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Re: My Tax Return is way less?
[Re: duxlayer]
#3038077
02/10/20 06:39 PM
02/10/20 06:39 PM
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Joined: Jul 2011
Posts: 39,582
Marshall County
FurFlyin
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,582
Marshall County
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I hope I have to pay a million dollars next year bc that means I’m making bank 🏦 It does mean you're making a lot of money in the year of 2020. It does not take into account that your largest customers are net 30 and some of them are net, whenever they get around to it. You can get in a situation where what you made on paper, looks very different than what your bank account looks like, and you still have to pay the man.
If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land. 2 Chronicles 7:14
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Re: My Tax Return is way less?
[Re: FurFlyin]
#3038084
02/10/20 06:45 PM
02/10/20 06:45 PM
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Joined: Aug 2006
Posts: 9,626
Andalusia, Covington County, A...
TexasHuntress
14 point
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14 point
Joined: Aug 2006
Posts: 9,626
Andalusia, Covington County, A...
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I hope I have to pay a million dollars next year bc that means I’m making bank 🏦 It does mean you're making a lot of money in the year of 2020. It does not take into account that your largest customers are net 30 and some of them are net, whenever they get around to it. You can get in a situation where what you made on paper, looks very different than what your bank account looks like, and you still have to pay the man. Maybe I am not understanding how it works, but don't you pay income tax based on the net profit/loss not the total amount billed?
If you live to be a hundred, I want to live to be a hundred minus one day, so I never have to live without you.---Winnie the Pooh
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Re: My Tax Return is way less?
[Re: TexasHuntress]
#3038099
02/10/20 06:54 PM
02/10/20 06:54 PM
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Joined: Nov 2008
Posts: 10,680
Alabama
whack-n-stack
Booner
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Booner
Joined: Nov 2008
Posts: 10,680
Alabama
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I hope I have to pay a million dollars next year bc that means I’m making bank 🏦 It does mean you're making a lot of money in the year of 2020. It does not take into account that your largest customers are net 30 and some of them are net, whenever they get around to it. You can get in a situation where what you made on paper, looks very different than what your bank account looks like, and you still have to pay the man. Maybe I am not understanding how it works, but don't you pay income tax based on the net profit/loss not the total amount billed? You can send a bill all day long. Doesn’t mean they’ll pay on time
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Re: My Tax Return is way less?
[Re: FurFlyin]
#3038159
02/10/20 07:48 PM
02/10/20 07:48 PM
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Joined: Jan 2001
Posts: 12,552
Birmingham
wew3006
Booner
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Booner
Joined: Jan 2001
Posts: 12,552
Birmingham
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I hope I have to pay a million dollars next year bc that means I’m making bank 🏦 It does mean you're making a lot of money in the year of 2020. It does not take into account that your largest customers are net 30 and some of them are net, whenever they get around to it. You can get in a situation where what you made on paper, looks very different than what your bank account looks like, and you still have to pay the man. Sounds like you need to fire some customers
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Re: My Tax Return is way less?
[Re: Jakethesnake]
#3038229
02/10/20 08:18 PM
02/10/20 08:18 PM
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Joined: May 2015
Posts: 6,363
On the X
TickaTicka
12 point
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12 point
Joined: May 2015
Posts: 6,363
On the X
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Who gets a return in this economy? That means the retards had your money interest free. Imagine what 5K can do for you over 6 months in this economy?
Public Land Owner
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Re: My Tax Return is way less?
[Re: Beer Belly]
#3038562
02/11/20 01:40 AM
02/11/20 01:40 AM
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Joined: Jun 2017
Posts: 6,803
Alabama
Jakethesnake
OP
The Flippin’ Idiot That Could Care Less
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OP
The Flippin’ Idiot That Could Care Less
Joined: Jun 2017
Posts: 6,803
Alabama
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Fill this out with these 6 numbers and it may help you:
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------------------------------------2018------------------2019
taxable income................________............_________
taxes owed......................________............_________
taxes paid........................________............_________
You will find that:
The tax that you owed was about the same. 2018 will probably be ~$400 more owed than 2019 due to your salary.
Then you will see than in 2019 the "taxes paid" was ~$1800 less than you paid in 2018.
In other words you did not pay enough in 2019
OR you stopped paying into you 401k and in 2019 you had higher taxable income.
Now it is 2020: Be sure that they are taking out enough tax in your pay check, or set aside ~$2000 to pay taxes next year.
This is what happened. It threw me off cause the earned income credit was more this year as well as the child credit. I had changed my 401k contributions and it made a big difference.
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Re: My Tax Return is way less?
[Re: wew3006]
#3038670
02/11/20 08:34 AM
02/11/20 08:34 AM
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Joined: Jan 2013
Posts: 20,077
Pelham
Ben2
Freak of Nature
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Freak of Nature
Joined: Jan 2013
Posts: 20,077
Pelham
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I hope I have to pay a million dollars next year bc that means I’m making bank 🏦 It does mean you're making a lot of money in the year of 2020. It does not take into account that your largest customers are net 30 and some of them are net, whenever they get around to it. You can get in a situation where what you made on paper, looks very different than what your bank account looks like, and you still have to pay the man. Sounds like you need to fire some customers Never always add customers
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Re: My Tax Return is way less?
[Re: Ben2]
#3038700
02/11/20 09:11 AM
02/11/20 09:11 AM
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Joined: Jan 2001
Posts: 12,552
Birmingham
wew3006
Booner
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Booner
Joined: Jan 2001
Posts: 12,552
Birmingham
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I hope I have to pay a million dollars next year bc that means I’m making bank 🏦 It does mean you're making a lot of money in the year of 2020. It does not take into account that your largest customers are net 30 and some of them are net, whenever they get around to it. You can get in a situation where what you made on paper, looks very different than what your bank account looks like, and you still have to pay the man. Sounds like you need to fire some customers Never always add good customers I never wanted all the customers; just all the good customers
Last edited by wew3006; 02/11/20 09:11 AM.
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Re: My Tax Return is way less?
[Re: Jakethesnake]
#3038717
02/11/20 09:40 AM
02/11/20 09:40 AM
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Joined: Nov 2013
Posts: 11,101
coffee county
goodman_hunter
Booner
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Booner
Joined: Nov 2013
Posts: 11,101
coffee county
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Fill this out with these 6 numbers and it may help you:
--------
------------------------------------2018------------------2019
taxable income................________............_________
taxes owed......................________............_________
taxes paid........................________............_________
You will find that:
The tax that you owed was about the same. 2018 will probably be ~$400 more owed than 2019 due to your salary.
Then you will see than in 2019 the "taxes paid" was ~$1800 less than you paid in 2018.
In other words you did not pay enough in 2019
OR you stopped paying into you 401k and in 2019 you had higher taxable income.
Now it is 2020: Be sure that they are taking out enough tax in your pay check, or set aside ~$2000 to pay taxes next year.
This is what happened. It threw me off cause the earned income credit was more this year as well as the child credit. I had changed my 401k contributions and it made a big difference. did you increase or decrease your 401k contributions?
"A moment of realization is worth a thousand prayers"
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Re: My Tax Return is way less?
[Re: Jakethesnake]
#3039515
02/11/20 11:15 PM
02/11/20 11:15 PM
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Joined: Jan 2012
Posts: 72
South Bama
mossyhorns25
spike
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spike
Joined: Jan 2012
Posts: 72
South Bama
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Ill admit im not the best and brightest on taxes. Usually get a decent return every year. Have been thinking about how I file on my paycheck here recently though and was wondering what would be the best for me? Im married. Just me and her. Ive always went single and none. We file our taxes jointly with our tax lady. What would be the best for me to file on my check for me to get more out of it but hopefully not have to pay in come tax time?
Roll Tide!
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Re: My Tax Return is way less?
[Re: mossyhorns25]
#3039661
02/12/20 08:53 AM
02/12/20 08:53 AM
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Joined: Mar 2015
Posts: 4,759
george county ms
johndeere5036
10 point
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10 point
Joined: Mar 2015
Posts: 4,759
george county ms
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Ill admit im not the best and brightest on taxes. Usually get a decent return every year. Have been thinking about how I file on my paycheck here recently though and was wondering what would be the best for me? Im married. Just me and her. Ive always went single and none. We file our taxes jointly with our tax lady. What would be the best for me to file on my check for me to get more out of it but hopefully not have to pay in come tax time? sometimes what I would do when I was welding working construction I go the whole year claiming what I was supposed to then about October if roll over to married and nine for the rest of the year. I had paid enough in and during those months prior that I could do that and make a little more money on my check for the slower months right around Christmas. I never had to pay in but I always had a lot of other stuff I was claiming as well
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Re: My Tax Return is way less?
[Re: outdoors1]
#3039729
02/12/20 09:55 AM
02/12/20 09:55 AM
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Joined: Nov 2011
Posts: 22,111
USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 22,111
USA
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C'mon man you know the lower middle income pays the most taxes. I think the bottom 50% pays 4% of the total tax receipts.
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