Lots of suggestions here but just want to point out - if ur working at Taco Bell part time, u might not be making enough to owe federal taxes at all, especially if its just a few hours a week. The standard deduction for 2025 is like $14,600 for single filers so if ur total income from both jobs is under that, you wouldn't owe federal income tax anyway.

I went through this exact same situation last year with my two part-time jobs! The OASDI confusion is totally normal - most people don't realize that's just the fancy name for Social Security tax. Here's what I learned the hard way: you definitely need to be proactive about your withholding when you have multiple jobs. I ended up owing about $800 at tax time because neither employer was withholding enough federal tax. Each payroll system treats your job like it's your only income, so they calculate withholding based on just that one paycheck amount. My advice: grab your most recent paystubs from both jobs and add up what you'll make annually from each. Then use that total to figure out what tax bracket you'll actually be in. The IRS withholding calculator that Malik mentioned is great, but if you want something even simpler, just ask your Taco Bell manager to withhold an extra $30-50 per paycheck until you can get the exact numbers figured out. It's way better to get a refund than owe money you don't have!

Does anyone know if wash sale rules apply to crypto trading? I've been doing some active trading this year on Coinbase and Binance and I'm not sure if I need to track wash sales the same way as with stocks.

Great question about handling brokerage fees! I went through this exact same confusion when I first started tracking my cost basis properly. Just to reinforce what Max mentioned - you're absolutely right that purchase fees get added to your cost basis ($135 + $12.50 = $147.50), but selling fees come off your proceeds instead of being added to cost basis. One thing I learned the hard way is to make sure you're tracking ALL fees, not just the obvious commission charges. Some brokers have regulatory fees, exchange fees, or other small charges that can add up over time. These all follow the same rule - purchase-related fees increase your basis, sale-related fees reduce your proceeds. Also, if you're doing more active trading now, definitely keep detailed records throughout the year rather than trying to reconstruct everything at tax time. Your broker's 1099-B should show the fees, but it's good to have your own records as backup, especially if you're trading across multiple platforms. The IRS is pretty clear on this treatment in Publication 550 if you want to read the official guidance, but the way Max explained it is spot on for your situation.

This conversation has really highlighted how complex the true tax burden calculation is! I've been doing some research after reading through everyone's experiences, and I found that the Bureau of Labor Statistics actually tracks consumer expenditure patterns that can help estimate total tax burden more accurately. What's particularly interesting is how much the burden varies not just by income level and state, but by life stage. Young renters might pay more in sales taxes as a percentage of income since they're building up households, while older homeowners might pay more in property taxes but less in payroll taxes if they're retired. One aspect I haven't seen mentioned yet is how tax policy changes affect this calculation year to year. The 2017 Tax Cuts and Jobs Act changed federal income tax rates, but it also capped state and local tax deductions, which effectively increased the burden for people in high-tax states. And with various COVID-related tax changes, stimulus payments, and now inflation, the numbers are probably shifting pretty significantly. For anyone wanting to get serious about tracking this, I'd recommend starting with the IRS Statistics of Income data as a baseline for your income bracket, then adjusting for your specific state and spending patterns. The Tax Foundation's methodology is solid, but personalizing it to your actual situation will give you the most actionable insights. It's fascinating how this "simple" question opens up such a complex web of policy implications!

This has been such an eye-opening discussion! As someone who just finished filing taxes and was shocked by how much I actually paid when I added everything up, I really appreciate everyone sharing their research and methods. What really hit home for me was the point about how taxes are designed to be invisible. I never realized that when I pay rent, I'm indirectly paying property taxes, or that a chunk of every purchase includes embedded corporate taxes. It's like there's this whole shadow tax system that operates behind the scenes. I'm particularly interested in the geographic arbitrage aspect that several people mentioned. I'm considering a job change and have been looking at salary differences between cities, but I never thought to factor in the total tax burden differences. A $10K salary increase might not mean much if I'm paying $8K more in combined state, local, and sales taxes. The tracking methods shared here seem really practical too. I like the idea of setting up categories and using bank transaction data to estimate sales tax payments. It's more work upfront, but understanding where your money actually goes seems crucial for making informed financial decisions. One thing I'm curious about - for those who've done this analysis, have you found any surprising patterns in your spending or tax burden that led to meaningful changes in your lifestyle or financial planning?

Thanks everyone for all the helpful responses! This has been incredibly informative. I just checked my pay stubs from last year and confirmed that my STD premiums were being deducted pre-tax through our cafeteria plan, which means my benefits will indeed be taxable. I also went back and looked at my STD payment statements more carefully (thanks for that tip!) and found that they did withhold about 20% for federal taxes, so at least I won't get completely blindsided come tax time. One more question though - since the STD payments had taxes withheld, will I receive a W-2 from the insurance company, or will this just be included in my regular W-2 from my employer? I want to make sure I'm not missing any tax documents when I file.

Just wanted to add one more important point that I learned the hard way - if you're receiving STD benefits and they're taxable, you might want to consider making quarterly estimated tax payments if not enough is being withheld. I received STD benefits a few years ago that had minimal withholding, and even though I knew they were taxable, I didn't realize how much it would bump me into a higher tax bracket. Ended up owing a significant amount plus underpayment penalties when I filed. If your STD payments are substantial and you're worried about owing taxes, you can either ask the insurance company to withhold more (if they allow it) or make estimated payments directly to the IRS. Form 1040ES has the vouchers and instructions for quarterly payments. Just something to consider so you don't get hit with surprise penalties on top of the tax bill!

I've been dealing with GLD and SLV reporting for about 8 years now and can confirm what others have said - the tax treatment is definitely more complex than regular ETFs. One thing I'd add is that if you're switching from the basis adjustment method to the micro-sale method (or vice versa), you should probably include a statement with your return explaining the change to avoid any potential audit flags. Also, make sure your CPA understands that these aren't just regular commodity ETFs - they're grantor trusts. Some tax preparers accidentally treat them like ETNs or other commodity funds, which have completely different tax rules. The fact that you receive 1099-Bs for expenses even when you don't sell is the key indicator that these need special handling. Given that your extension deadline is approaching, I'd recommend going with your CPA's micro-sale approach this year since they're handling the complexity for you. You can always discuss the pros and cons of each method for future years once the immediate deadline pressure is off.

I've been through this exact same situation with GLD and SLV! The confusion is totally understandable because these ETFs are structured so differently from regular funds. One thing that really helped me was getting a clear understanding of what's actually happening with those monthly 1099-Bs. The trust is literally selling tiny amounts of the physical gold/silver to pay for storage, insurance, and management fees. So technically, you are having micro-sales throughout the year, even though you never initiated any transactions. Your CPA's approach of treating each expense as a micro-sale is technically the most accurate method. While the basis adjustment approach you've been using achieves similar results over time, the IRS could potentially argue that these small dispositions should be reported as they occur. Since you mentioned having unrealized losses and your extension deadline is coming up, I'd recommend going with your CPA's method for this year. The good news is that with losses, the tax impact should be minimal regardless of which method you use. Plus, having a professional handle all those tiny transactions will save you a lot of headache come next tax season. Just make sure your CPA understands that any gains when you eventually sell will be subject to the 28% collectibles tax rate, not the regular capital gains rates.