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MineralMan

(146,262 posts)

20. An excellent point, indeed.

Reply to ProfessorGAC (Reply #19)

Mon Feb 11, 2019, 04:19 PM

Feb 2019

As freelance writers, my wife and I are always struggling with taxes. We rarely have money during the year for estimated tax payments, so we often skip them. Fortunately, the first quarter of our year is always a high-income quarter, so we have the money to pay what we owe, mostly self-employment tax (SS and Medicare.) Also fortunately, the higher standard deduction will ensure that we owe no income taxes for 2018. No refund, but we haven't had such a thing in years, anyhow. And then there are the years when we have to file an extension and come up with the money in October.

Such is life as a freelancer.

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31 replies

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Highlight:

I am asking a question of those who understand tax law a whole lot better than me... [View all] Peacetrain Feb 2019 OP

I usually do my taxes early... Dennis Donovan Feb 2019 #1

Honestly Dennis..this feels like such a shell game Peacetrain Feb 2019 #2

I entered the job market in the early 80's... Dennis Donovan Feb 2019 #13

Keeping my fingers crossed for you Peacetrain Feb 2019 #25

The amount withheld is usually determined by the employer using a chart given them by the IRS. rgbecker Feb 2019 #3

OHHHH now that makes sense.. I could not figure out how that worked Peacetrain Feb 2019 #4

+1, "Trump's guys at the IRS "' uponit7771 Feb 2019 #7

It was just a withholding cut disguised as a tax cut for most. pwb Feb 2019 #5

This message was self-deleted by its author NCChomskyan Feb 2019 #12

I've always claimed 0 withholding Nictuku Feb 2019 #6

So you've had a net tax increase? Thx in advance uponit7771 Feb 2019 #9

The withholding tables were manipulated to make it look MineralMan Feb 2019 #8

+1, 30 - 40% of American's usually itemized and it'll be the upper half of the middle class that uponit7771 Feb 2019 #10

They knew it was a full on screw job, they just kicked the can past Nov 2018 Cosmocat Feb 2019 #11

Exactly! MineralMan Feb 2019 #14

They ARE pissed. dixiegrrrrl Feb 2019 #17

This!!! ProfessorGAC Feb 2019 #18

Combined family income between $150K and $200K? Two kids? Big house in the 'burbs? theboss Feb 2019 #22

Yes. They're the most vulnerable group. MineralMan Feb 2019 #24

What was changed was withholding Moral Compass Feb 2019 #15

You should always target Paying Taxes at the end of the year bottomofthehill Feb 2019 #16

To What End? ProfessorGAC Feb 2019 #19

An excellent point, indeed. MineralMan Feb 2019 #20

Instead of paying 18-24% on credit card interest bottomofthehill Feb 2019 #30

Yeah, That Makes Plenty of Sense ProfessorGAC Feb 2019 #31

The withholding is done automatically by who pays you theboss Feb 2019 #21

SS and small pension can I safeinOhio Feb 2019 #23

Thank you one and all for the information and input... Peacetrain Feb 2019 #26

Taxes Srkdqltr Feb 2019 #27

It's not just about withholding. The standard deduction did go up by $5500 per person, but what Squinch Feb 2019 #28

My taxes went down significantly with the new tax laws MichMan Feb 2019 #29