Happened to me last year. Quick fix: file a new W-4 and put an additional amount to withhold on line 4(c). Calculate what you should be paying per paycheck and add a little extra to catch up on what you've missed. I use the IRS Withholding Calculator to figure out the right amount. Makes it super simple. Better to fix it yourself than wait for HR, tbh. Most payroll people aren't tax experts.

This is definitely a red flag that needs immediate attention! I went through something similar at my first job out of college and it's so stressful when you're just starting out. Here's what I'd recommend doing right away: 1. Contact your HR/payroll department first thing tomorrow with your W-4 copy in hand. Ask them to verify how your information was entered into their system. 2. If they can't fix it immediately, ask for a timeline of when it will be corrected. Document this conversation in writing (email follow-up). 3. Keep detailed records of every paycheck showing the missing withholding - you'll need this if there are any issues later. At $62k annually, you should expect roughly $200-300 in federal taxes withheld per paycheck depending on your pay frequency. The fact that they got Social Security and Medicare right suggests it's likely just a data entry error rather than something more concerning. If your employer drags their feet on fixing this, don't wait - you can always submit a new W-4 with additional withholding amounts specified to ensure you're covered going forward. Better safe than sorry when it comes to taxes!

Make sure you're thinking about estimated taxes too! With such a big income jump, your withholding might not cover everything, especially with two jobs. If you end up owing more than $1,000 when you file, you could face underpayment penalties. You can avoid this by either: 1) Withholding at least 90% of what you'll owe for the current year, or 2) Withholding at least 100% of what you owed last year (110% if your AGI was over $150,000). The second option is probably easier for you since your income last year was much lower. Just make sure your total withholding exceeds your 2022 tax liability and you should avoid penalties!

Congratulations on the huge income jump! That's an incredible achievement. A few additional thoughts to consider: Since you mentioned you're married as of June, make sure you update your filing status considerations. If your spouse also works, you'll want to coordinate your withholdings together to avoid surprises. The "married filing jointly" vs "married filing separately" decision could impact your overall tax strategy. Also, with $40k in student loans, don't forget about the student loan interest deduction! You can deduct up to $2,500 in student loan interest paid during the year, which phases out at higher incomes but you should still qualify at $120k combined income. One more thing - consider setting up automatic transfers to a separate savings account specifically for taxes. Even if you get your withholding perfect, it's good practice to have a tax buffer fund. Maybe start with $200-300 per month until you get a better handle on your actual tax liability. Better to be prepared than scramble to find money at tax time! The tools others mentioned (TaxR.ai for planning, Claimyr for IRS contact) sound helpful, but also consider meeting with a CPA for your first year with this income level. They can help you set up systems and strategies that will serve you well going forward.

17 Just wanted to add that I've been through this exact situation. Since you receive a K1, you should check if your partnership agreement allows for "unreimbursed partnership expenses" (UPE). If it does, you might be able to deduct some expenses on Schedule E rather than as home office deductions. The rules changed after the Tax Cuts and Jobs Act, and many partners miss this. Talk to the partnership's accountant specifically about how construction costs should be handled, because your situation is more complex than a typical home office scenario.

11 I just went through this with my tax advisor. Some of the construction costs might qualify for bonus depreciation or Section 179 expensing rather than 39-year depreciation. For example, if you install specialized electrical work for computers, dedicated HVAC for the office space, or built-in storage systems.

As someone who works for a nonprofit, I'll add that many donation centers for clothes and household items will give you a receipt if you ask for one. They typically don't assign values (that's your responsibility), but having that receipt proves you made the donation. For the foreign donations, unfortunately those likely won't qualify unless they went through a US-recognized charity.

Just to add a practical tip for future donations - many people don't realize that for non-cash donations, you need to use "fair market value" rather than what you originally paid. So those clothes worth $375 should be valued at what they'd sell for at a thrift store or consignment shop, not their original retail price. For your current situation, since the cash went directly to individuals and the international donations weren't through qualified US organizations, unfortunately neither would qualify for deductions. But don't let that discourage you from helping people in need! Just structure future donations through recognized charities if you want the tax benefit. One more thing - if you do decide to itemize this year for other reasons, make sure your total itemized deductions exceed the standard deduction ($13,850 for single filers in 2023) or you won't get any tax benefit anyway.

One thing nobody's mentioned yet - make sure you're considering the Section 121 exclusion if this property was ever your primary residence. If you lived in it as your main home for at least 2 out of the 5 years before selling, you might be able to exclude up to $250k ($500k if married filing jointly) of the gain from the sale. Doesn't sound like that applies in your case since you mentioned it was a second home, but worth keeping in mind for others reading this thread.

Dont forget to consider doing a 1031 exchange if ur buying another investment property! You can defer all these capital gains taxes if you follow the rules right. We did this last year and it saved us like $70k in taxes.