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I’m admittedly pretty dumb when it comes to this stuff. I generally go to HR Block every year. I withhold a little extra from my check to make sure I don’t owe anything. But this may get expensive pretty quickly.
so how will you handle it? Increased withholding? Pay estimated taxes quarterly? Anybody here smart about this stuff who can explain it simply? Thanks!
Hire a profesional to help you with your taxes. They'll at least be able to accurately describe what a marginal tax rate is and strategies for mitigating paying taxes. 10/10 I don't regret hiring a tax profesional since I started working at a major airline, starting two businesses and renting a property. I'm already seeing rumors of over 150 in retro payouts for SWA captains. Congrats! If accurate, you're 100K over every captain at my shop for retro in this contract cycle. Hourly that's quite impressive. You'd also be liable for over 45K of taxes just on the retro. Do you think not paying for a profesional will work out for you?Originally Posted by ZapBrannigan
Anybody started thinking about how best to manage taxes under this new agreement? Both considering the retro, and just in general likely moving into a higher tax bracket?I’m admittedly pretty dumb when it comes to this stuff. I generally go to HR Block every year. I withhold a little extra from my check to make sure I don’t owe anything. But this may get expensive pretty quickly.
so how will you handle it? Increased withholding? Pay estimated taxes quarterly? Anybody here smart about this stuff who can explain it simply? Thanks!
Also do you really want me to repeat the classic saying about financial advice and pilots?