Taxes.

[tsugsr]

Got a question I will probably pass thru a CPA soon, but I just attempted to file my taxes, I changed jobs a couple times but other than that, nothing changed that I think would affect my taxes.

Without a AHCA tax penalty, I went from typically getting an average return of around $1,100. I for some reason owe $52.00 this time around.

Any idea why this would change?

 

[xcrazydx]

Whatever jobs you worked didn't take out enough. You have to monitor what's being taken out to make sure you won't owe money.

 

[vmax]

your overall taxable income could have been just a tad higher and put you into a different bracket.
I;ve had that happen a few times over the years


you need some deductions...

 

[AustinN4]

I changed jobs a couple times but other than that, nothing changed that I think would affect my taxes.

How about the total of all withholding from all of your 2014 employers? Did that not change, because the tax brackets didn't change that much?
It is simple math really, and you shouldn't need a CPA to help you figure it out.

 

[txinvestigator]

Got a question I will probably pass thru a CPA soon, but I just attempted to file my taxes, I changed jobs a couple times but other than that, nothing changed that I think would affect my taxes.

Without a AHCA tax penalty, I went from typically getting an average return of around $1,100. I for some reason owe $52.00 this time around.

Any idea why this would change?

Not enough information to even offer an idea.

 

[Dawico]

Not enough information to even offer an idea.

Yup. It could be many things.

The simple answer is the .gov is screwing you, but that is every year so.........

 

[Mexican_Hippie]

Tax brackets only impact the amount in that bracket not your entire income.

Conceptually (and massively over simplified):
Say your income after deductions is $200k a year

$1-50k taxed at 10% = $5k in tax
$51k-100K taxed at 20% = $10K in tax
$101K-150k taxed at 30% = $15k in tax
$150k-200k taxed at 40% = $20k in tax
===================================
$5 + 10 + 15 + 20 = $50 total in tax for $200k

NOT $200k taxed at 40% = $80k in tax

This may already be known here but I hear about it talked about incorrectly pretty regularly. Also if youre paying $50 that means you did damn near perfect on the witholdings.

http://www.irs.gov/pub/irs-pdf/i1040tt.pdf

 

[tsugsr]

I figured it was something like an employer not withholding enough, my overall income didn't change much.

The only reason I considering running it by a CPA was to make sure there wasn't something new in the tax code I was unaware of. With our dear leader I assumed something changed under the radar to make even poor people like me pay more!

 

[RACER X]

Turbotax is really good, we took our taxes to a place and did turbotax, about the same.

 

[Mexican_Hippie]

I used HR Block once when I had a couple schedule Cs.

I ended up going back over what they did the next year and filed an amendment (1040x) to get another $1,000 back.

Long story short - not all accountants are equal. Go to one who knows their business.

 

[Bozz10mm]

You can use Turbo Tax Free online if you just have basic income from wages and use the standard deduction.

 

[AustinN4]

Long story short - not all accountants are equal.

And not all tax prep services are even accountants!

 

[Chirpy]

I figured it was something like an employer not withholding enough, my overall income didn't change much.

The only reason I considering running it by a CPA was to make sure there wasn't something new in the tax code I was unaware of. With our dear leader I assumed something changed under the radar to make even poor people like me pay more!

I'm sure you can count on that being the case. They didn't raise record revenue of over $3 Trillion dollars by taxing folks less...

 

[Whistler]

Certainly not H&R Block, they "forgot" one of my W2s one year and ended up costing me almost a grand, all they said was "oops". My bad, should have checked it but figured since I was paying a "professional" there was no need. Won't even get into the year I paid an independent, highly recommended CPA except to say that debacle cost closer to 80 grand. I do my own taxes now.

 

[tsugsr]

Since my taxes are simple I just use a basic online deal, usually h&r block but I'm gonna try another one tonight and see what the outcome is.

 

[benenglish]

Also if youre paying $50 that means you did damn near perfect on the witholdings.

This.

I owed $105 last year and I'm getting $301 back this year. I consider that I'm keeping my withholding tolerably close to where it should be. Somebody that misses the mark by just $50 is doing far better than the overwhelming majority of taxpayers.

 

[AustinN4]

Unmarried Individuals
(Other Than Surviving Spouses and Heads of Households)​

Tax Rate	2014 Taxable Income	2013 Taxable Income
10%	$0–$9,075	$0–$8,925
15%	$9,075–$36,900	$8,925–$36,250
25%	$36,900–$89,350	$36,250–$87,850
28%	$89,350–$186,350	$87,850–$183,250
33%	$186,350–$405,100	$183,250–$398,350
35%	$405,100–$406,750	$398,350–$400,000
39.6%	$406,750+	$400,000+

 

[RACER X]

I pay an extra $100/check more then reg taxes taken out, and I get paid weekly

I claim 0 and am married w 2 kids

And I'm praying I break even.

 

[AustinN4]

I pay an extra $100/check more then reg taxes taken out, and I get paid weekly. I claim 0 and am married w 2 kids. And I'm praying I break even.

Sounds to me like you should be getting a refund.

 

[Younggun]

A pretty good one, unless there is some other income not accounted for.