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Rising Star
What are the benefits like at Rsm? Senior here
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Pro
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The IRS every year publishes a federal tax estimation tool. It’s very accurate. Use this to estimate your taxes and file a new W4 and direct Deloitte on how much tax to withhold. This way you don’t over/under pay. This puts the power in your hands to pay the right amount so you don’t owe or you don’t give the government a free loan by over paying.
*Makes money on investments*
*Complains about having to pay taxes on said investments*
Pro
I just do a standard deduction and have never had to owe money, been working 9 years now. Whatever they pull from my paycheck has always been enough to get me some money back at the end of the year, even with kids now I get more than just the child tax credit. So not sure if this is a big help, but make sure you have your W4 set up properly, sounds like you may have put something in wrong
Rising Star
How dare they expect me to contribute to the roads, education, defense and social programs I have benefited from 😤😤😤😤😤
Like chill government, I'm just trying to vibe bro
Increase deductions like maxing out retirement accounts, HSA and alike healthcare-related accounts that you qualify for, make donations to causes you care about.
Change who you vote for.
I'm saying both republicans and Dems are the same. And taxes haven't gone down in quite some time. If that's the same thing sm1 is mentioning, sure?
Pro
Lol, welcome to living in a society
Pro
Hi OP
Pro
Nope. I live in a HCOL area, where people expect good schools and decent services for the taxes they pay. And I’m fine with that. The SALT limit was specifically intended to punish the states like NY, NJ, CA, CT, MA, etc. where people pay a lot of taxes, are highly educated, and didn’t vote for an idiot. The limit didn’t affect the low-information-voter states like TX and FL.
Tax avoidance in order of ease:
-Max out tax deferred accounts (401K, IRA, HSA)
-Donate to charity
-Get a primary mortgage
-Have kids (not saying this isn’t more expensive in long run 🤣)
-Insert harder options here
Charitable Remainder Trust is how the multi-millionaire+ business owners and founders do it. Not sure if it’s feasible on a W2.
Just to be clear - your withholding is totally up to you. You can estimate to the dollar how much tax you will owe based on your income - it’s up to you if you want to pay that out of every check or at the end of the year (to a degree). You’re the only one to blame here
I find it hilarious that OP is complaining about taxes and simultaneously lauding another country for having healthcare and social programs that are paid for by much higher taxes than we have in the US. Here's your free healthcare; that'll just be an extra $40k per year in taxes or just lower salaries.
Which countries have nationalized health care and work with a comparative population to the United States? Even if you take the entirety of the EU, one can see many different types of health care systems from nationalized to privatized.
Even the UK can't make up their mind with their government run hospitals where the less fortunate are forced to go, and the private costly hospitals the rich partake in. Then you have everyone who needs a specialist on a waiting list they'll never see the front of.
I’ll take my higher tax bill vs being paid annually at what people who don’t have a big tax bill make…but maybe that’s just me?
If you have a six figure tax bill, it means you make six figures or more. Would you rather trade for an income of $10k and pay no taxes?
Rising Star
OP don't blame the government for a you problem
Rising Star
G1, I highly doubt it’s all TurboTax. Republicans are not inclined to have a functioning IRS that effectively collects tax revenue, TurboTax or not.
Chief
Relax bro
Chief
OP upon realizing that living in an organized society with common goods, services, and resources isn’t free
I’ll tell you who these people are G1, my three sister in laws! They are 35+, not married, have never worked a day in their life and they just get food stamps and handouts. They are 100% capable. They are not disabled. They don’t care that they don’t have a lavish life. Living for free is all they care about.
Hahahahahah OP: “I cashed in thousands of dollars of stock to buy a house, how dare the government oppress a normal everyday citizen like myself!”
Oh Analyst, wait until you promote…
Take a lower deduction. File 0.
You will owe what you owe. But if you prefer to not get hit with a bill. Get more taken out from the paycheck.
Or make less money
Welcome to the GOP. We’re happy to have you.
C1 Yep. Republicans are just as happy as anyone to milk the public dry with endless layers of bureaucratic interference in everyone’s everyday lives. They also share a similar playbook on how to convince their devotees they’re saving the world.
Pro
In case it wasn’t clear, YOU tell the government how much to take out of your checks.
Looks like you need to revisit your withholding elections. Or not, prepare to pay some, and pat on the back for not giving the government a free loan (which is what those getting returns do).
Your tax bill is the same regardless of what happens with paycheck withholding.
Also call up your parents and ask them why you don’t know this.
Rising Star
It's a capital gain fam
Just remember
The older people get, the more likely they become Republican. This is why lol
Trump was more populist than anything. Needed to get rid of the fake republicans who are in bed with democrats 🤷♂️
I feel this. Got screwed on taxes this year and owe a lot 😫
Move abroad to a lower taxed + cost of living country - you’ll still owe some US tax, but getting to exclude ~$110K USD of income plus housing AND write off your foreign taxes on whatever you haven’t excluded from your taxable income base … 😜
D1: You’re oversimplifying what SG offers and failing to give proper context on retirement.
We have a Central Provident Fund (CPF), which I would akin it to a combo of Social Security plus 401k. I put in 20% of my salary, Google contributes 17%, and the combined 37% is grown 4-6% per year. You pay tax on the growth of your employer’s piece when you withdraw - your portion grows tax free.
Like Social Security, you use these government held funds to retire, but more like a 401k, the account is yours - it’s not some central pool that’s at risk of running out of funds. How much you can withdraw is dependent on what you’ve put in over the last 20-30 years, as it should be - my money shouldn’t be going to someone else. Oh and like a 401k, there’s an employer match.
On military - geopolitically we’re in a far different spot vs. the US. It’ll never be even … US versus China militarily may be more apt. It is what it is on that one. 🤷🏻♂️