^jeez, isn't that the truth.


normal brokerage account.

4/13/2018 9:24:51 AM

NCSUMEB
All American
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Anytime you go from broker to broker the new broker is going to want to put you in his funds to pay for his boat. Since you don't know who actually sold the shares (the old broker may have just transferred your funds in kind to the new broker where the new broker then liquidated creating the taxable event and bought his own selected funds) it's hard to know who to yell at. Chances are the old broker liquidated as they probably had you in 37 funds and they charge $50 to close each one so he can pay for his boat. These types of situations and unknowns would be mortifying for me.

4/13/2018 11:22:04 AM

David0603
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The quarterly est taxes seem annoying. I'd avoid them unless you face a penalty.

[Edited on April 13, 2018 at 7:10 PM. Reason : ]

4/13/2018 7:07:55 PM

LetsTAILGATE
All American
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Sorry all to bump this...but isn't there one for this year or that is a continuous thread?

Thanks!

1/29/2019 1:14:39 AM

synapse
play so hard
56630 Posts
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i can claim a dependent this year...i'm guessing it won't matter though due to the higher standard deduction?

1/29/2019 2:37:50 PM

LetsTAILGATE
All American
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I still haven't received my tax return from 2018....it was set to go out in July...has some code beside it. Typical BS as always.

1/29/2019 11:36:11 PM

omgyouresexy
All American
1507 Posts
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Doing my shit on TaxSlayer today and I get to the end and it's like "hey, there's a problem with your dependent's info. You didn't indicate citizenship."

I go plug that in and all of the sudden my return doubles... apparently it wasn't including the tax credit until they knew he wasn't an illegal. Thanks, TaxSlayer.

[Edited on February 1, 2019 at 8:04 PM. Reason : I also got divorced this year so I didn't know what in the hell to expect.]

2/1/2019 7:53:30 PM

Jeepin4x4
Cam Time Steamroller
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What forms do i need to send to my CPA to get my income limit/Roth IRA issues squared away? I log into Vanguard and they don't have any tax forms available. I'd really rather get this over contribution penalty out of the way now.

2/11/2019 8:27:29 AM

NCSUMEB
All American
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It's your MAGI, which is 95% of the time your AGI.

2/11/2019 10:03:49 AM

David0603
All American
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^^ Time to do a back door?

2/11/2019 7:42:24 PM

JP
All American
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What's the best/cheap way to get this done? Buy your own software? Saw I can get the H&R Block software for $20 on Slickdeals.

2/12/2019 9:19:58 AM

HaLo
All American
12820 Posts
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Anyone used taxhawk before? I’ve done my taxes the last 14 years on taxact but they want nearly 90 bucks to do them this year. My taxes aren’t too difficult (one w2 and schedule C) and I assume I won’t itemize this year because of the increased std deduction. Taxhawk says they’re free unless you buy support

2/12/2019 1:04:25 PM

synapse
play so hard
56630 Posts
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Jeeze, $90? I might have to switch too

This do any work for you? https://slickdeals.net/f/12673351-taxact-sale-basic-state-15-premiere-state-37-50-deluxe-state-35?src=SiteSearchV2Algo1

[Edited on February 12, 2019 at 1:21 PM. Reason : ]

2/12/2019 1:19:02 PM

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