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Ask your questions, answer other folks' questions, and share your experiences here.

What's New:
- No penalty for not having healthcare. The Obamacare mandate is essentially gone. If you receive a 1095-A from the marketplace you must still report its contents, however.
- The 1040 has had multiple pages consolidated. Its no longer a postcard format because it turns out nobody sends fucking postcards for like the past 25 years.
- You can make IRA contributions with no age cap limit because more old people are still working. Also the required minimum distribution age has gone up to 72.
- The qualified business income deduction is still your best friend this year for those of you with your own business, contract work, uber/lyft drivers, e.t.c. It even has its own form now, 8995.
- Just like last year, the vast majority of filers this year will not itemize deductions, so don't bother counting your sales tax receipts, property tax, medical expenses, or charitable contributions.

Otherwise not too much new this year. The Trump tax cuts are still in effect. The biggest concern is the lack of 100% bonus depreciation for qualified improvement property but congress will likely pass that this year anyway.

And remember. You're here for life.

 

[triplestation]

 

[Grinchy]

- Just like last year, the vast majority of filers this year will not itemize deductions, so don't bother counting your sales tax receipts, property tax, medical expenses, or charitable contributions.

haha my buddy spends like 5 hours going back through amazon purchases and receipts

I asked him if it added up to more than the standard deduction, and he asked me what a standard deduction is. I explained it, and he said it's not more than that amount but he gets more money back if he does it that way. I let it go

 

[Starlight Lotice]

How do you guys understand all this?

From the UK and learning Accountancy but we can't claim back Tax unless you are a Business Entity. Want to know how it works in a Country where Citizens do this yearly!

 

[Handel]

What's New:
- No penalty for not having healthcare. The Obamacare mandate is essentially gone. If you receive a 1095-A from the marketplace you must still report its contents, however.
-

Hallelujah for this not fucking up my return again, ironically in a year where I have had health care for over half of it.

 

[Grinchy]

How do you guys understand all this?

From the UK and learning Accountancy but we can't claim back Tax unless you are a Business Entity. Want to know how it works in a Country where Citizens do this yearly!

In my case, I dont really understand it. You go on turbotax and answer questions and type in amounts from boxes on your tax form that's sent from your employer. Or, you go somewhere and pay someone if your situation is more intricate.

It's a bunch of overly complicated bullshit to me but I'm doing just poorly enough in life to get a little money back!

 

[SLoWMoTIoN]

How do you guys understand all this?

From the UK and learning Accountancy but we can't claim back Tax unless you are a Business Entity. Want to know how it works in a Country where Citizens do this yearly!

I just click next on a website and input my forms. Takes eh, 15 minutes.

 

[synchronicity]

Pro-tip: Just remember not to file until the deadline, even if you're getting money back.

 

[Grinchy]

Pro-tip: Just remember not to file until the deadline, even if you're getting money back.

What is the benefit in that?

 

[Starlight Lotice]

In my case, I dont really understand it. You go on turbotax and answer questions and type in amounts from boxes on your tax form that's sent from your employer. Or, you go somewhere and pay someone if your situation is more intricate.

It's a bunch of overly complicated bullshit to me but I'm doing just poorly enough in life to get a little money back!

That sounds a lot like a P60 Tax statement we get in the UK, but ours is used purely for Benefits such as Working Tax Credit (you get that if you don't earn enough and you have a disability or love alone).

Fair enough! We get charged by the Govermment if we do it wrong so most people get an Accountant to do it for money! XD

Ours are super dumb as well. They give you the exact amount and ask YOU to tell THEM how much Tax you paid...like...you gave the unfo to me???

Oh and they do this weird thing where you owe them X amount in pounds but they owe you X amount too but instead of taking off the difference they want you to pay in full before they pay you back the correct amount.

 

[synchronicity]

What is the benefit in that?

Greatly diminish chances of an audit.

 

[kingbean]

I get my tax return and immediately give it back to the government because my car tag is due.

 

[isual]

maybe i get 1500 back again this year.

 

[Potato Chip PRO]

Greatly diminish chances of an audit.

Possibly the best tip I've heard in a while... I'll keep this in mind.

 

[Potato Chip PRO]

We get taxed for everything... I'm starting to wonder why they haven't taxed us for being alive?

 

[synchronicity]

We get taxed for everything... I'm starting to wonder why they haven't taxed us for being alive?

But that is exactly what is being done.

 

[Starlight Lotice]

We get taxed for everything... I'm starting to wonder why they haven't taxed us for being alive?

In the UK if you don't have a Will the Government take the money instead so...I guess they do once you are dead and have nothing in place for family?

Oh and Inheritance Tax is a thing too.

 

[TheContact]

i usually owe the IRS like 7k at tax time. back when I was poor I used to get 7k.

 

[TindalosPup]

Thank you for the thread, just reminded me to keep an eye out for my forms in the mail. Anyone going to college remember you need this stuff for your FAFSA application every year

I got injured this year so my income is down, so too will be my return. I'll be lucky to get what my weekly pay is back