Taxes Q

FireCohen said:

creepycoug said:

FireCohen said:

What kind of withholding do you guys elect? Idk if messed up or something, was doing my taxes this year and owe over $9k in fed.

@YellowSnow can you move to @creepycoug board. Picked the wrong bored

I'm not the head of the Tax Bros here; but I do my own taxes so there's that.

There's no "fuck up". You just withheld too little relative to write-offs (Kramer) and deductions and you owed the Gov. more $$ during the year than was withheld. You'll pay a penalty.

I fuck this up all the tim. As long as you're not egregious it's not a big deal. Paying quarterly is a pain in the ass.

Interesting, my employer does the withholding. I checked and I got no deductions so I was little surprised to see this bs, but I guess it had to do with tax laws changed that took place and they don’t withheld as much as they used to. I rather that gets spread out over 24 pay stubs than in one check

You control your withholding amount vis a vis Form W-4. Claim zero deductions if you're single w/o no kids or otherwise have any dependents and you should be good ... they'll withhold the max.

That said, one of the Tax Bros. should weigh in on how they withhold on incentive comp. It's usually never enough so you have to pay. That's where most W-2 employees get an unpleasant surprise.

I'm not a tax advisor btw. When in doubt, hire one.

FireCohen said:

creepycoug said:

FireCohen said:

creepycoug said:

FireCohen said:

What kind of withholding do you guys elect? Idk if messed up or something, was doing my taxes this year and owe over $9k in fed.

@YellowSnow can you move to @creepycoug board. Picked the wrong bored

I'm not the head of the Tax Bros here; but I do my own taxes so there's that.

There's no "fuck up". You just withheld too little relative to write-offs (Kramer) and deductions and you owed the Gov. more $$ during the year than was withheld. You'll pay a penalty.

I fuck this up all the tim. As long as you're not egregious it's not a big deal. Paying quarterly is a pain in the ass.

Interesting, my employer does the withholding. I checked and I got no deductions so I was little surprised to see this bs, but I guess it had to do with tax laws changed that took place and they don’t withheld as much as they used to. I rather that gets spread out over 24 pay stubs than in one check

You control your withholding amount vis a vis Form W-4. Claim zero deductions if you're single w/o no kids or otherwise have any dependents and you should be good ... they'll withhold the max.

That said, one of the Tax Bros. should weigh in on how they withhold on incentive comp. It's usually never enough so you have to pay. That's where most W-2 employees get an unpleasant surprise.

I'm not a tax advisor btw. When in doubt, hire one.

Thanks for clearing it up. I did not have issue with how much I owned. I was just pissed at my employer for withholding so little, but to your point the incentive piece is the kicker. I got promoted (I know....shocking) which led to my incentive comp doubling vs prior year. This makes much more sense to me now. Thanks creep

Any tim.