Doing my 2020 taxes

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reible
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Doing my 2020 taxes

Post by reible »

Have them submitted but not yet approved. Thought it best to get a head start since I had not done any preliminary estimates. I went from owing money last year to a refund this year. Very modest refund but none the less better then having to pay in.

I also figured that maybe just maybe if you get more funds being given out that they would send it to my bank like they did the first time..... last time I had to wait for a check to come in the mail.

So how did I mange this refund? Mostly due to my investments not do so well. Down a whooping 22%. At least I didn't have to pay as much in taxes but the off set is not very close to making it worth while. No sign that things will be better this coming year, in fact signs are that they will be much worse. I normally get 10 to 12 percent of my income from investments. This past year it was less then 8% and it could well be below 5% this coming year. Getting closer to start stuffing the mattress or just spending it on tools........

BTW it isn't all that bad, we are talking thousands of dollars not 10's of thousands. No reason to panic my money should out live me.

Ed
{Knight of the Shopsmith} [Hero's don't wear capes, they wear dog tags]
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jsburger
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Re: Doing my 2020 taxes

Post by jsburger »

We are just about ready to give our info to our CPA. Usually we get a Federal refund and owe the state. That is because Utah does not require withholding on my military retirement so I don't. The last two years we have not had any large tax deductabe expenses on our rental properties in California so we had to pay Federal and state. Last year was different so we are hoping to break even this year. Finally it looks like the Utah State Legislature may pass an exemption on military retirement income so that will help.

As far as investments, ours are holding very steady at about 10%. I am like you. What we have will out last both of us. The only time we take money out is for big expenses like the $14,000 dollars for the roof on one of the California rental properties. We don't need money from the "retirement accounts" for day to day living.
John & Mary Burger
Eagle's Lair Woodshop
Hooper, UT
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dusty
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Re: Doing my 2020 taxes

Post by dusty »

DONE and Pleased
"Making Sawdust Safely"
Dusty
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garys
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Re: Doing my 2020 taxes

Post by garys »

Done here too and no surprises since nothing major changed since last year. However, with changes in Washington, I expect things to be different next year when tax time rolls around. Only time will tell what they decide to do next year.
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Ed in Tampa
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Re: Doing my 2020 taxes

Post by Ed in Tampa »

Mine is done and I get money back! 😝 Last year had to pay, bummer! 😩
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Ed in Tampa
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Re: Doing my 2020 taxes

Post by Ed in Tampa »

Got my money already! That was super fast!
Gene Howe
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Re: Doing my 2020 taxes

Post by Gene Howe »

Done and refund spent.
sehast
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Re: Doing my 2020 taxes

Post by sehast »

I submitted mine electronically and got the refund deposited to my bank account in 6 days time.
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jsburger
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Re: Doing my 2020 taxes

Post by jsburger »

Mine was submitted electronically on 22 Feb. I owe the state but got way more than enough federal refund to pay the state. Looks like what you guys are reporting that we may get are refund next week. :D
John & Mary Burger
Eagle's Lair Woodshop
Hooper, UT
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dusty
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Re: Doing my 2021 taxes

Post by dusty »

Based on information that I have available to me today, I have just completed my 2021 Income Taxes and I don't even have IRS acceptance of my 2020 tax return yet. They cashed my check though.

Why now you ask? That is a good question. I have an answer though it may not be a good one.

I am attempting to change an old habit. I have always had my tax withholding set so that I owed a small amount each year. Next year and from then on I want to get a refund instead. I am getting ready to alter my withholding to accomplish this. I think I have the numbers; just wish I didn't have to wait a year to validate them.
"Making Sawdust Safely"
Dusty
Sent from my Dell XPS using Firefox.
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