"Yet another reason why being an adult sucks: filing for 2022 taxes."
Did folks file their 2022 taxes yet? I had the misfortune of doing so last weekend and good grief was a stunned how low my returns were. Amazing shocked. I think this might have been the lowest I've seen since I started filing my own taxes ever. I am a single childless heathen, so I don't have anyone I can legally claim on my taxes. In addition, I would love to Congress to bring SALT back so I can get back some better returns.
How did the returns come back for other folks? Did anyone manage to keep on par with their normal returns?
"Sean sparks like John Starks, nah, Sean ball like John Wall" - Rest In Power Forever Sean Price.
7. "Yep do it immediately." In response to Reply # 6 Wed Feb-01-23 02:22 PM by Brew
My wife and I were paying out our asses for 2 years after we got married before someone pointed out to her that she had fucked up her filing elections. We've been getting returns every year since.
I'd assumed that it was just because we'd gotten married and both started getting significant pay bumps in the years since. But you just gotta pay attention to what you have coming out, what you make/expect to make, and what tax bracket you'd therefore probably be in.
It's fucking bogus that we have to do this at all, but it's the shithole country we live in.
8. "That should be a good thing though (re: low returns)" In response to Reply # 0
All that means is you didn't overpay taxes by much throughout the year. If you got a huge refund, you just let the govt hold your money for you interest free.
Looking at your tax rate (total taxes paid / income) is probably a better thing to compare across the years.
9. "It's true, it's all smoke and mirrors." In response to Reply # 8
But if you don't *need* the cash every week throughout the year, the "return" feels good and feels like free/extra money even tho it's definitely obviously not.
Again I understand fully that this is part of the trick, and it's stupid, and it's all nonsense, but clearly on some level I've bought into it as a nice "influx" of extra money to begin the year.
10. "Yeah it's basically a savings account" In response to Reply # 9
with no interest lol Many of us are used to it and count on it. I can definitely understand being disappointed if you end up getting significantly less than you expected.
I am set up to pay a small amount, hopefully I didn't miscalculate and end up owing anything significant.
16. "Totally - and the fact that it's so fucking needlessly complicated ..." In response to Reply # 10
... makes me more likely to overpay up front (fortunately I'm able to without being cash-strapped) so I can be guaranteed a return, as opposed to crossing my fingers hoping I don't owe anything.
legsdiamond Member since May 05th 2011 82087 posts
Thu Feb-02-23 10:22 AM
22. "for most people its treated like something you expect and worked for" In response to Reply # 10
but yeah, when those numbers come back crooked it fucks up my whole week.
**************** TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*
11. "While the first point may be true" In response to Reply # 8
I didn't change my deductions at all from how I've been filing and my prior 4-5 returns have been fairly consistent. The much lower returns were a stunner that Saturday morning when I completed the filing.
Your second point is a prudent one. I'm going to see if I can access my tax records and compare as best as I can.
"Sean sparks like John Starks, nah, Sean ball like John Wall" - Rest In Power Forever Sean Price.
15. "you're 100% correct..." In response to Reply # 8
my old boss taught me that when he started letting me see into the inner-workings of running the shop. I was just surprised at the stark difference from last year, with nothing on my end changing.
...I'm from the era when A.I. was the answer, now they think ai is the answer - Marlon Craft
legsdiamond Member since May 05th 2011 82087 posts
Thu Feb-02-23 06:24 AM
17. "I dont expect much since my wife worked half the year" In response to Reply # 0
and was an independent contractor for a few gigs.
actually just hoping we don’t owe.. again.
Also deducted more the last few years.
My frustration is state taxes. Regardless of what we do we always owe the state.
**************** TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*
legsdiamond Member since May 05th 2011 82087 posts
Thu Feb-02-23 10:20 AM
21. "If you only work one gig its easy" In response to Reply # 20
I got my form last week.
My wife had like 6 gigs last year and funny enough all of them have arrived already. There were years that we didnt get one of her 1099’s until March.
**************** TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*
23. "RE: If you only work one gig its easy" In response to Reply # 21
>I got my form last week. > >My wife had like 6 gigs last year and funny enough all of them >have arrived already. There were years that we didnt get one >of her 1099’s until March.
The postmark dates and the guidelines for 1099's changed roughly 2-3 years ago if memory serves me right. Years back, the postmark date for mailing 1099-MISCs was the end of March. Since then, the bulk of 1099-MISCs changed over to 1099-NECs for the majority of folks that were independent contractors. The postmark date for 1099-NECs is January 31st which I believe is the same for W2s.
"Sean sparks like John Starks, nah, Sean ball like John Wall" - Rest In Power Forever Sean Price.
26. "I owe for the first time, probably." In response to Reply # 0
I’m sitting at $140 owed right now, depends how my third W2 comes in, might push me back into the positive.
After years of working at a place where credit card tips were withheld and applied to my direct deposit, though, I’m back in the rock n roll world where we take our credit tips as cash at the end of the night and payroll works some voodoo so just a fraction of that is accounted for and taxed, so our paycheck comes out to less than what it would be normally but most of our tips are unaccounted for like cash.
So I more or less expected to owe, I’m just happy it’s barely one night’s worth of work so far and, again, might barely tip back posi after I get my third W2, which is outside the venue world and reports CC directly as usual.
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