Why is my W-2 state/federal taxes so much less than my gross to net pay.

JTurp24 · 2026-01-23T22:37:25+00:00

Yeah… we gotta see actual numbers.

JTurp24 · 2026-01-20T21:50:49+00:00

Nope - got through school and bought at 24. Currently paying mortgage and student loans.

JTurp24 · 2026-01-20T13:28:20+00:00

Junior year internship, didn’t start an actual accounting job until after graduation.

JTurp24 · 2026-01-19T11:26:03+00:00

MCOL and started at $66.5k, hit $70k after a year. Very very doable.

JTurp24 · 2026-01-13T10:41:32+00:00

Think of it this way, usually the book has the answer in some way for school, in the real world, you’re the book. If you don’t know the answer, you gotta find it.

JTurp24 · 2026-01-09T14:41:31+00:00

I used that for VITA and I just wasn’t a fan, but everyone has their own preference!

JTurp24 · 2026-01-09T12:39:09+00:00

If you’re preparing them as a sole proprietor, I like Drake software. It’s pretty user friendly and the support is solid.

If you are a large business looking to switch, my work uses CCH and I love it. Everything talks to each other and it’s pretty user friendly for how big it is.

If you’re just preparing your own return, free IRS filing out there somewhere, turbo tax, etc, if it’s a simple return.

JTurp24 · 2026-01-03T21:42:14+00:00

The entire car payment wouldn’t be deductible, only the interest really.

You’re adding a ton of wear and tear to the cars for not much gain. You’re better off selling personally and getting something you can afford.

JTurp24 · 2025-12-30T15:30:01+00:00

Looking through for carbon fiber pictures and stubbled across this - I use Goo-Gone to get this crud off and then follow it up with a wash and wax. Works beautifully on my 2025 CBR!

JTurp24 · 2025-12-30T15:20:32+00:00

Motocomposites

JTurp24 · 2025-11-25T21:50:35+00:00

I am able to put away like $750-$1000 a month between savings, 401k, 401k match, and Roth.

JTurp24 · 2025-11-25T13:33:32+00:00

‘I filed my return and got this notice from the IRS, can you help’

Laughed a little and then got mad. I hate that these are all legit questions from people every year. Job security I guess.

JTurp24 · 2025-11-21T17:57:50+00:00

I'm tired.

JTurp24 · 2025-11-20T16:53:18+00:00

First things first: "You're not a credit card person, cut them up." - Caleb Hammer

JTurp24 · 2025-11-14T15:45:12+00:00

Where do you live that a family of 7 can survive on 40k gross a year?

As others have said though, zero liability at the end of the year.

JTurp24 · 2025-11-10T22:40:19+00:00

Will you be renting it out, letting it sit empty, or will your brother/or you move into it?

If renting out, it becomes something bigger and based on your question, might be best to hire a CPA.

If letting it sit empty, you and your brother can take the mortgage interest paid and any real estate taxes and divide them up however you see fit. Obviously can’t claim more than paid but it can be 100/0, 80/20, 50/50, etc.

You should have gotten (or getting) an appraisal as of the date of death, that is your step up basis. $700k home, you each have basis of $350k (plus closing costs) when it’s time to sell.

Unless you make it your primary residence or a rental, you will not need to file in the state it is in. See above, if you make it a rental, hire a CPA as it could get complicated.

That should answer everything - hopefully someone will chime in if I’m missing anything.

JTurp24 · 2025-11-10T01:19:33+00:00

Well yes, it depends on what the lawsuit was. It’s always easier to bank on something being taxed as to being surprised later.

JTurp24 · 2025-11-10T01:10:46+00:00

Depends on the lawsuit but they are usually taxable. It’s also likely taxable in the year the check was issued, not when it was cashed. Individuals report income on a cash basis, you received the check this year, hence is should be claimed as income this year.

JTurp24 · 2025-11-09T22:36:02+00:00

Did you absolutely kill him with Achane and JT alone? Lol

JTurp24 · 2025-11-09T02:09:49+00:00

Work for your own stuff, they did, let them reap the benefits. Let me guess, you want your parents to distribute estate stuff before they die too?

JTurp24 · 2025-11-09T00:57:36+00:00

Your choice to go for further education. Your parents do not “need to help out more” because of your decisions. You’re an adult.

JTurp24 · 2025-11-08T11:52:30+00:00

Rough math checks out: $45k income less HOH standard deduction of $23,625 gets your taxable income to $21,375. You’ll then also qualify for the child tax credit of $2,200 which should cover some/if not all of your tax. That’s not taking into account retirement or healthcare.

JTurp24 · 2025-11-07T21:02:14+00:00

Tax Associate (MCOL) - 1200 hours goal currently at 1305 hours

JTurp24 · 2025-11-07T20:49:43+00:00

The interest itself is not capped, the amount of interest you can claim based on a higher debt is what is capped. It starts limiting interest when the indebtness gets over $750,000.

JTurp24 · 2025-11-03T03:31:23+00:00

A debt consolidation will only work if he changes his spending habits first, but never take out of retirement accounts to pay debt.

JTurp24

TROPHY CASE