Tax time

Money
1

Looks like some last minute tax bills are in the works. We should know in a few days.

I don’t know all the details as what I read is pretty murky. Likely because the journalist trying to write about tax code don’t know shit.

Something about extending the child tax credits and continued full expending of capex for a couple more years. I was talking to the tax guy at work and he mentioned it was a huge deal for the company. Something about full expensing the $500 million in capex vs a much lower level.

I started my personal taxes and it is depressing. Roughly $80K going to feds and state. To help pep me up I dusted off the old tax calculator from pre Trump tax cuts. I adjusted all the tables and threshold for 19.2% inflation and ran my taxes through that tax code. I am just glad we are not still on that tax plan. The difference would be an additional $9,833 in taxes if we were still under the Obama tax plan.

2

Sure they do, the rich pay too little and we don’t spend too much.

1 Like
3

Well standby… they expire in 2025 if congress and the whoever to be pres doesn’t move on them.

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I know. I am not looking forward to this. Currently I’m paying about $6,600 per month and after the sunset it will be about $7,500 per month. It’s insane!

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Pay your “fair share,” imabass. The government knows what to do with your money a lot better than you do.

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I’ll add to the thread.

We have one qualifying child. TurboTax says another child I had until June 6th is not a qualifying child but a qualifying relative. To my knowledge, a kin gained custody on Labor Day. My question is if our foster child was in DSS custody from June 6 to Sept 3, does that count as time with the kin or does that count as three separate placements where we provided the majority of the support and the plurality of the time?

I realize if the kin had placement and he was in an RTC that would count as time with the kin