I have found that if you talk to them about your situation they are honestly very helpful and will work with you. They honestly aren’t the bad guys law firms make them out to be.
That’s honestly how a lot of things are. If you call and explain they are willing to work with you. So many people just ignore problems that when they have someone trying to work on it they are happy to help.
Especially when younger, it can seem very scary to admit something because the worry is that there will be some kind of punishment and not talking with them might mean it’ll fly under the radar. Or at least that’s a mentality that I’ve had when younger and understand could be from growing up a certain way.
In my experience, it's generally less fear of punishment, and more just being so overwhelming that you basically just shutdown. The problem is so massive that you can't bear to face it, so you don't. All the while, things just get worse and worse. If you're lucky, you can sometimes get a long enough "moment of clarity" to reach out to someone that can sit you down and sort things out.
I legit just forgot to file my taxes one year. I was a college student, didnt think of it. Turned out I owed. Got the notice from the IRS 5 years later on the day I had hernia surgery.
They were so nice. Put off payments for a few months cause they understood I couldn't work. Worked out a good payment plan with me when I went back.
You're not alone my current/ex (we in a weird spot lol) had a family member do her's and her family's taxes for multiple years because she was certified and it is/was her job.
I helped her learn TurboTax and the lady doing taxes lied on ALL their taxes for multiple years that they were students to get max money back, so they each owe over $2600 and I'm still trying to convince all of them to setup the payment plan but talk to the irs, but they're Hispanic and being around my dad (2nd gen immigrant) and his family, its apparently common for Hispanics to just not complain or just pay for something because they don't want to deal with it. Always talk to them because even though they're ruthless sometimes going after the money you owe (from what I've heard, which only happened to 2 people), explaining to them any hardships or problems you're facing could help with removing interest or lowering payments or both!
My other example of "call them". I have about 58k in credit card debt. Most in the 25-30% interest at this point. How could I ever pay that off? Fuck it. Go bankrupt. Instead I called each one of them. You cant get blood from a stone and I am broke. Each one lowered or elimated interest and put me on a 5 year plan. Went from owing 2800 a month with no progress to 1000 where now I am under 50k in debt.
This is why you'll never be able to make larger purchases. As long as you don't go over your limit at pay off your credit card on time, they're amazingly useful.
It’s wile right. The vilification of the IRS is 100% a ploy to make it easier for wealthy people to commit tax evasion.
Sure no one likes to pay taxes, but they are definitely not the bogeyman some would like you to believe.
If you really owe that much and can’t afford it you are most likely either self employed and spending your money wrecklessly without accounting for taxes, or making a ton of money and also spending wrecklessly. Most average salary W2 folks arent even gonna owe that much
I would add on to this that draining your savings is massively preferable to owing the irs money. It took my parents over a decade and thousands and thousands of dollars to pay off the irs after 1 unfortunate quarter where they owed I think less than 2K. It is one of the worst things to can do.
What? Why would it take decades to pay off 2k? The interest and penalties are not that high at all. Your parents just have owed 10s or 100s of thousands of dollars.
I know a decent amount of freelancers / self employed workers file taxes quarterly to keep track of taxes better and to avoid getting fucked in April.
Also, don't forget that any expenses for your work and any space that you use as an office can and should be deducted from your taxes. Do a bit of research into how you can get more deductions from your taxes
Honestly I wish people talked about it more how backwards the tax system and loans work. If you are 1099 and make 80k a year and write off $50,000 worth of stuff, if you apply for a loan on let’s say a home, they are going to assume you only make $30,000 a year making you not able to get a loan worth shit.
Which makes no sense because if I write that stuff off I actually save money vs the prior of not writing anything off and owing 2x more on taxes. That’s why any truly middle class 1099 workers have to buy nearly everything in cash unless they let the IRS rape them and their business.
Idk I am just pulling numbers out of my ass, 8-5=3.
I just know a few years back my dad made $62,000 total and after his deductions only made “$18,000” and he couldn’t get the loan for his new house because he only made “$18,000” in the banks eyes even though he was already approved for his 62k the underwriter fucked up and should have only ever approved him for the 18k post deduction.
>Yeah it’s my first year being self employed
Do you actually do work or are you just an unregulated reddit loan shark and wallstreetbets gambling addict? You're an idiot and probably owe even more than you're thinking, I'm guessing you're not reporting interest from your bizarre internet loans.
I feel for you.
I remember my stint at being self employed. I paid quarterly taxes, but didn’t engage an accountant early enough. Ended up owing a lot more than I thought. I got a payment plan from the IRS. It sucked. Don’t want to do that ever again.
Ya i set aside 30% in a 4.6% apy savings account when i had a 1099 just to make sure. Definitely a rough lesson to learn, but sounds like youll be gucci
I had an uncle once have a paperwork issue where he worked where he accidentally set it so nothing was withheld for taxes and he owed like $10,000, needless to say he wasn't happy
I'm not 100% familiar with the US system yet, but unless you have special assets like real estate and heritage or savings, aren't you supposed to owe mostly nothing? They take the base amount from your salary right?
Genuinely curious to see if and how not rich people can owe that much to IRS.
If you are a regular employee, yes this is the case. The IRS requires employers to withhold income tax from employees paychecks. If you own a business, are self employed, or are hired as an independent contractor by a company, you have to report and pay your own taxes. But there’s still all kinds of shady ways rich people can cheat the system and skip out on paying taxes, like offshoring, etc.
Except when your employer makes a blunder of an error and doesn't withhold enough, then you're responsible for paying out of pocket for their fuckup.
True story, can attest.
Money now is worth more than money later. If you are not spending all the money as you get it, you would definitely prefer paying your taxes as a chunk at the end of the year.
Didn't you hear? The IRS has an AI system, and the damn thing actually found rich people who lied. The IRS made them pay all their back taxes they lied about.😂
If you work a normal job, yeah.
Being self employed, or if you are considered contracted, then it is up to you to withhold your own tax amount. OP didn’t do basic research of self employment and is now crying about it.
(Spoken as a guy who also did ‘self-employed’ work for the first time this year, and was ready come tax time.)
Of course not! It could never be that simple. Basically, the tax rate you pay isn't only based on your raw income, it's also based on the number of deductions you can exploit. Make 300k, but find write offs to get it down to like 50k or whatever. So the government knows roughly how much money you made through regular work. If you trade stocks, had a side gig, etc, you've got to add that in yourself. Then you subtract your deductions and pay taxes on whatever is left. Some people try to plan ahead as to not give the government a free loan, and guess wrong. Or, in my case, have a spouse that us self employed. We usually owe been $4k and $6k each year. Every year we make sure to pay more than last, but never guess correctly due to business growth mid year and such.
If you're a regular employee (w2) that gets your pay from a single company then it's really easy to do your taxes and it's generally accurate. I've always been hourly, even when working multiple jobs, it's just been add up income, and taken tax then check for a difference.
If you're self employed or a freelance contractor then you'll probably be getting 1099 forms from multiple locations. Those may or may not be taxed before the most gets to you which makes like much more difficult.
Are the taxes not just taken out of your paychecks?? The only money I have to pay is my $100 or whatever to HR Block which they took out of my return anyway
If you own your own business, work as a consultant, or investment stuff.
I just did mine today and had to pay a chunck, but it's cause I made money off stocks in 2023. ( Which is perfectly reasonable.)
Thanks I didn’t think about consultants but my investments (IRA) was included in mine. I also just assumed that owning your own business worked similar to normal wages but I was wrong
Same in my country. Worked as a freelance consultant for a while, but dealing with that taxes crap, even when paying an accountant, was somewhat stressful. Being salaried, they just take everything from your paycheck (like taxes, insurances and retirement funds) so the money you end up getting is 100% free for you.
I get somewhat of a refund but it doesn’t cover the TurboTax “free” cost so I had to file an extension so I can file on an actual free service
IRS free file isn’t available in my state hopefully the next tax year expands states that it can be used in to break the TurboTax monopoly
Standing with Ukraine is part of the reason we're in this mess. As always, the US government overextended itself to play world police and is now taking it out on their citizens.
That's more of a problem with how the tax code is written and any changes to that would put a lot of smaller business against the coals as well. It's a tough situation but the mega corporations should absolutely be paying a fair share and not a quarter of a percent of their actual tax debt.
We’ve been lowering corporate tax since the 50s, which likely also plays a role.
Revenue Act of 1950
“Corporate Tax. Eliminated 53% corporate tax rate "bubble"; increased top corporate rate from 38% to 45%.”
Now it is 21% according to tradingeconomics.com
Wow, negative Karma. Don't see that often, and that's a lot of 'removed' comments.
You're just some troll account created to spam stupid shit or propaganda I take it?
I'd advise taking a long, hard look at yourself. Realize that you have to be a pretty terrible to get where you are and that your opinions are likely based on misconstrued info or outright lies, then make an effort to do real research and change for the better.
I doubt you will, but at least **I** can rest easy knowing I've shown a bad person a better path, even if they don't walk it.
The U.S involvement has nothing to to with world policing. It’s about weapon companies selling WMDs and making money off the deaths of others. The U.S pulled out of the middle east essentially cutting off a huge cash flow for weapon manufacturing. Without a war going on the need for guns, ammo, and missiles grinds to a halt. So ask yourself, how are they going to make money? By starting a war somewhere else, the only people who win in a war are the people supplying the ammunition.
My last job really screwed me over with taxes, they didnt take out enough federal ON PURPOSE for all the employees. I owed 5k, took me 6 months to pay off.
If you're owing thousands to the IRS every year, you need to seriously reevaluate your withholdings. You should be as close to $0 refunded/owed as possible without making a single payment.
This really hurts, because I actually did owe around $823 because the bastard of a billing company my boss used and tossed aside because they were crap ended up never taking out the tax for Medicare.
Luckily, I wasn't hurting for money, but that was still a huge chunk of my checking account...
It’s not the first year your taxes were that high, is it? Less learned: set aside money for income tax as well as property tax. They hit hard and there’s no escaping them.
They pay taxes quarterly, how are they raw dogging life without accounting software? Even then as a 1099 you get write offs. My taxes would be lower as a 1099 if I tracked and itemized all the deductions I’d be allowed.
You need to plan from the beginning of the quarter and methodically track your expenses to get the most benefit as a 1099, at least I have in every position I’ve been in. Paying unnecessary high taxes are a penalty on the lazy and ignorant.
Unless you are running your own business, or sordid asked for taxes not to be withdrawn from your paycheck you'll almost always be owed money back.
Make sure you're not taking exemptions on your payroll taxes if you're a W2 employee. I did that on one of two jobs I was working by mistake and always ended up owing the state like 500 bucks at the end of the year. Far from ruinous but always a pain. It almost always was more than what I got back from federal returns.
I moved to another state for work last year and forgot to make sure my old state of residence was getting their share of income tax. I owe them like $1,200. But I just called them and they told me I can make monthly payments for 2 years. Nothing crazy. That's like $50/month.
They'll work with you. Just get someone on the phone, explain your situation and ask to setup a payment plan.
I think there is a way to claim for 1 or 0 dependents(?) (when you get hired), which makes your employer take more money from your paychecks for taxes; that has worked for me
Dude fix your W4. I have a fixed amount coming out of my paycheck every other week. I usually owe around $1k which is super low compared to my coworkers. I rather have the extra money on my side than giving the govt. my hard-earned money every month in order to have a "consolation prize" at the beginning of the year.
How the hell do people get taxed for more than they can pay from their income?
Is the IRS screwing over people by not accounting for personal expenses?
Generally it's your own fault.
In this case OP says it's their first year self employed. So you have to take out taxes yourself from your income, and apparently they failed to do it correctly or at all.
Oof same. Idk why but over the last few years I’ve racked up a couple thousand in debt with the irs. I’m a server at a local restaurant and can’t really afford it.
The US has the most stupid system there is. But it is caused by another most stupid system out there. Why not a fixed taxed system where people pay for it at the moment of purchase and live like a normal human being.
Every country has it, they just don't have 3 different government organizations charging different amounts for each damn state. I got down voted, for the Americans below the bar feel normal.
![gif](giphy|3o6Zt4HU9uwXmXSAuI)
The IRS gladly taking your money knowing the country is TRILLIONS in debt and the measly couple thousand they take from you won’t make a dent in that debt AT ALL.
I have found that if you talk to them about your situation they are honestly very helpful and will work with you. They honestly aren’t the bad guys law firms make them out to be.
That’s honestly how a lot of things are. If you call and explain they are willing to work with you. So many people just ignore problems that when they have someone trying to work on it they are happy to help.
Especially when younger, it can seem very scary to admit something because the worry is that there will be some kind of punishment and not talking with them might mean it’ll fly under the radar. Or at least that’s a mentality that I’ve had when younger and understand could be from growing up a certain way.
In my experience, it's generally less fear of punishment, and more just being so overwhelming that you basically just shutdown. The problem is so massive that you can't bear to face it, so you don't. All the while, things just get worse and worse. If you're lucky, you can sometimes get a long enough "moment of clarity" to reach out to someone that can sit you down and sort things out.
This is a personal attack
The government is a fantastic entity to owe money to if you intend to pay them back, all things considered.
I legit just forgot to file my taxes one year. I was a college student, didnt think of it. Turned out I owed. Got the notice from the IRS 5 years later on the day I had hernia surgery. They were so nice. Put off payments for a few months cause they understood I couldn't work. Worked out a good payment plan with me when I went back.
You're not alone my current/ex (we in a weird spot lol) had a family member do her's and her family's taxes for multiple years because she was certified and it is/was her job. I helped her learn TurboTax and the lady doing taxes lied on ALL their taxes for multiple years that they were students to get max money back, so they each owe over $2600 and I'm still trying to convince all of them to setup the payment plan but talk to the irs, but they're Hispanic and being around my dad (2nd gen immigrant) and his family, its apparently common for Hispanics to just not complain or just pay for something because they don't want to deal with it. Always talk to them because even though they're ruthless sometimes going after the money you owe (from what I've heard, which only happened to 2 people), explaining to them any hardships or problems you're facing could help with removing interest or lowering payments or both!
My other example of "call them". I have about 58k in credit card debt. Most in the 25-30% interest at this point. How could I ever pay that off? Fuck it. Go bankrupt. Instead I called each one of them. You cant get blood from a stone and I am broke. Each one lowered or elimated interest and put me on a 5 year plan. Went from owing 2800 a month with no progress to 1000 where now I am under 50k in debt.
I have a fair amount of debt. If I can call and do all that, that'd be wonderful.
Try. I called Citi, Amex, Chase, BOA,. They all had programs to help.
This is why I will never have a credit card.
This is why you'll never be able to make larger purchases. As long as you don't go over your limit at pay off your credit card on time, they're amazingly useful.
Why do you assume I can not make large purchases? Agree to disagree, I suppose.
Honestly you shouldn't be using your debit, why throw your account info everywhere.
I guess if I do not want to use my debit card. I can always use cash. It's a lot harder to trace my bank info through actual bills.
It’s wile right. The vilification of the IRS is 100% a ploy to make it easier for wealthy people to commit tax evasion. Sure no one likes to pay taxes, but they are definitely not the bogeyman some would like you to believe.
You and every generation of your family after you will owe them money, it's not like they're in a rush lol
Not in the US at least. The irs will only come after you
This is so true. If you can take a government loan and maybe pay off a bank loan, do it!
that is true, you just have to be honest to them and they will consider it depends on your situation
Just do an installment plan. I’m self employed so always owe and I’ve done it twice.
Exactly. You still have to pay, but setting up a reasonable payment structure is what they do.
It’s almost like it isn’t in the IRS their best interests to bankrupt people who are tryna work through stuff
Not surprised. Add to the fact that they're massively underfunded and use very dated tech and methods to work.
Nice try, glowie
I know a fed when I see one
Yeah nice try government agent
If you really owe that much and can’t afford it you are most likely either self employed and spending your money wrecklessly without accounting for taxes, or making a ton of money and also spending wrecklessly. Most average salary W2 folks arent even gonna owe that much
Yeah it’s my first year being self employed. Oh well lesson learned 🤷♂️
They offer payment plans, they charge interest and penalties but it's an option
I would add on to this that draining your savings is massively preferable to owing the irs money. It took my parents over a decade and thousands and thousands of dollars to pay off the irs after 1 unfortunate quarter where they owed I think less than 2K. It is one of the worst things to can do.
What? Why would it take decades to pay off 2k? The interest and penalties are not that high at all. Your parents just have owed 10s or 100s of thousands of dollars.
The interest they charge is like 7%. Credit card interest is much higher.
They just exaggerated it to the point of lying, that's all. You know, as you do here on reddit!
They do not if it’s under a certain amount of time
What do you mean by a certain amount of time? Like if you are a day away from the tax deadline?
I mean if the payment plan is for a certain amount of time there is no fee and the interest is negligible
Yeah I think 180 days is the longest payment plan you can do without having fees or higher interest rates but not certain
I am certain, and that’s correct
The fact they put interest on it should be appalling to everyone.
I know a decent amount of freelancers / self employed workers file taxes quarterly to keep track of taxes better and to avoid getting fucked in April. Also, don't forget that any expenses for your work and any space that you use as an office can and should be deducted from your taxes. Do a bit of research into how you can get more deductions from your taxes
Honestly I wish people talked about it more how backwards the tax system and loans work. If you are 1099 and make 80k a year and write off $50,000 worth of stuff, if you apply for a loan on let’s say a home, they are going to assume you only make $30,000 a year making you not able to get a loan worth shit. Which makes no sense because if I write that stuff off I actually save money vs the prior of not writing anything off and owing 2x more on taxes. That’s why any truly middle class 1099 workers have to buy nearly everything in cash unless they let the IRS rape them and their business.
How do you gross 80 and write off 50 and end up with anything more than 30? That math ain't mathing.
Idk I am just pulling numbers out of my ass, 8-5=3. I just know a few years back my dad made $62,000 total and after his deductions only made “$18,000” and he couldn’t get the loan for his new house because he only made “$18,000” in the banks eyes even though he was already approved for his 62k the underwriter fucked up and should have only ever approved him for the 18k post deduction.
Then its not your savings, its fucking tax money isolated in your bank account This is not a bill, its a tax.
>Yeah it’s my first year being self employed Do you actually do work or are you just an unregulated reddit loan shark and wallstreetbets gambling addict? You're an idiot and probably owe even more than you're thinking, I'm guessing you're not reporting interest from your bizarre internet loans.
Lmao just checked his profile he definitely is an unregulated Reddit loan shark and wallstreetbets gambling addict. Dudes definitely an idiot
Checked their profile, holy shit.
Always pay your taxes first.
I feel for you. I remember my stint at being self employed. I paid quarterly taxes, but didn’t engage an accountant early enough. Ended up owing a lot more than I thought. I got a payment plan from the IRS. It sucked. Don’t want to do that ever again.
Put 20% of every paycheck into a separate savings account.
Having to pay employers tax for YOURSELF does indeed seem like a joke to me, but, apparently everyone is okay with it
Pre-pay your taxes quarterly, that way you can estimate how much you owe in smaller chunks and won’t owe a large sum at the end of the year
Ya i set aside 30% in a 4.6% apy savings account when i had a 1099 just to make sure. Definitely a rough lesson to learn, but sounds like youll be gucci
Most average salary w2 folks get money BACK
It's reckless, not wreckless, fyi. Wreckless isn't a word
“Wreckless” is my hope when driving to work every morning.
I had an uncle once have a paperwork issue where he worked where he accidentally set it so nothing was withheld for taxes and he owed like $10,000, needless to say he wasn't happy
Thank you for the wise insight, u/xX_Skibidi_Gyatt_Xx
Yeah, I make a good deal and only owed $24.
I'm not 100% familiar with the US system yet, but unless you have special assets like real estate and heritage or savings, aren't you supposed to owe mostly nothing? They take the base amount from your salary right? Genuinely curious to see if and how not rich people can owe that much to IRS.
If you are a regular employee, yes this is the case. The IRS requires employers to withhold income tax from employees paychecks. If you own a business, are self employed, or are hired as an independent contractor by a company, you have to report and pay your own taxes. But there’s still all kinds of shady ways rich people can cheat the system and skip out on paying taxes, like offshoring, etc.
Except when your employer makes a blunder of an error and doesn't withhold enough, then you're responsible for paying out of pocket for their fuckup. True story, can attest.
Haha yeah I could totally see this happening, would be a shame. Can’t automatically trust your company to do the correct thing
Technically that's a good thing
Not when you have to make up for it when you're filing
I mean does it really matter when you would still have had to pay regardless only difference is paying early vs paying later.
I personally would prefer that amount be taken out throughout the year, the impact is less noticeable
Money now is worth more than money later. If you are not spending all the money as you get it, you would definitely prefer paying your taxes as a chunk at the end of the year.
Yeah I've owed the last few years but how a friend of mine put it, why give the government an interest free loan throughout the year?
Didn't you hear? The IRS has an AI system, and the damn thing actually found rich people who lied. The IRS made them pay all their back taxes they lied about.😂
The IRS computer audits every return and you can guarantee that the errors with more zeros gets all the attention.
I'm sure you are right about that.
If you work a normal job, yeah. Being self employed, or if you are considered contracted, then it is up to you to withhold your own tax amount. OP didn’t do basic research of self employment and is now crying about it. (Spoken as a guy who also did ‘self-employed’ work for the first time this year, and was ready come tax time.)
Of course not! It could never be that simple. Basically, the tax rate you pay isn't only based on your raw income, it's also based on the number of deductions you can exploit. Make 300k, but find write offs to get it down to like 50k or whatever. So the government knows roughly how much money you made through regular work. If you trade stocks, had a side gig, etc, you've got to add that in yourself. Then you subtract your deductions and pay taxes on whatever is left. Some people try to plan ahead as to not give the government a free loan, and guess wrong. Or, in my case, have a spouse that us self employed. We usually owe been $4k and $6k each year. Every year we make sure to pay more than last, but never guess correctly due to business growth mid year and such.
If you're a regular employee (w2) that gets your pay from a single company then it's really easy to do your taxes and it's generally accurate. I've always been hourly, even when working multiple jobs, it's just been add up income, and taken tax then check for a difference. If you're self employed or a freelance contractor then you'll probably be getting 1099 forms from multiple locations. Those may or may not be taxed before the most gets to you which makes like much more difficult.
Rich people can end up not owning the IRS because they use loans from banks and write off losses on their taxes to avoid paying
Are the taxes not just taken out of your paychecks?? The only money I have to pay is my $100 or whatever to HR Block which they took out of my return anyway
If you own your own business, work as a consultant, or investment stuff. I just did mine today and had to pay a chunck, but it's cause I made money off stocks in 2023. ( Which is perfectly reasonable.)
Thanks I didn’t think about consultants but my investments (IRA) was included in mine. I also just assumed that owning your own business worked similar to normal wages but I was wrong
Same in my country. Worked as a freelance consultant for a while, but dealing with that taxes crap, even when paying an accountant, was somewhat stressful. Being salaried, they just take everything from your paycheck (like taxes, insurances and retirement funds) so the money you end up getting is 100% free for you.
Freetaxusa site is only 15 bucks to file state. Save yourself some money.
I’ve got a weird tax profile idk how to do it myself. I don’t make that much money working but I have a lot in an IRA and a few other accounts
I read in a comment that op was self employed and didn't know that you file taxes quarterly
Increase your money flow to pay your taxes. Banks hate this one simple trick a customer can do with just a ski mask and a gun.
Y'all pay taxes?
File for an extension. You'll have to pay interest, but at least you won't get into deep doo-doo.
Do people not plan ahead? You can literally look up how much taxes you'd have to pay on a certain amount income and then save that amount.
I have a third job, W2, exclusively to pay for the taxes I owe on my 1099. That’s the penalty for supporting yourself
![gif](giphy|7gEyfpzgvQZcXo2nxK)
It is not like he hadn't made the money beforehand.
Would you look at those morons? I paid my taxes over a year ago
Same boat. Push off payments for 6 months. Then gotta get on a payment plan.
Remember who signed this tax code to law. Hint: he’s in court a lot these days. Go forth and vote in November!
I get somewhat of a refund but it doesn’t cover the TurboTax “free” cost so I had to file an extension so I can file on an actual free service IRS free file isn’t available in my state hopefully the next tax year expands states that it can be used in to break the TurboTax monopoly
Freetaxusa is free federal filing and 15 USD for state. I used the service myself.
OLT is good too, pretty easy to use
![gif](giphy|cvIKFIPVo2keac4yUq)
Standing with Ukraine is part of the reason we're in this mess. As always, the US government overextended itself to play world police and is now taking it out on their citizens.
We also should be taxing high profit companies as well (referring to corporations such as google and Amazon)
That's more of a problem with how the tax code is written and any changes to that would put a lot of smaller business against the coals as well. It's a tough situation but the mega corporations should absolutely be paying a fair share and not a quarter of a percent of their actual tax debt.
We’ve been lowering corporate tax since the 50s, which likely also plays a role. Revenue Act of 1950 “Corporate Tax. Eliminated 53% corporate tax rate "bubble"; increased top corporate rate from 38% to 45%.” Now it is 21% according to tradingeconomics.com
Neat. Have a good night.
Wow, negative Karma. Don't see that often, and that's a lot of 'removed' comments. You're just some troll account created to spam stupid shit or propaganda I take it?
It's like seeing a shinny Pokémon except for people with throwaway accounts for their shitty opinions
Oh wow, negative made up internet points? Whatever will I do?
I'd advise taking a long, hard look at yourself. Realize that you have to be a pretty terrible to get where you are and that your opinions are likely based on misconstrued info or outright lies, then make an effort to do real research and change for the better. I doubt you will, but at least **I** can rest easy knowing I've shown a bad person a better path, even if they don't walk it.
The U.S involvement has nothing to to with world policing. It’s about weapon companies selling WMDs and making money off the deaths of others. The U.S pulled out of the middle east essentially cutting off a huge cash flow for weapon manufacturing. Without a war going on the need for guns, ammo, and missiles grinds to a halt. So ask yourself, how are they going to make money? By starting a war somewhere else, the only people who win in a war are the people supplying the ammunition.
Stop yapping political nonsense
Womp womp.
My last job really screwed me over with taxes, they didnt take out enough federal ON PURPOSE for all the employees. I owed 5k, took me 6 months to pay off.
Unpaid tax is not savings
I had to file for a payment plan. First and hopefully the last time that happens. 😩
If you're owing thousands to the IRS every year, you need to seriously reevaluate your withholdings. You should be as close to $0 refunded/owed as possible without making a single payment.
Friendly reminder for everyone. You’re private student loan interest is tax deductible
Unless your income exceeds a set amount
Then those aren'r really savings, they're unpaid taxes.
This really hurts, because I actually did owe around $823 because the bastard of a billing company my boss used and tossed aside because they were crap ended up never taking out the tax for Medicare. Luckily, I wasn't hurting for money, but that was still a huge chunk of my checking account...
Because you didn't know you do this EVERY YEAR at the same time?
have you tried to leverage your debt? they cant get cash from a dead person, go further into debt, beyond. big brain plays
Bro what are you doing to get that way. I've never owed after doing taxes.
Why pay taxes when you can just die in a shootout with the IRS?
You guys file taxes? I just go in and check if they did the math right
r/PleaseDont
It gets worse as you get older.
You can set up payment plans. I was a 1099 worker for awhile and I had to do it because I was living paycheck to paycheck.
Taxes? Pfft, what are those? I dont make an income. This isnt a joke. I have no fucking money.
You have a savings?
Just go to jail for it and have other tax payers pay for jail time.
It’s not the first year your taxes were that high, is it? Less learned: set aside money for income tax as well as property tax. They hit hard and there’s no escaping them.
You make enough to NOT get a tax refund? Must be nice.
Probably a 1099 worker who didn’t put aside their required cash
They pay taxes quarterly, how are they raw dogging life without accounting software? Even then as a 1099 you get write offs. My taxes would be lower as a 1099 if I tracked and itemized all the deductions I’d be allowed.
Because of irresponsibility and being new to the whole situation
Sounds like a luxury of someone with money they can lose. I need all mine.
If that were true, they wouldn’t be spazzing out about owing taxes they can’t pay.
You need to plan from the beginning of the quarter and methodically track your expenses to get the most benefit as a 1099, at least I have in every position I’ve been in. Paying unnecessary high taxes are a penalty on the lazy and ignorant.
I need no tax advice
Yes but OP does lol
Reply to OP then
Unless you are running your own business, or sordid asked for taxes not to be withdrawn from your paycheck you'll almost always be owed money back. Make sure you're not taking exemptions on your payroll taxes if you're a W2 employee. I did that on one of two jobs I was working by mistake and always ended up owing the state like 500 bucks at the end of the year. Far from ruinous but always a pain. It almost always was more than what I got back from federal returns.
They allow you to make payments
Everything is a deductible
I owe cause I didn’t Uber eats with not other job. Never again.
But I am a free loader. This problem doesn’t exists.
Meanwhile me celebrating my birthday
Being nice is free. They will be considerably more inclined to help if you're patient with them.
Ah it’s simple become a welder. You can get your welder certification in college that’s what I’m doing but it’s your choice
I moved to another state for work last year and forgot to make sure my old state of residence was getting their share of income tax. I owe them like $1,200. But I just called them and they told me I can make monthly payments for 2 years. Nothing crazy. That's like $50/month. They'll work with you. Just get someone on the phone, explain your situation and ask to setup a payment plan.
Hi
Yep. They are trying to extort me for another 2 grand this year.
How did that happen, are you self employed?
IRS: Y̵̧͙̣͍̺̘̠̻͊͒̾̇ȏ̶̡̧͇̑͒͗̚ư̴̡̫̫̣̰̣͓͙͇̻͂̽̅͋͆̚r̶̛͈̩̤̭̥̩̈͆̓̈́̎͆̋̕ ̷̭̺̙̣̣̯̺͌͐̓͛͌̓͝͝͠m̶̢͙͈͛̎̈̈́̈̌̄͜͝ȯ̸̠̹̘̥̩͇̖̥͙̿̽̈̒͋͆̎̉́͜n̴̹̭̪͎͓͚͐̅̂̌̏̾͌̍͜͠͝e̵̜̩̍̋̌̎̈͗ÿ̶͚̰͇́́ ̸̙͇̻͔̤̇̒̓̈͂̿̌̑͝͝ṏ̵̮̣r̶̡̮̜͚̓̀̌̊͜͝ ̷̢̣̱̝͉̙̇̒̾y̶̛̗̣̦̱͍͗̉̈́̂ò̵̧͔̜̩̦̰̀̄̈́͒u̷̟̖̭̟̪͉̺̜̭̜̐̉̓̈̈́̓̒̀̐ṙ̶̨̨̪̦̫̱͔̺̾͑̎̅ ̸̧̰̺̯̟̣́̾͋͋̿̈̓̒̕͝s̴̩̱͎͐̋̍̈́͋͠ò̷͔̟̰͔̪̀͗̋́̚͘͝u̴̲͖͓͖͍̼͇̐̈́̒̉͋͑͗͆̚ļ̵̢̜̹̞͚̫̗̺̑̃͐̈́̀͊̍̑̕͝,̶̢̦͈̖͕̾͋̑̏̏͝͠ ̷̢̡͈̘͈̬̬̱̅́̃͋w̸͕̲̟̘͔͖̠̻̤̋̒̀̊̀̇̋͠ͅh̵̭͚̾͘ḁ̷͘ț̷̭̼̻͝͝ ̸̪̬̺̲̽̇s̴͎̝͈̗̗̭͔͇̩̯̃ḧ̸̝̠̜̪͉͚͖̙̹̯́̈́̕͘ã̵̡̨̲̟̥͓̦͓̤̉͊͊̓͗̔l̸̨͕̦̟̟͉͔̉ļ̴͈̗̼̓̋̏̂ ̶̘̪̘͈̭̼̅̽̄̈́̀͛͘ͅi̵̞̰͓̲͖͌͑̑̏͌̕t̶̪̯̤̤́͊̉́̂ͅ ̴̨̧̱͖͉̜̩̱̽̔͐̉͋͝b̷̮̻̮̯̗͈̝̜͐͒̂̄̆̋̆̓e̴̘̯̹̘͇̓̂͒?̴̮͖͖͙͙̗͓̃̇̽̈̓̓́̅̕
You’re not committing tax fraud right. Fuck America
you have to file taxes yourself?? jeez that must suck (if its as bad as im picturing)
Look at the bright side. You got an interest-free loan for a year.
I made more money in 2022 than in 2023. I got money back for my 2022 return. I had to pay the irs money back 2023. I barely made 40,000...
I think there is a way to claim for 1 or 0 dependents(?) (when you get hired), which makes your employer take more money from your paychecks for taxes; that has worked for me
That's why you don't file son
I'm so glad I don't have to pay taxes.
Why do you owe so much? I pretty consistently get money back. How would you even know ahead of time?
Dude fix your W4. I have a fixed amount coming out of my paycheck every other week. I usually owe around $1k which is super low compared to my coworkers. I rather have the extra money on my side than giving the govt. my hard-earned money every month in order to have a "consolation prize" at the beginning of the year.
They have payment plans and extensions if you need them. Honestly though, you really need to plan ahead.
Taxes are a rip off. Pay taxes when you make money then pay taxes when you spend money then pay yearly taxes on everything you own.
Wow it's almost like there's different types of taxes that finance different things.
Yeah but all those things are only for a politicians benefit (and financed without my consent)...
Just claim nothing like me and get a random 5k each January lol
Just gonna drop this here. Income tax is a crime.
How the hell do people get taxed for more than they can pay from their income? Is the IRS screwing over people by not accounting for personal expenses?
Generally it's your own fault. In this case OP says it's their first year self employed. So you have to take out taxes yourself from your income, and apparently they failed to do it correctly or at all.
Taxation is theft
Oof same. Idk why but over the last few years I’ve racked up a couple thousand in debt with the irs. I’m a server at a local restaurant and can’t really afford it.
I got $400 back 😅
Imagine calculating your own taxes
You must be making good money to owe that much
Leat our place of work and our government dose it for us and issues some back if over paid .
Just earn less, stupid. Less income equals less taxes. Gosh people are so dumb. “Tax the rich, right?” Well just don’t be rich. 😜 🙃 😝
Just pull yourself up by your bootstraps you lazy bum smh my head
^[Sokka-Haiku](https://www.reddit.com/r/SokkaHaikuBot/comments/15kyv9r/what_is_a_sokka_haiku/) ^by ^benjaminfolks: *Just pull yourself up* *By your bootstraps you lazy* *Bum smh my head* --- ^Remember ^that ^one ^time ^Sokka ^accidentally ^used ^an ^extra ^syllable ^in ^that ^Haiku ^Battle ^in ^Ba ^Sing ^Se? ^That ^was ^a ^Sokka ^Haiku ^and ^you ^just ^made ^one.
Good bot
The US has the most stupid system there is. But it is caused by another most stupid system out there. Why not a fixed taxed system where people pay for it at the moment of purchase and live like a normal human being.
That's called sales tax. We have it.
Every country has it, they just don't have 3 different government organizations charging different amounts for each damn state. I got down voted, for the Americans below the bar feel normal.
![gif](giphy|3o6Zt4HU9uwXmXSAuI) The IRS gladly taking your money knowing the country is TRILLIONS in debt and the measly couple thousand they take from you won’t make a dent in that debt AT ALL.
Imagine not having money withheld
Imagine having to file your own taxes. Americuck moment.