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Daycare and Taxes>Ugh, Taxes Just Got Done
lovemykidstoo 07:56 AM 04-08-2019
Oh my gosh I hate having my taxes done. I don't pay quarterly, so I guess I have to expect it.

What did everyone end up with for t/s%? I ended up with 34.31%
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BGM 08:14 AM 04-08-2019
So...I guess I didn't realize that I need to pay quarterly taxes and now I'm freaking out about penalties. I guess some lessons are more expensive than others. This was my first full year of daycare and I just didn't comprehend that I should pay throughout the year. Oh well.

I'm getting my taxes done this weekend, but I used Tom Copeland's Tax workbook and figured my t/s is about 40%
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Josiegirl 09:51 AM 04-08-2019
Originally Posted by lovemykidstoo:
Oh my gosh I hate having my taxes done. I don't pay quarterly, so I guess I have to expect it.

What did everyone end up with for t/s%? I ended up with 34.31%
I used to be in such a hurry to get my taxes done when I knew I was getting money back(when I had 2 dds in college it was great) but now that I know I'm paying in every 1/4, I drag my feet. I just got mine done a week ago. This year was better though, due to a couple changes with tax rules plus I didn't make as much.
I think my T/S% is a hair over 30%.
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storybookending 10:15 AM 04-08-2019
Mine was 32.7% this year.
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Cat Herder 10:54 AM 04-08-2019
I've never paid quarterly either because it seems so much more complicated. I am starting this year. I've printed the 2019 Form 1040-ES and am still reading. I hope to have it figured out by Wednesday because the first 2019 payment is due April 15th.
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Snowmom 12:03 PM 04-08-2019
My TS is 40%.
It was at 35-38% in the past until I realized that storage space counts!

I'm still finishing up my taxes. I'm super frustrated with Turbo Tax this year. It seems like I've run into so many bugs in the system. I always thought I knew taxes pretty well, but some of these changes (and new home circumstances for me) have me scratching my head.

I have paid in estimated taxes in the past when I knew I wasn't going to buy much in the coming year. But, with a spouse who is W2'd, it doesn't make much sense to do it (for me). BTW, I've never seen or heard of anyone actually being penalized for underpayment. I don't think we make enough to justify the IRS coming after the added peanuts.
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BGM 06:08 PM 04-08-2019
Originally Posted by Snowmom:
My TS is 40%.
It was at 35-38% in the past until I realized that storage space counts!

I'm still finishing up my taxes. I'm super frustrated with Turbo Tax this year. It seems like I've run into so many bugs in the system. I always thought I knew taxes pretty well, but some of these changes (and new home circumstances for me) have me scratching my head.

I have paid in estimated taxes in the past when I knew I wasn't going to buy much in the coming year. But, with a spouse who is W2'd, it doesn't make much sense to do it (for me). BTW, I've never seen or heard of anyone actually being penalized for underpayment. I don't think we make enough to justify the IRS coming after the added peanuts.
I had a pretty good year last year. Very few expenses. The IRS is definitely coming after me

I think I'll buy some new appliances, you know, for the daycare
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lovemykidstoo 05:48 AM 04-09-2019
Originally Posted by Snowmom:
My TS is 40%.
It was at 35-38% in the past until I realized that storage space counts!

I'm still finishing up my taxes. I'm super frustrated with Turbo Tax this year. It seems like I've run into so many bugs in the system. I always thought I knew taxes pretty well, but some of these changes (and new home circumstances for me) have me scratching my head.

I have paid in estimated taxes in the past when I knew I wasn't going to buy much in the coming year. But, with a spouse who is W2'd, it doesn't make much sense to do it (for me). BTW, I've never seen or heard of anyone actually being penalized for underpayment. I don't think we make enough to justify the IRS coming after the added peanuts.
I just have 1 room that I don't count in my space. My daughters room. She is going off to college though. How much stuff do I need to store in her room to be able to count it? A container of books good enough? lol
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Tags:audit, taxes, tom copeland
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