2022 Federal Income Tax
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- dusty
- Platinum Member
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- Joined: Wed Nov 22, 2006 6:52 am
- Location: Tucson (Wildcat Country), Arizona
2022 Federal Income Tax
If you have not yet begun to file your 2022 income tax - you might want to do so soon.
You just might be in for some surprises. I sure am!!!
You just might be in for some surprises. I sure am!!!
"Making Sawdust Safely"
Dusty
Sent from my Dell XPS using Firefox.
Dusty
Sent from my Dell XPS using Firefox.
- JPG
- Platinum Member
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- Joined: Wed Dec 10, 2008 7:42 pm
- Location: Lexington, Ky (TAMECAT territory)
Re: 2022 Federal Income Tax
Good or bad?
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Goldie(Bought New SN 377425)/4" jointer/6" beltsander/12" planer/stripsander/bandsaw/powerstation /Scroll saw/Jig saw /Craftsman 10" ras/Craftsman 6" thicknessplaner/ Dayton10"tablesaw(restoredfromneighborstrashpile)/ Mark VII restoration in 'progress'/ 10E[/size](SN E3779) restoration in progress, a 510 on the back burner and a growing pile of items to be eventually returned to useful life. - aka Red Grange
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Goldie(Bought New SN 377425)/4" jointer/6" beltsander/12" planer/stripsander/bandsaw/powerstation /Scroll saw/Jig saw /Craftsman 10" ras/Craftsman 6" thicknessplaner/ Dayton10"tablesaw(restoredfromneighborstrashpile)/ Mark VII restoration in 'progress'/ 10E[/size](SN E3779) restoration in progress, a 510 on the back burner and a growing pile of items to be eventually returned to useful life. - aka Red Grange
Re: 2022 Federal Income Tax
Unkown. The IRS is not sure about COVID payments the States may have made to taxpayers. Are they refunds, incentives, or other?
- dusty
- Platinum Member
- Posts: 21371
- Joined: Wed Nov 22, 2006 6:52 am
- Location: Tucson (Wildcat Country), Arizona
Re: 2022 Federal Income Tax
Not Good For Me....Hope you are not in the same boat.
"Making Sawdust Safely"
Dusty
Sent from my Dell XPS using Firefox.
Dusty
Sent from my Dell XPS using Firefox.
- twistsol
- Gold Member
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- Location: Cottage Grove, MN
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Re: 2022 Federal Income Tax
The IRS ruled on this today. They are not taxable because they are being classified as "general welfare" or "disaster relief" which are non-taxable events.
Thanks much,
Chris Phelps
Cheap tools are too expensive
2x Mark 5 520 and a 10ER
Chris Phelps
Cheap tools are too expensive
2x Mark 5 520 and a 10ER
- twistsol
- Gold Member
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- Location: Cottage Grove, MN
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Re: 2022 Federal Income Tax
I finished and filed my corporate, payroll, and sales and use taxes at the end of January. IRS is still having difficulties accepting 990 filings for the non-profits I manage.
Started personal, and as usual, it looks like I'll owe a crap ton more money to fed and state than I've already paid.
Started personal, and as usual, it looks like I'll owe a crap ton more money to fed and state than I've already paid.
Thanks much,
Chris Phelps
Cheap tools are too expensive
2x Mark 5 520 and a 10ER
Chris Phelps
Cheap tools are too expensive
2x Mark 5 520 and a 10ER
Re: 2022 Federal Income Tax
We did ours and dropped it in the mail a couple of weeks ago. There were no surprises on our end. It came out like expected.
Re: 2022 Federal Income Tax
I haven't e-filed yet, waiting to do a last check of all the numbers to make sure I entered them all correctly etc. It would appear that in the end things are about the same this time as the last couple of times.
However this coming year has me worried. Investment income was down the last two years. Typically about 10% of our income, but down to more like 3% then 3.8% this past year. All indications that this year we will be doing much better, as a wild guess more like 20%. Add the SS increase and what that will effect..... So I'm working on sending in a W-4V. That will mean 7% less for my SS checks but in the end I would hope to be near a zero net for next years taxes.
I still have my state taxes to do.
Ed
However this coming year has me worried. Investment income was down the last two years. Typically about 10% of our income, but down to more like 3% then 3.8% this past year. All indications that this year we will be doing much better, as a wild guess more like 20%. Add the SS increase and what that will effect..... So I'm working on sending in a W-4V. That will mean 7% less for my SS checks but in the end I would hope to be near a zero net for next years taxes.
I still have my state taxes to do.
Ed
{Knight of the Shopsmith} [Hero's don't wear capes, they wear dog tags]
- dusty
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- Joined: Wed Nov 22, 2006 6:52 am
- Location: Tucson (Wildcat Country), Arizona
Re: 2022 Federal Income Tax
Good news for me. My money shock was the result of a mathematic skills deficiency.
No major change in expectations. Taxes OK; Savings Hurting big time.
No major change in expectations. Taxes OK; Savings Hurting big time.
"Making Sawdust Safely"
Dusty
Sent from my Dell XPS using Firefox.
Dusty
Sent from my Dell XPS using Firefox.
Re: 2022 Federal Income Tax
I haven't turned ours in to our tax person yet but everything is ready to go. I expect not much change except one of the properties in Sacramento was paid off part way through last year so not as much of a deduction. Also maintenance deductions on those properties are a bit less this year so might owe a little more.
However, the 8.7% COLA was great. My wife's civil service retirement and my military, civil service and social security netted us $727 more a month. Savings took a BIG hit due to the stock market last year but we don't depend on that so it doesn't matter much.
However, the 8.7% COLA was great. My wife's civil service retirement and my military, civil service and social security netted us $727 more a month. Savings took a BIG hit due to the stock market last year but we don't depend on that so it doesn't matter much.
John & Mary Burger
Eagle's Lair Woodshop
Hooper, UT
Eagle's Lair Woodshop
Hooper, UT