2025 Tax Thread

Discussion in 'The Mainboard' started by Nug, Jan 10, 2025.

  1. Jimmy the Saint

    Jimmy the Saint The future is a benevolent black hole
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    Oh so it's because you're lazy.
     
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  2. bcuga

    bcuga Administrator
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    The half a percent point is only the failure to pay penalty. You are also paying interest on the unpaid amount too. The interest use to not be a big deal because interest rates were low. Now that the federal reserve has increased the interest rate not paying is not advisable anymore. I think that rate was around 8% in 2024 on top of the half a percentage point.
     
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  3. pnk$krtcrÿnästÿ

    pnk$krtcrÿnästÿ Mind your own damn business
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    Hey tax people

    Do I pay capital gains taxes on the sale of my house if the proceeds are greater than 250k or if the profit is >250k?

    Tia gbr nfm
     
  4. Where Eagles Dare

    Where Eagles Dare The Specialist Show On Earth
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    Well it just got worse and extrapolated every year as the income machine goes brrrr.

    So I'll be annoyed come 4/15 when I do it all last minute and enjoy my savings I got to keep over the prior 15 months
     
  5. Where Eagles Dare

    Where Eagles Dare The Specialist Show On Earth
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    Pretty sure it is profits
     
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  6. Where Eagles Dare

    Where Eagles Dare The Specialist Show On Earth
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    Yeah whatever it has been has always been super low. I just put money aside for it knowing it is coming even though it seemingly gets higher and higher bc of Joe Biden and the Dems, probably
     
  7. Jimmy the Saint

    Jimmy the Saint The future is a benevolent black hole
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    Profit
     
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  8. bcuga

    bcuga Administrator
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    You might be paying way more in interest than you realize is what I am telling you. I am a CPA and I do this for a living. Either way be careful because it is way more expensive now in high interest rate environment to not pay on time.
     
  9. Where Eagles Dare

    Where Eagles Dare The Specialist Show On Earth
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    I file, pay 15k online, then the IRS sends me a countless mena letters for 237 and I eventually pay it.

    I'm not saying you're wrong, but I don't know where the Interest would come from
     
  10. Where Eagles Dare

    Where Eagles Dare The Specialist Show On Earth
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    I was already this year bc a SSN was wrong on the new free tax site and it rejected, but it went to spam folder. The. I saw it and waited another month and tried to pay in like June but my CC rejected for some reason, so then I paid in like July or something idk
     
  11. bcuga

    bcuga Administrator
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    The interest might be baked into your payment once you file around 10/15 and you don't even realize some is interest and not all is federal taxes.
     
  12. Name P. Redacted

    Name P. Redacted I have no money and I'm also gay
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    Being off that much on W2 income is wild. Adjust your withholdings you heathen.
     
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  13. Bo Pelinis

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    Absolutely inexcusably dumb
     
  14. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    i gave him the benefit of the doubt that it was airbnb rental income
     
  15. Where Eagles Dare

    Where Eagles Dare The Specialist Show On Earth
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    Eh it's a little hard to calculate as some payouts hit and some retention bonuses.
     
  16. Bo Pelinis

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    People show income from Airbnb rentals?

    jokes

    sort of
     
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  17. bwi2

    bwi2 Not affiliated with BWI
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    :siren:
     
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  18. Bo Pelinis

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    Capital improvements :bananallama:
     
    Lip likes this.
  19. Goose

    Goose Hi
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    Schwab wont have my 1099 ready until February 28th. Someone with a bigger brain is going to need to explain this to me as to why this isn’t instant. I’m not some day trader closing a trade every day.

    :awshucks:
     
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  20. Where Eagles Dare

    Where Eagles Dare The Specialist Show On Earth
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    Just file without it then forget. The IRS is being disbanded so no one will care
     
    Lip, Sportfan, Goose and 2 others like this.
  21. Redav

    Redav mostly cows and rocks
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    I owe this year :donotwant:
     
  22. Where Eagles Dare

    Where Eagles Dare The Specialist Show On Earth
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    Say good by to the proletariat and hello bourgeoisie
     
    Redav likes this.