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Post by sd51555 on Feb 9, 2020 20:37:47 GMT -6
I like to start on mine early. They're not very complex, but I make a sport out of making the IRS wait until 4/15 to get their check from me. I aim to have a small balance due each year. Got all my numbers put in and landed it right in my target range. Still got a few forms to go, but they're non-tax events. Also got a patronage payout on stab camp this year. That was a learner to figure out where to put that, but I got it handled.
Fun fact about that. I got a note from farm credit that they were raising the payout ratio this year. In 2019 they paid out around 1.25%, and this year they've announced it's going to almost 2%. So my effective rate on camp was 4.35% in 2019, and will go to 3.6% in 2020. Am I a democrat now?
Also got my last old 401k rolled and converted right at the end of the year, so I'm back to 100% Roth on eligible retirement funds. No tax retreat in retirement for this guy. Gonna be able to pick up blue state land for a song when everyone with money leaves to go to all-dude-meat-ups in the desert.
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Post by MoBuckChaser on Feb 9, 2020 22:58:48 GMT -6
Taxes suck.
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Post by kooch on Feb 10, 2020 7:54:26 GMT -6
Switched over to ROTH 401(K) last year, exclusively. The post-tax treatment, plus the fact that I'm old now and eligible to apply extra contributions, put a pinch on cash flow. I haven't done the math yet, so don't really know what effect it'll have on my final numbers this year.
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Post by badgerfowl on Feb 10, 2020 7:55:49 GMT -6
Done and filed. Mine aren’t complicated. Small refund.
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Post by wklman on Feb 10, 2020 15:07:07 GMT -6
Already done. Owed about 1200 bucks since i sold the one property.
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Coda1
Full Member
Posts: 242 
Likes: 303
Location: Hunting north of Staples, MN
Zone: 3B
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Post by Coda1 on Feb 10, 2020 21:20:05 GMT -6
I finally got around to sending in my property tax refund about a month ago. I'll probably get to my income taxes in April. Likely closer to the 15th then the 1st.
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Post by Foggy on Feb 10, 2020 21:35:32 GMT -6
I am filing a joint return between OZ and MN this year. And we always need to extend our return late into the year in order to get the details from our MLP. This always is the source of lots of frustration for me.....as we never know what the FWAD until it's late in the year.....and we always have to pay estimates based on the worst case scenario. It's always a bunch of bull......and then reality comes in about November each year.
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Post by biglakebass on Feb 10, 2020 23:22:19 GMT -6
I let my CFP and tax dude figure my shit out.
I like pro advice versus me fighting battles in my head.
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Post by Tooln on Feb 11, 2020 13:43:04 GMT -6
They SUCK
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Post by MoBuckChaser on Feb 12, 2020 4:35:34 GMT -6
Farmers and commercial fishermen have to have there taxes done in feb. So once again. MO gets fucked by the IRS way before you guys.
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Coda1
Full Member
Posts: 242
Likes: 303
Location: Hunting north of Staples, MN
Zone: 3B
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Post by Coda1 on Feb 12, 2020 5:08:32 GMT -6
Farmers and commercial fishermen have to have there taxes done in feb. So once again. MO gets fucked by the IRS way before you guys.
At least you got stuff you can deduct. As an single white guy with no business I can't really deduct anything. Except for the year I bought my house and got the $8000 first time home buyer credit. The first time home buyer credit was about as stupid as the cash for clunkers program but finally gave me something back on my taxes.
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Post by MoBuckChaser on Feb 12, 2020 5:10:01 GMT -6
Farmers and commercial fishermen have to have there taxes done in feb. So once again. MO gets fucked by the IRS way before you guys.
At least you got stuff you can deduct. As an single white guy with no business I can't really deduct anything. Except for the year I bought my house and got the $8000 first time home buyer credit. The first time home buyer credit was about as stupid as the cash for clunkers program but finally gave me something back on my taxes.
Well if you want deductions go borrow 1.5 million dollars and start farming..... |
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Post by chummer16 on Feb 12, 2020 5:24:08 GMT -6
I throw up in my mouth when I see what we pay in taxes.
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Post by MoBuckChaser on Feb 12, 2020 5:26:43 GMT -6
I throw up in my mouth when I see what we pay in taxes. Yep, I gauge it now in how many brand new diesel pickup trucks we pay in every year. It’s demoralizing. |
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Post by badgerfowl on Feb 12, 2020 14:52:54 GMT -6
Farmers and commercial fishermen have to have there taxes done in feb. So once again. MO gets fucked by the IRS way before you guys.
At least you got stuff you can deduct. As an single white guy with no business I can't really deduct anything. Except for the year I bought my house and got the $8000 first time home buyer credit. The first time home buyer credit was about as stupid as the cash for clunkers program but finally gave me something back on my taxes.
Lucky you, I bought before they implemented that shit. 2007 at the peak. That fucked me for 10 years. |
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