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Replies: 21
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CU Medallion [73569]
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Tax question
Mar 29, 2022, 8:15 AM
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Any nonbidness owner, over the standard deduction? Married is around 25k. I think I'm around 19k in itemized. Wondering if I'm missing deductions
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Oculus Spirit [81628]
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Your boy eliminated a lot of them.***
Mar 29, 2022, 8:17 AM
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CU Medallion [73569]
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Standard deduction was half that before
Mar 29, 2022, 8:18 AM
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Great deal for the poorer, no?
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Oculus Spirit [85160]
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Good deal for most
Mar 29, 2022, 8:21 AM
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And of course the child tax credit was boosted by both parties
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Oculus Spirit [80998]
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Yeah that really helped***
Mar 29, 2022, 10:08 AM
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Oculus Spirit [85160]
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I'm way over, married, joint
Mar 29, 2022, 8:20 AM
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Most of it is tithing
Property Taxes
A little mortgage interest
Other charitable contributions
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CU Medallion [73569]
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###
Mar 29, 2022, 8:24 AM
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Good job on the tithing.
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All-In [26954]
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Tithing makes taxes more enjoyable, oddly.
Mar 29, 2022, 1:35 PM
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I use tax season as an opportunity to see how close I came to 10% from the year before, and then use box 1 income to help level set for the upcoming year. Whether you're religious or a humanitarian, the 10% threshold is a good goal for everyone.
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CU Medallion [73569]
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Oculus Spirit [85160]
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Apparently property taxes don't count if you already paid
Mar 29, 2022, 8:28 AM
[ in reply to I'm way over, married, joint ] |
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$10K in state taxes for SC.
So the 10K in state counts toward your deduction if I'm reading this correctly.
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110%er [6959]
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Same here. I itemize.
Mar 29, 2022, 9:13 AM
[ in reply to I'm way over, married, joint ] |
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Pretty much the same deductions too, although my property taxes are very low. Tithing, mortgage interest, charitable contributions, children (maybe that is a credit and not a deduction?)
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All-In [32592]
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Aren’t there people for this ?***
Mar 29, 2022, 8:31 AM
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Oculus Spirit [85160]
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For about $300/hr.... yes. I make decent wages but not
Mar 29, 2022, 8:34 AM
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quite $300/hr
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Heisman Winner [105473]
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Have you gotten to where you BILL that much though?***
Mar 29, 2022, 8:46 AM
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Oculus Spirit [85160]
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our OH rate is around 24% so......***
Mar 29, 2022, 8:48 AM
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Oculus Spirit [75682]
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All-In [32592]
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OUTSTANDING point. I concur.***
Mar 29, 2022, 9:29 AM
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Lot o points [163010]
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Oculus Spirit [75682]
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But you are good people, we turn a bad trick now and then.***
Mar 29, 2022, 4:38 PM
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All-TigerNet [10853]
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Re: Tax question
Mar 29, 2022, 8:58 AM
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Tough year for me with the taxes.
Final child out of the house. Lost her as a deduction and lost the head of household status and had to file single.
Knew it was coming so was prepared for it.
I did get to itemize though. Of course easier when you are single. $12,550 threshold.
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Hall of Famer [22935]
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Ton of medical expenses this year***
Mar 29, 2022, 1:34 PM
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Lot o points [163010]
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Gotta be contributions or interest
Mar 29, 2022, 3:47 PM
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if you have a huge mortgage.
My interest went to zero about five years ago, then when the new tax law came out, lost the IPTAY contribution and only $10k on taxes.
Plus, the personal exemptions were converted into more standard deduction.
It takes a lot to get there for sure.
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Replies: 21
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