$1800 fucking dollars. Got to pay for the millionaires tax break

[Horse with no Name]

I hate these fuckers

[mrsv]

1. I feel your outrage

[lpbk2713]

2. And for Trump's $3 Mill weekend trips to Mar-a-Loogie.

...

[yellerpup]

3. Low-income senior citizen here.

Squeeze by on Social Security, made $7,500 in freelance (not allowed to take business expenses unless you are an LLC) and have a tax bill of $1,054. Outraged.

[BlueFlorida]

4. You can file Schedule C

and deduct all business expenses even if you're not a LLC.

[sinkingfeeling]

5. Even if you don't have any other itemized deductipns?

[BlueFlorida]

6. yes nt

[defacto7]

8. This is true.

You may pay self employment tax but that comes back as social security. Some caveats but at $7500 it sounds right. Below $1000 you'd probably go the other way. I'm no tax guy but that's how my taxes work.

[yellerpup]

10. I started over from scratch after I posted here.

Much better results this time. I did take advantage of Schedule C and it made a huge difference. Now we owe $401! And getting $80 back from the state! TurboTax has become Gouge Central.

[StatGirl]

27. You might also be able to amend previous years' returns . . .

. . . if you didn't deduct business expenses in previous years.

I like TurboTax; it figures things out for me.

[yellerpup]

11. Thanks for the tip!

[Laura PourMeADrink]

21. I've been self-employed for many years and do this. If you have a home office

you can deduct share of mortgage/utilities, etc. (or flat sum) Plus any supplies, computers, etc. And mileage relating to free lance business. Probably a big duh, but thought I'd mention.

[yellerpup]

25. That's the way I've been doing it too.

For years. I was misinformed and confused by what was or was not allowed. I'm fine now. I'll revert to sharp again next year.

[Laura PourMeADrink]

31. Lol. I always thought our accountant was too

Cautious. Met other contractors on assignments who made out very well. Always wanted a super creative one.

[yellerpup]

33. And, now you are the creative one!

Lol. Thanks!

[CaptainTruth]

7. Does Social Security say you can only file a Scedule C if you're an LLC?

I'm a self-employed sole proprietor & I've always filed a Scedule C & deducted all my business expenses.

One thing I didn't realize until yesterday (when I filed my taxes, thank you TurboTax) was that self-employed folks get a 20% exemption (with limits). I want to research it further but it looks like iincome that is "qualified business income," meaning it comes from a sole proprietorship, partnership, or pass-through entity (like an LLC), 20% of it is free of income tax (but not self-employment tax).

My wife & I are both self-employed so all of our income is "qualified." Bottom line, we made about 20% more in net income last year than in 2016 & our effective tax rate was about 2% less.

Edit to add: Just in case it wasn't clear, that 20% exemption is something that was in the tax law changes.

[MineralMan]

12. No. If you're self-employed you can still file a Schedule C.

Social Security doesn't care. You'll pay self-employment tax, of course.

[rgbecker]

18. Republicans know their base includes the self-employed.

All the professional services, and all the owners of small businesses across the country. These are the ones who can see the effects of the IRS on what they take home or reinvest.

[Laura PourMeADrink]

24. do you know if that is 20% of net income or gross income?

[StatGirl]

28. Net income.

That's not unreasonable. I think the point was to stop everyone from incorporating themselves.

[Laura PourMeADrink]

32. Oh boo. If you've got no net income because of expenses

Depreciation, etc...guess you miss out.

[fescuerescue]

17. Get a tax advisor

Even HR block. You are doing it wrong.

You can ABSOLUTELY take business expenses without an LLC.

You are most likely owed a refund.

[Indykatie]

35. You're Mis-informed About Not Taking Expense Deductions Unless You're an LLC

I suggest you re-visit the topic with a different tax professional if you reported self-employed income and did not claim any business expenses.

[CountAllVotes]

9. Received 3 letters from friends yesterday

All were expecting a refund of some sort.

None of them received a thing and all of them must pay pay pay this year!

Do disgusting!

Hopefully this alone will cause tRump2020 to be a massive failure!

You are certainly not alone!

& recommend.

[PoindexterOglethorpe]

13. Why I happily pay an accountant to do my taxes for me.

He more than earns what I pay him.

[Yavin4]

14. This may push us into a recession.

Folks count on their refunds to make purchases at this time of the year. Without it, they will cut back on their spending which will then force businesses to cut back, and etc. etc. This is the real trickle down.

[mercuryblues]

26. Your right

I have a kid that is self employed and this is his busy season. He didn't work 3 days last week, this week isn't promising. He's thinking of getting a job to tide him over.

[sarabelle]

15. $21800 Here. Nothing changed on income or deductions. MD-blue state.

Anybody out there receiving a larger refund than expected? Just curious.

[roamer65]

19. Did you get hit by the SALT deduction limitation?

[Codeine]

22. You had a tax bill of twenty-two grand?

You must have a really weird withholding system and an impressive income.

[smirkymonkey]

16. Is this what you owed in taxes?

If so, I'm sorry to hear it. And I hate these fuckers too.

[Horse with no Name]

23. Yes. I don't make a lot.

That’s the real shit.

[smirkymonkey]

29. I'm so sorry.

That really sucks. I hate these greedy bastards.

[Gidney N Cloyd]

20. Got a refund but it's about 20% of last year's (& last year was actually kind of low, too)

I knew they were messing with the withholding schedules all the way back last spring but I never made adjustments. At least I don't owe.

[Laffy Kat]

30. Tell me about it.

Seems like I never do/buy anything extravagant. I'm wearing the same clothes I've been wearing forever, with the exception of a few new long-sleeve tee-shirts; I rarely travel and when I do it's domestic and short; I haven't even been out to a movie in months; I eat out maybe once a month. I mostly pay for the essentials and for dog stuff: vet bills, pet food, and doggy daycare once or twice a month. I owe $1,300 to the feds and $500 to state this year. I am going to have to figure out how to pay it in instalments.



Just so sick of the GOP!

[roamer65]

34. Taxation without representation is what started the Revolutionary War.

Those in high SALT states...do you feel represented? That is the question you all need to ask yourselves.