Ugh, Taxes Just Got Done

[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%

[BGM]

Quarterly Taxes

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%

[Josiegirl]

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%.

[storybookending]

Mine was 32.7% this year.

[Cat Herder]

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.

[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. ::

[BGM]

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::

[lovemykidstoo]

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?

[TomCopeland]

space%

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?

To claim a room as regularly used for your business it needs to be used more than "occasionally." If you use it 2-3 times per week to go in there to get stuff for your business, that's regularly used. Storage of two books, no.

[lovemykidstoo]

To claim a room as regularly used for your business it needs to be used more than "occasionally." If you use it 2-3 times per week to go in there to get stuff for your business, that's regularly used. Storage of two books, no.

I was just being a smartypants . If I keep the portacribs in her closet does that work? I have them in the hall closet now, but would gladly move them if I include that space thereby increasing my t/s%

[Firefly]

I just realized I could count my basement and garage in my total square footage if I store things in those areas, which I do. This would more than double my square footage so I thought it would really bump up my t/s. My husband didn’t think that would change it much. He thought getting my time up would change it a lot more. I do only work 4 days a week so maybe that is why?

[lovemykidstoo]

I just realized I could count my basement and garage in my total square footage if I store things in those areas, which I do. This would more than double my square footage so I thought it would really bump up my t/s. My husband didn’t think that would change it much. He thought getting my time up would change it a lot more. I do only work 4 days a week so maybe that is why?

I didn't think about garage. When I figure it on KidKare, it asked total square foot of home (which I figured just on the house not basement or garage), then it asks how much is 100% daycare, which my playroom is and then which part is not used. So I have an 1800 square foot home, my daycare room is 144 square feet, my daughters room is 144 square feet that I don't use at all. I keep all outside toys in the garage along with bubbles, chalk etc. How do I figure all of that?

[TomCopeland]

time-space%

I didn't think about garage. When I figure it on KidKare, it asked total square foot of home (which I figured just on the house not basement or garage), then it asks how much is 100% daycare, which my playroom is and then which part is not used. So I have an 1800 square foot home, my daycare room is 144 square feet, my daughters room is 144 square feet that I don't use at all. I keep all outside toys in the garage along with bubbles, chalk etc. How do I figure all of that?

Include the garage and basement in the total square feet of your home. They are probably used regularly for your business. If the 144 square foot room is used exclusively for your business, enter it that way in KidKare. Don't count the daughter's room as regular use. Include the rest of the space as regular use. Once you put in your hours into KidKare it will automatically calculate your time-space%.

[AnythingsPossible]

My t/s% was just a shy over 25%. Quite a bit less then some of you, and I thought mine was high!

[Snowmom]

So... just finished my taxes and since we talked about penalties, I thought I'd update here.

My situation: Married, filing jointly. Spouse is a W2 employee. Did not pay any estimated taxes for 2018. Sold and bought a new home (some capital gains in there) with quite a bit of expenses for the daycare at the new residence. MN full year resident.

Federal: $80 refund
State: Owe $600 with a $5 underpayment penalty
::
First time that's ever happened.

I was surprised on all the changes to credits and deductions this year. But, I ended up not doing too bad since we usually owe Federal $500-$1000 in the past.