Geez, me and hippie are like peas in a pod! That's how I roll as well.

Supposedly you can get fined for not making quarterlies. I have never been though. I think I'm too small potatoes. Plus my income is irregular.

Are you even able to understand my answer? What do you pay income tax on? Now lower that number.

yes not capable of answering. got it You must not be able to understand thwe question. so try to change it.

Completely unrelated to the question. But some food for thought for you. Dependents check, Own a farm business and have business deductions check own rental property, deprecation on structure and additional deductions.

You have zero point and can't make any argument or answer simple questions. Very disappointed.

Not everyone is in the same boat I’m retired no business just living the dream so I have to pay some taxes

My refund came in 3 days, faster than anytime in history.

I'm retired, lived off my investment income only for years. Some years I pay in alot, others I get money back.
I pay quarterly. So my current years payments are based off last years income. Causes it to whipsaw back and forth.

If all you've ever done is work for someone else and had no other substantial income you can play with the with holding to get a end of the year result you want. Get some back if you want or pay a small amount in.

But when you work for yourself and your in a business that varies you can't do that. You might get stuck paying in alot.

I had some years that were very good, we'd stop billing completed jobs a month or more before the end of the year so that we could bill them in the next year, moving the taxes to maybe a slower year and keep our taxes down for the current year.


Spend money on depreciating assets (trucks and cars) and your money won't be taxed but it also ain't working for you to make more money.

ain't no way to avoid the taxman, he's gonna get his cut sooner or later. All you can do is try to minimize the cut.

Is the 20000 a total amount of taxes state federal and social security? If so 20000 total isn’t too bad without having any type of deductions.

Yes that was the total of state and federal. Didn’t owe anymore social security

Refund?

Those days have passed. Should have had more kids lol.

If you have investment or pension incomes that don't have withholdings then waiting to pay at the end will cost you quite a bit in late filing fees and most of the time it is greater than the value of the money you earned by holding off. We file quarterly to avoid those penalties.

Bryce

Now maximize things. Look at your trapping as a business not a hobby, throw in maybe a little other services things you like to do whatever that may be. Think about how to generate a little income. Then take dedications on that atv/utv, traps, new gun , milage on your truck are a few examples ..

I get it PF but extra income is cash and I do not care to do other things for a deduction just a lazy arse any more lol

If my tax bracket is 10-12 % and sales tax on the stuff I buy ( to avoid paying income taxes ) is 8% how much money did I save? Not to mention ( if the product was brand new ) the lost value of that purchase as soon as I took it out the door.

"For married couples filing jointly, the 10% tax bracket applies to incomes between $0 and $23,850.
The 12% tax bracket applies to incomes between $23,851 and $96,950."

Might be good now so enjoy, Retirement is a joke as your health can ruin all .

Nothing wrong with that. Some things are not worth the effort. I didn't claim the farm for years wanted it to be profitable first. Then had a tax year I was going to have to pay in 13k due to selling Some investment. I had all my farm expenses played out ran the numbers with the account and got some education on tax codes and I went from going to have to pay in over 13k to geting back between 3 and 4 k. Did the farm make money that year nope yet I came out over 16 k ahead. That I spent right back on the farm. Sure was better than paying in.

I got a little education from thr tax lady and after that did further research. Don't ever do anything questionable but using the tax code to your advantage is a benefit.