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Old 03-04-2024, 11:02 AM  
Buehler445 Buehler445 is online now
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2024 Tax Season Thread
It's that time.

Let's talk taxes.
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Old Yesterday, 10:51 AM   #76
Misplaced_Chiefs_Fan Misplaced_Chiefs_Fan is offline
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First year dealing with retirement taxes.

Fed - we good

State - apparently the 401K wasn't taking out sufficient state taxes. Luckily, in anticipation, I'd been setting aside X amount a month in a club account just for this. So we'll pay the state what we owe and see if we can get the 401K to deduct the right amount. I'll keep putting money in the club account in case something else changes between now and then.

So, coulda been better. Coulda been a LOT worse.
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Old Yesterday, 11:29 AM   #77
notorious notorious is offline
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Originally Posted by Buehler445 View Post
It's tax time kids.

I had to realize a bunch of SE income (Not a bunch, but WAY more than I wanted). The worst part is I screwed up the calculation when I was making an estimate. I don't have penalties because it was close enough to my PY tax, but I still have to send a trainload of money in and that is painful.

Worse yet, I had to wait on a K-1 so I made an estimate payment and now have to send the trainload of money on 4-15 which is my birthday. No better birthday present than loading a train with cash and sending it to the government.

**** me.
BUEH IS COMPLAINING ABOUT PAYING TOO MUCH MONEY, WHICH MEANS HE HAS A LOT OF IT ALREADY.
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Old Yesterday, 11:34 AM   #78
Buehler445 Buehler445 is online now
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BUEH IS COMPLAINING ABOUT PAYING TOO MUCH MONEY, WHICH MEANS HE HAS A LOT OF IT ALREADY.


Wanna buy into a farming corporation? It’s tons of fun bro!
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Old Yesterday, 01:35 PM   #79
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Wanna buy into a farming corporation? It’s tons of fun bro!
It's a license to print money. I see all this expensive equipment running around.

When you can spend 600k on a machine that you use for 5-6 weeks a year it's doesn't take rocket surgery to figure out it's a rich man's club.

Don't get me started on the ladies and John Deere green. Panties don't fall off, they flash burn from all the heat.
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Old Yesterday, 01:54 PM   #80
Bearcat Bearcat is offline
Would an idiot do that?
 
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Quote:
Originally Posted by notorious View Post
It's a license to print money. I see all this expensive equipment running around.

When you can spend 600k on a machine that you use for 5-6 weeks a year it's doesn't take rocket surgery to figure out it's a rich man's club.

Don't get me started on the ladies and John Deere green. Panties don't fall off, they flash burn from all the heat.
Yeah, don't let Buehler fool you.... I met up with him in BFE Kansas on my way to KC and he was wearing what seemed like a pretty decent hoodie and I think even an NFL licensed Chiefs hat.

Phone looked pretty nice. Drove a truck and you know those cost money.

Ordered the combo meal like it was no big deal.
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Old Yesterday, 02:47 PM   #81
TLO TLO is offline
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Tax man going in with no lube
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Old Yesterday, 02:53 PM   #82
notorious notorious is offline
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Originally Posted by Bearcat View Post
Yeah, don't let Buehler fool you.... I met up with him in BFE Kansas on my way to KC and he was wearing what seemed like a pretty decent hoodie and I think even an NFL licensed Chiefs hat.

Phone looked pretty nice. Drove a truck and you know those cost money.

Ordered the combo meal like it was no big deal.
He's such a big baller he orders the entrees separate without the combo discount.
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Old Yesterday, 02:53 PM   #83
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Tax man going in with no lube
Blood doesn't count?
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Old Yesterday, 03:15 PM   #84
displacedinMN displacedinMN is offline
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Originally Posted by Buehler445 View Post


Wanna buy into a farming corporation? It’s tons of fun bro!
can it run at a large loss every year so i can have the cap loss?
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Old Yesterday, 03:42 PM   #85
Buehler445 Buehler445 is online now
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Quote:
Originally Posted by notorious View Post
It's a license to print money. I see all this expensive equipment running around.

When you can spend 600k on a machine that you use for 5-6 weeks a year it's doesn't take rocket surgery to figure out it's a rich man's club.

Don't get me started on the ladies and John Deere green. Panties don't fall off, they flash burn from all the heat.
Quote:
Originally Posted by Bearcat View Post
Yeah, don't let Buehler fool you.... I met up with him in BFE Kansas on my way to KC and he was wearing what seemed like a pretty decent hoodie and I think even an NFL licensed Chiefs hat.

Phone looked pretty nice. Drove a truck and you know those cost money.

Ordered the combo meal like it was no big deal.
Y'all mother****ers believe what you want.

Quote:
Originally Posted by displacedinMN View Post
can it run at a large loss every year so i can have the cap loss?
Sure. Absolutely. Yes.

It's an S-Corp, so it can accordingly pass through deductible losses up unto the amount of basis you have provided it can maintain solvency.

All you have to do is contribute the capital to book the basis. I'm here for you. Just let me pull my equity out first.

I'm here to help.
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Old Yesterday, 06:17 PM   #86
notorious notorious is offline
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Y'all mother****ers believe what you want.



Sure. Absolutely. Yes.

It's an S-Corp, so it can accordingly pass through deductible losses up unto the amount of basis you have provided it can maintain solvency.

All you have to do is contribute the capital to book the basis. I'm here for you. Just let me pull my equity out first.

I'm here to help.
I changed over to an LLC taxed as an S-Corp and holy hell the headaches from that was epic.

The tax system moves at lightening speed to get your money but god forbid you need to submit paperwork for stuff it will take months.
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