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Why Do I Owe Taxes If I Claim 0 Exemptions || Why I Owe The IRS So Much In Taxes This Year - YouTube
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Tax time this year was a huge shock for
us. Every year we get money back...not
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alot... but we do get money back. So when we discovered several weeks ago that we
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owed $3,600 in taxes I kind of burst a vein. It was ugly.
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So today I'm gonna tell you why so many
people were actually shocked when they
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got a bill this year when they don't
normally get a bill and then I'm gonna
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also tell you what you can do and what I
am definitely gonna do (I've actually
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already done it) to stop this from
happening again.
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hey guys it's Wendy Valencia. So on this
channel we talk a lot of organization
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and money and a lot of organization of
money because in order to succeed
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financially you really need to be
organized about it. Taxes it's a subject
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everybody hates but it's a subject that
you have to deal with because if you
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don't... you go to jail and me obviously
working for the federal government I'm
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one of the first people that they
look at in the pile of Americans they
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want to make sure that the government
workers are paying all their taxes so
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they generally check us pretty intently
in the beginning so when I got my tax
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bill this year from my CPA cuz I insist
on using a CPA to pay taxes I've tried
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to pay taxes by myself several times
using TurboTax and just do it yourself
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know how because I'm a pretty
intelligent person and the last time I
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did them myself I actually ended up
paying something like seventeen thousand
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dollars over so yeah I'm gonna pay the
five hundred issue bucks to pay a CPA to
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do it cuz that's their job to know tax
law it's not my job
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I don't know tax a lot at all so
actually my tax guy when we got our bill
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he actually apologized and he's like I'm
really sorry this happened and I was
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like oh no this isn't good
so he actually went on to explain that
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this was happening everywhere all over
the United States and that refunds were
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down like 8% this year which is huge
when you think about it that means 8% of
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the population who normally would expect
a refund or get a refund is having to
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pay money that's a lot so why did it
happen so in December 2017 the
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government passed the new tax cuts and
Jobs Act essentially like changing the
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tax brackets and withholdings for
everyone and within this act they
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created a whole new set of withholding
tables which are like the guidelines
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that employers are supposed to use to
withhold the appropriate amount of money
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but because it was pushed out in
December 2017 a lot of places didn't
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actually change the width Holdings for
2018 and that's where we all got messed
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up because we're still holding on the
previous tax code but there's a whole
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new tax code in play now so that tells
me at least 8% of the population was
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pretty heftily impacted in a negative
way with this new tax code us being
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definitely one of them because we're
paying $3,600 a year more in taxes now
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so what happened to me not only were we
paying taxes in accordance with the
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previous no longer impactful tax code
but we Eve were also bumped up a tax
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bracket which kind of you know didn't
help but the IRS quickly realized what
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had happened to most everybody and they
actually have waived penalties for
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people having this issue which is
fantastic because oh my goodness I would
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have been so much more annoyed if I had
gotten a penalty because of something I
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didn't do but shame on me for not
checking so yeah there's that so while I
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had my CPA I actually sent him a copy of
my paycheck and I told them that
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Mauricio his paycheck and his
withholdings would probably be about the
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same and I wanted to see if they had
updated the withholdings and guess what
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they have not so that means in 2019
we're gonna have the same issue unless
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we fix it right now so I should point
out to you guys that I actually have
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zero exemptions zero not even kidding so
and Mauricio has zero exemptions as well
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so we are allowing the government to
take out the full amount of money
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authorized yeah so that's huge so what
are we gonna do about this well we've
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decided we're gonna take out an
additional three hundred dollars out of
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my paycheck to cover any overages
because I don't ever want to have this
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happen again
so why three hundred well because we
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have 20
paychecks coming to us left in this year
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and that will put us at six thousand
more dollars that we're contributing to
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our taxes for next year so wait
I only owed three thousand six hundred
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this year why would I pull out six
thousand cuz of fear I'll ever want this
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happen again and so we're gonna go
overboard because that's what we do
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I'd rather have too much money than not
enough any of mauricio gets promoted and
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or I get promoted or something happens
in this year I don't want to end up
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owing again next year or what about
YouTube what if I make a hundred
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thousand dollars on YouTube which I
won't but it could happen
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I gotta keep things like that in mind so
let's go ahead and be safe rather than
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sorry and take some extra out and again
this is all motivated by fear of ever
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knowing the government money so if you
are interested in figuring out if you're
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withholding the right amount of money
I'm gonna suggest you head over to the
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irs.gov website and I'll put a link down
in the description box where you can put
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in all of your real numbers from your
paycheck and go ahead and check and make
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sure you're withholding the right amount
now keep in mind it does fall a little
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bit on the heavy tax side because people
get exemptions so generally the IRS gov
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is probably your worst case in here you
know but that are safe than sorry
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set I'll see you in the next one see ya
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