{ "media_type": "text", "post_content": "This is the first year I’ve owed taxes, and it’s infuriating to think that the government thinks they didn’t take enough of my money in every check. Like, all those thousands every check wasn’t enough for you? This is why people avoid taxes. What are some deductions you guys use without doing a lot of work (owning businesses).", "post_id": "6258bf0073b35c002a9ce39a", "reply_count": 134, "vote_count": 33, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
null

This is the first year I’ve owed taxes, and it’s infuriating to think that the government thinks they didn’t take enough of my money in every check. Like, all those thousands every check wasn’t enough for you? This is why people avoid taxes. What are some deductions you guys use without doing a lot of work (owning businesses).

likefunny
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

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.

like

*Makes money on investments*

*Complains about having to pay taxes on said investments*

like

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

like
Recent IconRecent

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

likefunnysmart

Increase deductions like maxing out retirement accounts, HSA and alike healthcare-related accounts that you qualify for, make donations to causes you care about.

like

Change who you vote for.

likefunnysmart

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?

like

Lol, welcome to living in a society

like

Hi OP

Post Photo
likefunnysmart

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

likeuplifting

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

like

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.

like

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.

likesmart

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?

likehelpful

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?

like

OP don't blame the government for a you problem

like

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.

Relax bro

likeuplifting

OP upon realizing that living in an organized society with common goods, services, and resources isn’t free

Post Photo
like

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.

like

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!”

like

Oh Analyst, wait until you promote…

likefunny

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

likesmart

Welcome to the GOP. We’re happy to have you.

like

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.

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.

like

It's a capital gain fam

like

Just remember

Post Photo
like

The older people get, the more likely they become Republican. This is why lol

like

Trump was more populist than anything. Needed to get rid of the fake republicans who are in bed with democrats 🤷‍♂️

likesmart

I feel this. Got screwed on taxes this year and owe a lot 😫

like

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 … 😜

like

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. 🤷🏻‍♂️

like

Related Posts

Trumpism is exactly what it looks like.

If you’re signed on, you’re signed on to this––even if all you “wanted” was a tax cut and fewer people with health insurance .

Post Photo
like

How much should you have saved up for retirement by age 65? Especially if you only save money in a 1% savings account.
Asumming $80-100k retirement income.
Kids are self sufficient and require no inherentance.
Let's assume two scenarios of one not requiring any major major health concerns, and another with a full time hospice nurse / assisted living.
Moving to Florida or another no state tax state is okay too.
Asking for a friend.

like

What are the benefits like at Rsm? Senior here

like

Book Recommendation:
10 Questions Every Teen Should Ask (and Answer) about Christianity

This text deals with questions regarding cultural issues of our day such as race, gender, mental/physical health, relativism, origins of science, etc. in a clear and coherent manner from a Biblical worldview. Highly recommended.

Post Photo
like

EY folks - Do earphones count towards QOL Health reimbursement? I'd like to buy the Apple earbuds. Thanks!

like

Mental health taking a hit from work. Feeling unconfident and unsure of myself. Team seem to disagree with a lot of my decisions. Trying to figure out whether I just up and leave and take some time off or whether I stick it out for longer? Anxious most days dunno how much longer I can do this

like

When your wife with mental health issues interrupts you when on the phone with a partner who you just met....

like

Maxed out 401K (19K) and traditional Roth (5K), any other investment scheme where we don’t have to pay taxes on gains?

like

For bonuses, is it best to put into 401k or Roth? Why? This finance stuff boggles me lol

What do we all think about Evoke Health?

like

what are some of the best mutual funds to invest now? Once vaccine is out, tech stocks gonna rock higher. Suggestions! Looking for heavy tech etf/mutual funds. 401k with Fidelity. Any insights?

like

New company is giving me $100 of health/gym credit. I have my own apt gym. What do I do w the money?

like

So a recruiter keep checking on me on my search.... what does that mean? He did give me offer and I said I wanted to interview more. He did say offer might not be on table anymore but if I ask to revisit i need to commit. I don't even know if I should negotiate with him when I have other offers..frankly the pay is high but benefits suck.
I have another recruiter can't make offer but said to give her any offers I have so they can think about it...
Any tips on dealing with them?

like

My friend along with a few of other people have been working around the clock for a few weeks now trying to come up with a solution to the shortage in masks that our health professionals (cont)

Post Photo
likeuplifting

People don’t tip enough in our industry*. Tell me I’m wrong.

*when it’s their money (i.e. house keeping, per diem meals, etc)

like

Say I go into fidelity and put 401k contribution at 100%. Will it just stop my contribution at my max for the year? Assume I’ve already put in 5k

like

Does K lets you invest in both traditional 401k and Roth 401 at the same time? Does it make sense to invest in both before making out on traditional 401k?

like

What is the difference between the traditional and project paths at Deloitte? Recruiter mentioned no expectation to do firm initiatives on project path but did not go into detail if there were any differences in benefits.

like

Considering a move at the EM level from another T2 firm to Oliver Wyman’s Health and Life Sciences practice. Any OW folks have thoughts on the firm / the work?

like

Additional Posts

My chi straightener died. Is there a diff brand I should consider?

like

MBB pay for MBA? All tuitions and fees, which could be over $150K - $200K?

like

I’m leaving my firm in a week and want to leave on a good note. I was thinking of getting everyone a small box of chocolates with a thank you note. Is that weird or tacky?

like

What’s EYs investment banking practice like? How’s the WLB/experience gained? Is it worth it?

likefunny

At what age, would you freeze your eggs (or would you recommend to other women)?

like

Anyone on here with Covid dogs? Want to show a picture?

like

Has anyone interviewed for a Google financial analyst position? Any info on comp or interview process?

like

Oh Sessions. Thanks for making political drama in RL more interesting than House of Cards.

like

Hi Fishes,

Is there any Referral opening in your organisation for below skills.

.Net core and Azure

Serving Notice - <1 month left

Kindly DM or comment below.


TIA

like

Need 12 likes to DM please hit the like button 😊

like

Hi everyone. I finally got a job in account and it’s been something I’ve wanted for a couple years. It’s a dream come true. Just wanted to say hello 👋😬

likeuplifting

Suggestions for shells to wear under a suit? I hate wearing tanks because then I have the dreaded deodorant marks on my blazer lining.

like

Best spg 50 night benefit?

like

Hello Ladies!

For those of you that uses IUDs to prevent pregnancy, how long did it take you to get pregnant once it was taken out?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

For account settings, visit Fishbowl on Desktop Browser or

General

Legal