Tulpa | 3,509 Posted February 3 Share Posted February 3 Anyone getting a fat refund? Anyone owe? Any gripes about The Man? Anyone blowing their refund on hooker and blow hookers and cartridges, or hookers bringing cartridges and having sex with you while you play Mega Man 3? PS, anyone posting that tired Simpsons Homer pays his taxes vid smells their own farts. 1 Link to comment Share on other sites More sharing options...
Gloves | 11,784 Administrator · Posted February 3 Share Posted February 3 I have no clue how it'll treat me this year. Over the last year I... Moved from an apartment to a house Took 33k out of my RRSP under the "First time home buyers' plan" Moved provinces Got laid off Worked as a teacher for a semester Did some freelance contracts All of which are entirely new to me as a taxpayer. I imagine they're all quite busy right now, but I should probably talk to an accountant rather than just doing it myself via WealthSimple like I usually do. 1 Link to comment Share on other sites More sharing options...
nrslam | 476 Posted February 3 Share Posted February 3 I'm gonna owe a little this year for the first time in awhile. I did a pretty good job in the past of balancing withholding vs taxes so I'd get a small refund every year, but forgot to account for the extra income from higher interest rates in 2023. Rates were near zero for so long that I didn't even think of it when they went up. Wasn't much, but enough to upset my carefully balanced system. Link to comment Share on other sites More sharing options...
Tabonga | 2,320 Posted February 3 Share Posted February 3 Like last year I will owe the Feds about one k - which will be offset (plus a bit) from my state refund. When Mrs. Tabonga passed I got the "benefit" of the IRS's treatment of single taxpayers. I haven't adjusted my withholding because I would rather have them wait for their ill gotten gains rather than my waiting for an obscene amount of time to get some back. Link to comment Share on other sites More sharing options...
TDIRunner | 2,741 Posted February 4 Share Posted February 4 I haven't started yet, but I will probably have it done by next weekend. I'm somewhat excited because this will be the first time in 18 years that I don't have to complete a Missouri tax return and I will have only one state return to complete (Illinois). Link to comment Share on other sites More sharing options...
Link | 2,714 Posted February 4 Share Posted February 4 13 hours ago, Gloves said: I have no clue how it'll treat me this year. Over the last year I... Moved from an apartment to a house Took 33k out of my RRSP under the "First time home buyers' plan" Moved provinces Got laid off Worked as a teacher for a semester Did some freelance contracts All of which are entirely new to me as a taxpayer. I imagine they're all quite busy right now, but I should probably talk to an accountant rather than just doing it myself via WealthSimple like I usually do. Yeah that is a lot of crazy shit. Heard a lot of it in various threads but put all together, in tax stuff? Definitely a lot of work. Link to comment Share on other sites More sharing options...
Link | 2,714 Posted February 4 Share Posted February 4 As for me... The last few years, I try and fail to do it myself. I procrastinate, and then I panic, and then I go to a "professional" [temp stripmall storefront like Jackson Hewitt or H&R Block]. (The 3 Ps of mediocre tax filing! Patent Pending.) They're a ripoff. Link to comment Share on other sites More sharing options...
Code Monkey | 2,011 Posted February 4 Share Posted February 4 I'll be claiming about $20,000 in video game purchases as a business expense. Technically I'm building this collection tracker so I need them to photograph and inventory so they're a business expense. Work smarter, not harder. 2 Link to comment Share on other sites More sharing options...
a3quit4s | 4,102 Posted February 4 Share Posted February 4 27 minutes ago, Code Monkey said: I'll be claiming about $20,000 in video game purchases as a business expense. Technically I'm building this collection tracker so I need them to photograph and inventory so they're a business expense. Work smarter, not harder. I strongly suggest you consult a tax professional on that. You are a pain in the ass know it all but you seem like a nice enough guy so try and stay out of jail 1 2 Link to comment Share on other sites More sharing options...
Tabonga | 2,320 Posted February 4 Share Posted February 4 8 hours ago, Link said: As for me... The last few years, I try and fail to do it myself. I procrastinate, and then I panic, and then I go to a "professional" [temp stripmall storefront like Jackson Hewitt or H&R Block]. (The 3 Ps of mediocre tax filing! Patent Pending.) They're a ripoff. Heh - I related previously my encounter with one of those jacklegs. It was the first tax year after Mrs. Tabonga died and I just didn't want to deal with it. I went to Walmart for regular shopping and talked with one of them - I described what I had to deal with - actually very simple - qualifying widower's filing with 3 pensions, social security and a very small amount of savings account interest. He wouldn't give me an estimate and insisted on doing them first and then charging me. WTF WTF*. I refused to agree to such a poor way of doing things - I did ask him as I left if he would buy a used car at a car lot by picking it out and then finding out out how much it was after agreeing to buy it. He had no reply. That year, like always, I wound up doing it myself. *Demonstrative way of saying double WTF! 1 Link to comment Share on other sites More sharing options...
a3quit4s | 4,102 Posted February 4 Share Posted February 4 Just now, Tabonga said: Heh - I related previously my encounter with one of those jacklegs. It was the first tax year after Mrs. Tabonga died and I just didn't want to deal with it. I went to Walmart for regular shopping and talked with one of them - I described what I had to deal with - actually very simple - qualifying widower's filing with 3 pensions, social security and a very small amount of savings account interest. He wouldn't give me an estimate and insisted on doing them first and then charging me. WTF WTF*. I refused to agree to such a poor way of doing things - I did ask him as I left if he would buy a used car at a car lot by picking it out and then finding out out how much it was after agreeing to buy it. He had no reply. That year, like always, I wound up doing it myself. *Demonstrative way of saying double WTF! Enough said there lmao Link to comment Share on other sites More sharing options...
Tulpa | 3,509 Posted February 4 Author Share Posted February 4 35 minutes ago, a3quit4s said: I strongly suggest you consult a tax professional on that. You are a pain in the ass know it all but you seem like a nice enough guy so try and stay out of jail Eh, I kind of look forward to his insights into the prison barter economy. 2 Link to comment Share on other sites More sharing options...
Tabonga | 2,320 Posted February 4 Share Posted February 4 1 hour ago, Tulpa said: Eh, I kind of look forward to his insights into the prison barter economy. I do have one of these pog slammers stashed away somewhere. Link to comment Share on other sites More sharing options...
Code Monkey | 2,011 Posted February 4 Share Posted February 4 3 hours ago, a3quit4s said: I strongly suggest you consult a tax professional on that. You are a pain in the ass know it all but you seem like a nice enough guy so try and stay out of jail I have an accountant that takes care of it. I did the same thing last year. Link to comment Share on other sites More sharing options...
Tulpa | 3,509 Posted February 4 Author Share Posted February 4 18 minutes ago, Code Monkey said: I have an accountant that takes care of it. I did the same thing last year. Sweet, you'll have a familiar cellmate! I kid, I kid, if you got it all squared away, good for you. Link to comment Share on other sites More sharing options...
Khromak | 768 Posted February 4 Share Posted February 4 I'll be getting back about ~11k, ~8k of which comes from the solar tax credit for putting solar panels on my roof last year. I'll be spending most of it to pay off the last of the loans I took out to pay for the solar panels, which seems counter-intuitive but I'll have solar panels for another 30+ years so let the savings roll in! I will be picking up a couple things for myself though, like a new phone I kinda need. No video game tapes though, I'm in a pretty good place with my collection and am not really hunting anything right now. Link to comment Share on other sites More sharing options...
G-type | 2,482 Posted February 5 Share Posted February 5 I usually get back a lot for child tax credits... but then what I owe on my magic income will chip away at that somewhat. Link to comment Share on other sites More sharing options...
Code Monkey | 2,011 Posted February 6 Share Posted February 6 On 2/4/2024 at 2:54 PM, Khromak said: I'll be getting back about ~11k, ~8k of which comes from the solar tax credit for putting solar panels on my roof last year. I'll be spending most of it to pay off the last of the loans I took out to pay for the solar panels, which seems counter-intuitive but I'll have solar panels for another 30+ years so let the savings roll in! I will be picking up a couple things for myself though, like a new phone I kinda need. No video game tapes though, I'm in a pretty good place with my collection and am not really hunting anything right now. Can you please explain how you did it, how much it cost, how you paid and how long it took? Link to comment Share on other sites More sharing options...
Khromak | 768 Posted February 6 Share Posted February 6 10 minutes ago, Code Monkey said: Can you please explain how you did it, how much it cost, how you paid and how long it took? Yup, here's how it went for me (I used a professional installer). I got a quote from them in early June. Went back/forth on options, agreed on layout/# of panels, etc. They basically did all the work, I just decided how much I wanted to install/pay and if I wanted extras. This is generally dependent on how much electricity you use and how big your roof is. In my case my home is skinny so I don't have enough roof space to cover all my usage, I opted for "as much as I can get" They have to get a bunch of approvals/permits from town etc, had to sign up for some thing with my electrical provider Installation scheduled for and completed late August. Installation took less than a day Inspections are required and completed in the following month or so Got permission from the town & power company to turn on October 2nd I could've opted for a loan to pay for it and paid slightly more than the electricity savings every month for ~7 years or so, but I opted for cash payments. In my case it was $1,000 up front, then some % after I signed the agreement, another % payment on install day, and the final payment on "turn it on" day. All-in-all, it cost me ~$26k for an ~8kwh system. I was supposed to get $1k back from the state (MD) but the company bungled the paperwork so I missed out on that. Federal gives 30% of the cost of the project which was about $7800. If you have other questions, let me know! Overall I'm happy with the system. Since it's winter it's not exactly producing thrilling numbers, but over the course of the year it will definitely be awesome. I did have one month in the fall/winter with a ~$30 bill which was pretty awesome. Summer should be excellent. Link to comment Share on other sites More sharing options...
Gloves | 11,784 Administrator · Posted February 6 Share Posted February 6 FYI @Code Monkey it's somewhat similar here in Canada, albeit different in certain ways. Each province has differences with how much they'll give you for doing this, and the amount @Khromak quoted there is a few thousand more than what I've seen quoted here in Nova Scotia. Regardless, if you're in a house that you plan to stay in long-term, the cost savings should even out over time. It's even possible to sell power back to "the grid" if you save more power than you use through solar panels, just make sure to check with your local power company if they do this. Link to comment Share on other sites More sharing options...
Code Monkey | 2,011 Posted February 6 Share Posted February 6 36 minutes ago, Khromak said: Yup, here's how it went for me (I used a professional installer). I got a quote from them in early June. Went back/forth on options, agreed on layout/# of panels, etc. They basically did all the work, I just decided how much I wanted to install/pay and if I wanted extras. This is generally dependent on how much electricity you use and how big your roof is. In my case my home is skinny so I don't have enough roof space to cover all my usage, I opted for "as much as I can get" They have to get a bunch of approvals/permits from town etc, had to sign up for some thing with my electrical provider Installation scheduled for and completed late August. Installation took less than a day Inspections are required and completed in the following month or so Got permission from the town & power company to turn on October 2nd I could've opted for a loan to pay for it and paid slightly more than the electricity savings every month for ~7 years or so, but I opted for cash payments. In my case it was $1,000 up front, then some % after I signed the agreement, another % payment on install day, and the final payment on "turn it on" day. All-in-all, it cost me ~$26k for an ~8kwh system. I was supposed to get $1k back from the state (MD) but the company bungled the paperwork so I missed out on that. Federal gives 30% of the cost of the project which was about $7800. If you have other questions, let me know! Overall I'm happy with the system. Since it's winter it's not exactly producing thrilling numbers, but over the course of the year it will definitely be awesome. I did have one month in the fall/winter with a ~$30 bill which was pretty awesome. Summer should be excellent. Sorry for hijacking but I feel like we answered the thread. Did you re-shingle your roof prior to the install? If not, how will you manage that with solar panels on them now? Link to comment Share on other sites More sharing options...
Khromak | 768 Posted February 6 Share Posted February 6 (edited) 56 minutes ago, Code Monkey said: Sorry for hijacking but I feel like we answered the thread. Did you re-shingle your roof prior to the install? If not, how will you manage that with solar panels on them now? Part of their process is to inspect the roof and make sure it's in good shape. In my case yes, I had already installed a new roof last year so I was all set. If your roof is getting older, I wouldn't recommend getting rooftop solar until it's been replaced. Edit: I sent you a PM with the details of my installation. It has a bunch of other details like pricing, expected generation and savings, etc. Edited February 6 by Khromak Link to comment Share on other sites More sharing options...
RegularGuyGamer | 2,013 Posted February 6 Share Posted February 6 (edited) On 2/4/2024 at 4:35 PM, Code Monkey said: I have an accountant that takes care of it. I did the same thing last year. Idk how The North works but in the US you can't eat significant losses several years in a row without being remotely profitable without being audited. The IRS would determine that it's a hobby and you then couldn't eat losses anymore. As for me, I bought a PHEV and had a kid so I got my max return. I'll need it to offset the loss of taking 8 weeks off of works to stay home w the family. Edited February 6 by RegularGuyGamer 1 Link to comment Share on other sites More sharing options...
Link | 2,714 Posted April 16 Share Posted April 16 I managed to DIY this time. I owed quite a bit because of my summer gig (3 days of festival bartending) and stock market stuff which I never touch. Those seemed to cost me an extra $500 on 1500 income and 2000 on 16k respectively. Hardly seems worth it. Mortgage interest deductions made no difference at all. I had trouble with Cashapp that supposedly files for free. Something went screwy with my credentials, and the only way they would let me fix it was to get their credit card or do some other procedure that would take 10 days, starting on the 9th. The call center worker did not understand why this was a problem. I ended up doing TurboTax. Cost $314, which is less than I paid for H&R last year but more than the accountant I used before that - I quit her because she never sends documents for my own records and kind of seems like a crackhead in busy season - but damn if she didn't get me much better results. I guess I should go back to her next year. Gotta get on the shit early but documents never seem to arrive before or while I feel motivated. American tax system sucks. 1 2 Link to comment Share on other sites More sharing options...
wongojack | 215 Posted April 16 Share Posted April 16 (edited) We always file ourselves, but I considered going to someone this year because my company has started to report work travel days to state governments. So, if I travel to another state and work there, my company will report my income for those days to that state. Since I have no state income tax in my state, this opened up a whole new headache of state income tax filing. In the end it was easy. We found out (through turbotax) that one state was going to issue less than a $20 refund and simply opted not to file. It would have cost us more than the refund to even file the return. Hopefully no one is coming for me on that. We were comfortable risking it. Apparently, any stock awards or other deferred income I received last year from my company is also taxable in the future. So, these little trips may last years in terms of my future tax returns. I guess if it gets to be too much, I'll go to someone to handle it. Edited April 16 by wongojack 1 Link to comment Share on other sites More sharing options...
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