2024 was my first year being a W2 employee since 2020. My accountant just told me there are basically ZERO deductions for full-time employees other than what your employer reimburses. You only get mileage, meals, etc. if you're self-employed (or if your employer pays, obviously). I work remote and come into the office once/month, but that one-time-per-month involves 2-3 hours travel each way, ferries, and a 2-3 night Airbnb stay. I don't mind doing it because I make enough money to justify it, but it was a gut punch to learn those thousands of dollars aren't deductible. Shit is wack, yo.
Should it be 2024 tax thread since that's the year of discussion, or 2025 tax thread since that's where we currently are? Big questions require big solutions.
Turbo tax had some ad that if you didn't file with them last year, you get it free this year. I haven't investigated to see what the catch is if there is one. Yw
What happens to the average citizen, not the uber-rich, if you just don't file taxes? Are you for sure going to get audited?
You’ll get notices saying you didn’t file. Eventually the IRS will file a return for you called a Substitute for Return. This SFR is prepared based on what employers and financial institutions reported to the IRS, along with a shit ton of penalties and interest. It can be replaced with an original return, but it’s annoying as fuck. TL;DR - file your return.
I've wait to file until october once or twice b/c taxes are stupid. You just get mean letters then have to pay a small fine when you eventually file
the federal tax deduction is too large so I can't claim a bunch of smaller stuff is a very weird complaint
We have to file in every state in which my wife’s law firm does business even though her practice is confined to like three states at most (advising on federal law issues). So consider yourself lucky
Wow if only they had these resources available in the first place and could just tell us exactly what we owe/are due.
i was in providence ri last summer and this guy was in staying at my hotel. he told me what you're saying is 100% accurate Spoiler
I've never viewed it as a business, but I sell probably $25k-50k a year in sneakers. Mostly stuff I bought 6-8 years ago, never wore, and they increased in value a good bit. I like them but not for what they are worth now so I sell them and buy more shit. Cycle repeats year after year. I buy more than I wear so I eventually sell them off. It came up in conversation with my BIL last week and he suggested I talk to someone about schedule c'ing that income and writing off some stuff. I've never thought of it that way but I guess I should talk to someone about it.
They'll let it pile up until you can't possibly repay it along with fees and interest. Then you're fucked.
So, just curious how much work filing taxes is. Just for reference here in NL its about 20 minutes for simple cases, up to 2 hours for more complex situations, hear in sweden its about 5 minutes.
For John and Jane Smith, who both work for companies and are W2 employees, with a dependent or 2 - like 10 minutes. If you have multiple streams of revenue, investments, capital gains, businesses, etc - it can take hours for a good tax pro to do
My current employer has given us our W2. My previous employer who did everything through ADP still hasn’t finished. I’m so glad I left there because they sucked so bad at stuff like this, but it makes me question why the hell they even need to do anything. It seems like something a software like ADP would do on its own. I can see my last paystub from April
On the one hand I'm kinda glad I don't worry about filing taxes. On the other hand, our tax system is very regressive and it probably hurts the country on the whole. Guess you gotta take the bad with the good.
so does that mean ADP W2s should be coming in the next week or so? my wife’s old employer also uses them
Paid Q4 quarterly taxes today on two different credit cards to hit bonuses. Only lame thing is the fee for Amex is 2.89% while others are 1.75%.