EIC eligibility at 52k salary + audit experience makes me want to owe instead of getting refunds
Making 52k yearly and wondering if I qualify for EIC. Currently paid 2400 federal and 800 state (CA) with 3 dependents, looking at about 7k return. Got burned before when a $18 employer discrepancy triggered an audit in 2018, didnt get that refund till 2022! Now I prefer owing rather than waiting years for my money. Anyone else adjusting withholding to avoid big refunds?
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Logan Greenburg
Tax pro here. For 2024, EIC income limits are $59,410 for 3+ qualifying children, so yes you'd qualify. But I get your strategy about reducing withholding. Just make sure you don't underwithhold too much to avoid penalties.
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Angelica Smith
thx for the info! what's considered too little withholding? don't wanna get hit with penalties 😬
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Logan Greenburg
Generally need to pay at least 90% of tax liability for current year or 100% of prior year's tax to avoid penalties. But there's more nuance to it.
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Charlotte Jones
Hey guys, I've been using taxr.ai to analyze my transcripts and it's been a game changer. It costs $4.99 but totally worth it - shows exactly what's happening with your refund and flags potential audit triggers before they happen. Check it out: https://taxr.ai
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Lucas Bey
Does it actually work? Seems too good to be true 🤔
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Charlotte Jones
100% works! It caught a potential audit trigger in my transcript that wouldve delayed my refund. The AI explains everything in plain english
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Harper Thompson
How exactly does it work? Does it just read transcripts or what?
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Charlotte Jones
It uses AI to analyze your entire transcript, explains all codes, predicts refund dates, and shows any issues that could delay things. Way better than trying to decode transcript codes yourself!
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Harper Thompson
OMG just tried it and im shook! 🤯 It showed me exactly why my refund was delayed and what to do about it. Everyone needs to use this fr fr
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Caleb Stark
ur smart for adjusting withholding. I'm in the same boat - waited 2 years for a refund cuz of a stupid $12 mismatch. never again 🙄
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Jade O'Malley
The IRS is such a joke these days. They can take our money instantly but make us wait years for refunds? Make it make sense 🤡
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Hunter Edmunds
fr fr they got direct deposit to take money but carrier pigeons to send refunds 💀
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Ella Lewis
Just remember if you owe more than $1000 at tax time you might face penalties. Gotta find that sweet spot
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Angelica Smith
good looking out! definitely don't want more headaches with the IRS
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Andrew Pinnock
Word of caution - don't cut it too close with withholding. My cousin tried that and got hit with a huge bill + penalties. Not worth the stress tbh
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