What You Need To Know for Tax Season 2024
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- เผยแพร่เมื่อ 19 ต.ค. 2024
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I got my taxes filed and it took me 6 hours from start to finish. Glad to finally have it done and over with! Thank you Ramsey Solutions for all your help!
I identify as a non tax payer so I actually didn’t have to pay my taxes! Y’all should try it!
When the IRS reads this you'll be identifying as a convict!
Put this guy in jail 😂😂 you sir are a savage , stay free brotha
The IRS will run your SSN and audit you.
I think we need to audit the IRS they have too much power@@tkordik
lol. Love it! Good to have some sarcasm!! Thank you. 😊
I just drop off my documents at my accountants office, he gets back to me in a week or so. It’s super convenient, I started doing this when everyone was shut down during Covid. Feels great to not have to schedule an appointment and sit in an office for an hour or so.
It’s cheaper to do your own taxes
You too lazy to do it yourself?
I collect items as they are coming in through January and then sit down and see what I have and might be missing (have to print out from online, etc). We have a bright colored envelope we put it all in as we are gathering. This this weekend during Superbowl we did a first pass at filling out the forms (We always do it by hand first before letting a software do it to make sure we understand what is happening)
The deadline varies by state ME and MA have until April 17, 2024 due to Patriot day, also parts of ME, CT, RI, and WV have until June 17, 2024 due to a FEMA disaster.
Jade and George are by far the best duo. I love them!
They lack credibility.
I have got everything done since January. Paid a total of 30k plus mortgage taxes. The tax season is a nightmare. 😢
Found your post interesting to watch. I can't wait to see your new videos soon. Good Luck with the upcoming update. This TH-cam channel is very informative and effective.
Just started contributing to my Roth IRA late last year. It’s good to know I can continue to add to it for another couple months.
Be careful with that because you can only write off traditional IRA contributions. Roth contributions are tax relieved after you cash them out.
A few weeks ago I paid $800 in taxes for 2 weeks worth of work & still owed $500 in taxes. I called the IRS & asked them why am I paying $500 in taxes & why are my roads & cities covered in filth & potholes. Their response was “you should pay more in taxes so you don’t owe any at the end of the year & that the government isn’t responsible for cleaning up the streets.
The IRS collects taxes. They don't choose how it's spent. And yeah, cities and city streets are the responsibility of... You know... The city.
IRS is federal, while most roads in your city are managed by your city or your state. So yeah, you basically just announced to them that you have no clue what you are talking about.
Roads and cities are the responsibility of the state, county or city governments.
@carlosmiro4932 Which explains why we had all of those things prior to federal income taxes. The one that was a temporary war tax over 100 years ago.
Between fuel taxes and vehicle taxes/registration the federal, state and local government take in money intended for the infrastructure but how it's distributed and redirected for different uses by state and local as distributed. Look into were and what your state and local government spends your tax dollars.
Clarification on the 1099-K thing - whether it is in effect or no has no impact on whether you owe taxes or not. It's a reporting requirement for payment processors. If you made money by online sales, you still owe taxes, whether you get a 1099-K or not.
Nope if it's below a certain amount or a loss you don't pay taxes
@@truckercowboyed2638 You are correct that you don't pay taxes on a loss (because, duh), but you owe taxes on any gain from the first dollar. The $20k threshold just sets when your payment provider will "tattle" on you, but you still owe taxes on income you make that is below that threshold.
It's worth noting that the lowering of the threshold is about to catch a *lot* of tax cheats who have been flying below that threshold, or splitting transactions between multiple providers to skirt the threshold. You can bet your bottom dollar that if the IRS catches someone with much more income following the threshold change that there are going to be some audits incoming.
@@funtechuexactly. They did hire a multitude of people a while back.
Right with you George. Doing our taxes on Valentine's Day. Nice lunch afterwards.❤😂
Great take our money and give it to another country
Exactly
Zekenskyy needs another yacht.
And to make it easier, don’t send it to another country. Just let the population of that country come here and give them everything.
@@genxx2724 fighting wars that dont pertain to us too
"It's kind of a tough subject. Please try not to talk about it"
I got mine done a few days ago. Sweeeeet!
Same here. Earliest I’ve ever done them. It feels good.
Thanks George and Jade. Good tips for the dreaded task. Helps get me motivated to get with it. A little reward at the end sounds like a nice incentive! Love you guys.
Pay no attention to the trolls that lurk in the comments; they could get in an argument with themselves. 😂
Nothing like listening to this as a dentist and hearing: “taxes are the worst… it’s like dentist. Just do it” 😢
Already filed taxes yesterday
You can request an extension, but if you owe, your payment will be late. Delay file but u still gotta pay, cant extend payment being due on 4.15
Filing an extension is an extension of time to file. If you owe money penalties still accrue
Don’t like that George brought up extensions without bringing up potential interest penalties. It’s an extension on how long you have to FILE your taxes not PAY your taxes. So if you owe, you are charged interest on what you owe starting April 16th… I’m sure it wasn’t intentional, but I feel like that was not clear enough.
Nobody:
Jade: I know that's right
Did my taxes in 30 minutes on turbotax. I'm a single guy who owns 0 property though so it probably shouldnt be taking me too long. Good luck to all of you
I had a fairly complex situation in 2023 (worked and resided in two states changing residency mid-year). Still only took me like 2-3 hours online using one of the IRS Free File partners. It's not that bad.
Do we send the check to the US or Ukraine government???
To the US, so they can take a little bit before they send it over there!
They've got a great rapport. Very enjoyable to watch even though the topic is maddening.
You know I stared following the baby steps this last year. I had 2 jobs and made $93000. I paid off all of my credit cards and student loans. I guess I made too much because now I owe $4400 to the IRS! Good thing all of my paychecks give me an extra $1000 or more. Now I can pay it by April 15th. It just puts my baby steps on hold.
We pay 20k in federal taxes and we are getting 4k back which is just the 2 kids credit amount.
Filing an extension gives you more time to file your return but not pay your balance due.
How do you fund the 2023 Roth? Is it through your online account? Do you contact the company?
You do it the same way however you normally contribute, but when you do it you'll have the option to choose what year it contributes to.
It's kind of hard to fund a rotha ray for a particular year that is already past.😉
@@motoryzen I just funded my 2023 Roth last week, but you can't go back more than 1 year, and only until April 15. That's what they were talking about in the video!
This is a bit confusing … you mention filing for this tax season which is for 2023 tax year but the updates are for 2024 therefore for consideration of filing next year for this year. . You should also mention that people under a certain income can file for free. Just some feedback.
Can I Claim the Millions of Illegals getting my tax money as Dependents??
1:06 USD is a fiat currency, it might as well BE Monopoly money...
Itemized saved me this year.
I'm glad I got into crypto when I did because it’s been a turning point for me financially, been my best decision so far.
The very first time we tried, we invested $1400 and after a week, we received $5230. That really helped us a lot to pay up our bills.
Bitcoin has been falling for a while now and could fall further or close to rise again. The truth is that no one knows, I believe it's the right time to buy and also get a pro's assistant
I will mention and recommend Katherine Flores. I met her at a conference in 2018 and we have been working together ever since.
Isn't that the same Katherine Flores that my neighbours are talking about, she has to be a perfect expert for people to talk about her so well
she's mostly on Telegrams, with the user name.
i never get why if they can easily access our paychecks and deduct taxes why do we have to still file?
people may have other things to write off outside of their job income.
I always prepare my taxes early. If I'm getting a refund I will file right away. If I owe, I file at the last minute LOL.
You know you can file early and still wait to pay until the last minute right?
@@jacobg8640mind blown
Same😂
@@jacobg8640so the interest doesn’t start until April 15th?
I used to never care about taxes now i do all I can to avoid them. When you start at over $100k in tax liability it’s disturbing…
Dang! I bet!! 😮
I'm still waiting for tax documents unfortunately. Will definitely try to do it before March though.
We don't file until September or early October. Always have to extend due to K1s not coming in soon enough. Last year, our return was over 200 pages. 19 states, 2 countries. It's a mess.
Then do not invest in K1s. I had one year of that b.s. and then I sold them all. Way better investments than limited partnerships!
@@wewhoareabouttodiesaluteyo9303 Invest in K1s? What are you smoking? You clearly have zero idea what you're talking about.
@@todd2456 Really? Read my comment again. It's there. Of course, you' are the one waiting on these things, so it may take FORVER to GET A CLUE!
@@wewhoareabouttodiesaluteyo9303 Do you even know what a K-1 is? We get a K-1 instead of a W2. Invest?? Geez. Wake up.
@@todd2456 LOOK AT MY COMMENT! It states what it comes from. Again, clueless!
You better have an accountant figuring all this out for you because I worry the IRS may audit you.
I’m not sure about anyone else but a few of the companies I am waiting for info from, filed for extensions until March 1. That affects my tax preparer puts a crunch on her. I wonder how many people will file an extension? I wish they’d cover that.
BIG NOTE: You can get an extension to FILE but you do NOT have an extension to PAY!! You can request an IRS payment plan too, but there are fees.
Nothing’s worse than owing during tax season tho. Even if it’s $50. It’s a buzz kill.
Can we do what DJT did? Say my rental prop is so many sqft instead of actual sqft?
Is it best to invest into your Roth IRA in one lump sum or monthly to max it out for the year?
When you can. Get what u can safely get in there, up to the max
Find me the law that says we as Americans have to pay taxes . Anyone ?
6:39 - 7:04, THAT PART!
I can’t find the verification that Roth IRA contributions have raised to $7,000 per yet
great basic pre prep tips, and thats all this was.
Put all of your extra money into the stock market at all time highs. YEA!!!! Smart investing !!!
All time highs?
What companies or products are at all time highs in the stock market? Because I have yet to see any last hour call. They are at all time lows which is the perfect time to buy
I filed mine a month ago.
Nobody cares
IDIOT@@NWI_Steel
If you do get a tax return, pay off debt or roll into Roth 👍
Is there a way to know how my taxes are used? Don’t throw it in a pool
If my wife didn't work last year should I still file jointly since we live together? Its only me with a W2.
Yes, file jointly, you can take a larger deduction and the tax brackets are better.
😂😂😂😂😂 Shannon went In on spirit
US federal tax collected last year was around $4 trillion; US provided around $40 billion to Ukraine per year within the last two years. So that’s roughly 1%. If you paid $10K in federal taxes, that means $100 went to assistance to Ukraine. Is that a lot? It’s definitely not little, but today $100 can buy one cart of groceries for a family. And that’s one cart of groceries is for a whole year (again, for each $10K you paid).
And not all of those 40 billion per year go as cash, it’s military equipment made in the US by American labor who received wages, fed their families and paid taxes. Some of that equipment was manufactured 10 or even 20 years ago.
just remember, Ukraine is NOT getting this money, meaning not like they are getting suitcases/pallets of cash.
it's fictitious, the money goes to US companies supporting them. that is a GREAT thing. it employs people in so many ways that they have no idea.
Biden knows what he is doing.
Climbing today in the year 2024 that you can buy a cart full of groceries for a $100 is as big as lying B. S as a single half sentence that comes out of any of the modern day polished turds. A k politician's mouth
Who are you trying to fool here?
Again this is the year 2024 not 1984...get real
Try living in Scotland ….52% (down from 54% recently) tax above income £43,000
You Poor bastard 😭😭😭
Yea, but your government is actually well run and you see benefits from your taxes
that's communism
@AllisonDant not hardly. This is the tax rate the US needs to have a balanced budget within $100billion.
@@AllisonDant Communism does not mean being taxed a lot. Look up Communism.
Mortgage statement? What's that? 🙂
"Look at those morons. I paid my taxes over a year ago." -Homer Simpson
That was a great episode.
Taxes are always a hassle and headache!
That video was hilarious!! 😂😂😂
Can sympathise with the kid in the video. Wy should my money go to Texas? Cowboys keep losing.
We are being taxed without representation when they send our money overseas.
Do standard for normal ppl then you don’t have to send in little things like donations, medical bills(if all under that huge amount)
If anyone could answer: So I filed my taxes and the day after I receive a second 1099-R for pretty much the same amount I filed. Now, the 1099-R was a rollover so it's non-taxable. I didn't take any money out. Should I file an amended tax return to include the 2nd 1099-R just to be safe?
i wouldn't bother. if it doesn't change what you owe or are owed then it is just a waste of time to re file. if you owed more $ due to the transatction, then yeah you should re file and make sure you are square with uncle tax man, because rest assured HE sure knows what you owe him, and if you roll the dice hoping that he might not... well you'll end up paying the balance PLUS interest PLUS penalties (if its a large enough amount)
@@Mike.D.Lindley I see. That makes sense. I guess I got scared reading all the scary tax man stories about someone forgetting to file every single piece of paper and the IRS coming to collect 10 years later. Thanks for the feedback!
@@mangodaguiotangoThere's actually a statute of limitations for the IRS to go back an collect unpaid taxes. Generally 3 or 6 years depending on the amount. Clock starts ticking either tax day or when you file whichever is later. Doesn't apply if you commit fraud though.
@@jacobg8640 I would expect that if there's a discrepancy, that they'd send me a notice to correct it, right? I am by no means trying to cheat the system but as someone else mentioned, it's kind of senseless to file an amended tax return when I don't owe taxes on a rollover amount anyway. Ultimately, the concern would be if the IRS would bite me years down the line for not filing a form that would not have changed the amount of refund or taxes owed anyway.
@@mangodaguiotango They will send you a notice if they believe something needs correcting and won't bother if said thing you excluded was never taxable. The only scenario I can think of where they may is if they think it's taxable when it isn't. For example you can get a cash distribution from an IRA and then put it back in another IRA within 60 days. Your 1099-R may not say rollover in which case if you ignore it, the IRS may send a bill and you would reply explaining that it was rolled over and non-taxable.
In your case if the 1099-R says rollover, you don't have to bother amending. There's always a chance they might make a mistake and think it's taxable anyway, but at that point you have easy proof that it wasn't.
Imagine a world where we work and get 100% of the wages worked...
In that world does school and infrastructure funding come from unicorns and rainbows?
@@superblump87Indeed.
@@LittleMopeHead , No taxes would be awesome! I think that there should be zero taxes, and you are responsible to fund everything that you and your family use. Im serious! think about it. Every road has a toll, you pay to call the police, you pay for a doctor visit, you pay for school.....if this was truly the system, everything would be very cheap and easy to pay. The only reason a 5 mile stretch of highway costs 10 million dollars to install is because our world is used to pulling that money from a HUGE pot of (taxpayer) money, so its inflated. The only reason heart surgery is 500k is because the system knows that the medical insurance company has billions of dollars. The only reason police and teachers get paid god with nice pensions, because taxmoney is easy to extort form the public.
I think we should ALL react the way that kid does in the video to taxes. Just every year during tax season, we should all sit on the floor and cry about how awful it is. It'd be real cathartic.
Spent over $20k on child care and only got $600 back. Smh
Anyone know what the penalty is for filing exempt on my W4?
I’d rather have my employee not withhold any tax and I pay my tax liability all at once every year if possible.
You will end up paying more. All your taxes will be paid plus a penalty for underpayment. It will depend on how much you made for the year.
@@kevinbossick8374 let’s say I made 100,000
I kept what would normally be held in a 5% HYSA. Would I still lose out?
@@jofo1274 from what I understand, if you have nothing withheld, you will pay an additional penalty. It could be 5-25% of taxes owed.
YOU ARE NOT OFF THE HOOK for 1099K for 2023 tax filings!! If you make over $20K with 200 or more transactions, your income WILL be reported to the IRS from Venmo, PayPal, Cash App, etc. Next year the limit is lowered to $5K.
If you make less than 600 dollars with uber or doordash or any other coherent gig app company by law, you're not required to log that as income...
@@motoryzenIncorrect. You and the IRS just won't receive a 1099. If you make at least $400, it is enough to require you to file. And if you earn less than that, but are otherwise still required to file, you must include it.
@jacobg8640 wrong..I AM QUOTING THE DAMN UBER APP.
I don't know if it matters per state in the continental United States of America. But in the state of Mississippi, you are not required to list any and all Uber earnings. As far as uber eats food deliveries go if you made less than six hundred dollars.
If you made six hundred dollars or more, then you are required to list them on your taxes.
Now as far as uber actually sending you in the state of mississippi a 1099 Forum of any of the three varieties one must make at least twenty thousand dollars.
Agin am quoting the damn uber eats app
Move on you lost this argument before it even began
@@motoryzen I don't think all places are the same. I know for where I am everyone should report their income of $600 or more!!! I even filed on the years I did not work!!!
52 Ms in pre paid credit cards! It’s a “pilot program!”
Thx
With direct deposit I think so many people do not look at their paystub showing their gross...then their net. Then take a look at government (local and federal) spending. Your head will explode. Also note-Your employer pays taxes on you, too. That's in addition to what they take from you!
What no my emoployeer is paying taxes and we pay taxes so how are "they [taking] from you [anyone]" Without taxes how can places function?
Being paid in cash makes it so much easier. 😄.
Until you get pickpocketed
Waiting forever for my K-1 😢
K-1 is such a dumb thing
What about having 3 kids and get a rebate for 10k.. how is that bad?
Dave is alwys ranting about taxes, but let’s get real, the Departnent of Defense budget is $883 billion or FY2023-2024; that money has to come from somewhere. Part of the problem is that the Defense budget includes funding for all those USA military bases abroad, and all the billions we have wasted on Ukraine, and counting, and all the money we waste on NATO subsidizing the defense of useless, freeloader Europen “allies,” that noney has to come from somewhere. Then there is all the money we waste on international organizations like UNWRA in so-called Palestine (which doesn;t really exist) whose employees where involved in the massacres in Israel on October, 7, that money has o come from somewhere. And last, but not least, there is all the money Congress wastes stateside, that money has to come from somewhere. Happy Tax Day y’all!
Taxes are so easy. It literally saves all your info from your last w2, etc. So it's not that hard
If all you have is a W2, but do you have rentals, business income, K1s, broakerage statements, etc?
We should identify as IRS and government so we don't have to pay taxes 😂😂😂
Paid in so much money in 2023 to taxes. Have one kid, and married. Claim 0. Guarantee we will still have to pay in thousands. What a joke.
You know as a single person i filed last week as a single person and here im not getting shit back so stupid…. I had no idea as a single person u get less back :/
We working singles subsidize absolutely everyone else. And we receive no help or support when we need it. If you get sick, injured, or have surgery, and you need a personal care assistant and someone to cook and keep house, you get zilch from any program or tax assistance.
Taxes are meant for married people with kids and a house😂
That just means you didn't have too much withheld. What an ignorant comment.
@@tmi4507 i’m not sure what you mean. You mean they’re the only ones who should have to pay taxes, or do you mean they’re the ones who receive the benefit of everyone else paying taxes?
@@tmi4507 i feel the working single class should get equal rights 🤣 just as married couples
"If everyone had to give the government there taxes in cash every check it would be the Boston tea party all over again" 😂 if they framed it as a rent payment to the government to be in the country ppl would also have a melt down.
"f you’re worried about paying taxes, you’re not making enough money.” ~ Nelson Bunker Hunt
"free loan to the government" Yeah I'm sure they got a ton of use out of my $1000 while I missed out on $40 of interest or potential 10% investment gains. I'd rather give them a free loan and have a bit of surprise money every year than monkey around with deductions for 26 pay checks or even worse having to pay.
Same here. I consider the extra amount I pay in taxes every year as my Keep the IRS Out of My Life Insurance Fund. Once I get my refund, it all goes into my investments anyways so I’m only losing out on one year’s worth of compounding interest.
@@tcgtpl , I use mine as play money. Whatever the refund it, I do something fun with it. Vaca, jewelry, car stuff, etc. I dont expect it, I dont plan for it, so im having some fun with it. Steakhouse, yum!
If you can't afford to pay taxes every year you don't have enough in savings
Enjoy staying poor.
Taxes are my reminder that I am poor!
You Can take the girl out of the hood , but "don't get it twisted" you can't take the hood outta dat girl yo yo og
Paying taxes, is making you big a$$ hell
“Mouth chiclets” 🏆
In a world where unicorns and fairies live we don’t pay taxes!
What you need to know?
Well…it’s kinda like a colonoscopy.
Congrats on being first.
I prefer the colonoscopy to doing taxes. Less intrusive and painful.
@@colleenunvarnished Colonoscopy is way more invasive than taxes.
Anyone else NOT get their 1099 from Social Security yet?
You can go on-line and print one I believe.
✝️
"Don't put it off" lmao I'm in no rush to pay more money to ukraine
Just pay your taxes, anyone whinging about paying taxes go live in a country that doesn’t have a tax system. live with no sidewalks, parks public health care. The smell of sewage everywhere and then tell me how you feel
whining*
And at one time it was like that. The North had to pay taxes and the Confederates did not. These are the people who are mostly against it. Then when the North won, they started taxing the Southern states.
Well said!!!
Only about 1% of your taxes actually paid for those things
If you are against taxes then you are against funding our Military. You are against funding our schools. You are against keeping up our roads. You are against funding our parks and museums. You are against funding our Police and jails. You are against funding for mental health. Nobody likes paying taxes but they are 100% necessary for a functioning society. What we need to do is limit the number of deductions that extremely wealthy people and corporations can claim. Everyone has to pay their fair share. People with expensive accountants shouldn’t be able to skip their responsibility to pay taxes.
What's a fair share? People need to know if they're paying enough to satisfy you.
No anyone with half? A brain is against idiots like Woodrow Wilson, who screwed the value of our dollar with a poisonous attack involving the frankly dubbed I. R, s, which was never voted upon legally by Congress. The voice of the people officially starting december 23. 1913 Off the coast of jack a lion while all the congress people were at home eating christmas dinner.
Fact.
Also, anyone was half. A brain is against their tax dollars going toward a bunch of illegitimate kids in which a bunch of people who are just greeting their legs with legs. What open all the time? Create in which they can't claim as dependents on their texts right offs
Just for a couple of examples
It’s also biblical. Pay back Caesar’s things to Caesar says Jesus. Lots people who claim to be Christian ignore that scripture.
Christ himself told you not to tax dodge.
😂 I got my refund today. DONE
Itemize! There are so many things that are tax deductible if you itemize.
You only itemize if the items add up to more than the standard deduction. Most of the time, they don't.
The amount of people with deductions over the standard deduction is very few.
So it's stupid to get a taxt refund ok!
I just have my accountant find a way to get my tax bill to $750. Just like Trump, it's gotta be good enough to slide by without an audit lol.
Remember to claim Zelenskyy as a dependent
Exactly!! And we get no say in where it goes!
Vote Trump back in and abolish the IRS!
I throw all the papers in one spot on my bookshelf as they come in BUT! … my CPA has been drop everything in a Google drive drop box so I am putting everything in a folder anyway.. next year I will do that as it comes in and then when I have everything i can just copy it all to the CPA..