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Taxes
Feb 20, 2019 9:35:08 GMT -5
Post by Trades on Feb 20, 2019 9:35:08 GMT -5
Have you guys done your taxes this year? Did you compare them to previous years to see the impact of the tax cuts? I keep hearing people whine that their return is smaller but that is just them not understanding that their withholdings need to be adjusted. The important things are your Gross and taxable incomes and your effective tax rate and adjusted tax not the amount that you paid in before the refund/owed.
My taxable income went up about $12k but I ultimately paid $1600 less in taxes. Seems like the tax breaks work. Anyone else have a similar experience or end up paying a higher percentage?
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Post by quantum on Feb 20, 2019 9:55:40 GMT -5
Since I'm in a state where SALT deductions got limited, I've been putting off my trip to the accountant.
Also read where people are complaining "the govt is not giving them more money back" this year". LOL - they not understanding how any of this works....
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Taxes
Feb 20, 2019 17:46:23 GMT -5
Post by southparkcpa on Feb 20, 2019 17:46:23 GMT -5
Since I'm in a state where SALT deductions got limited, I've been putting off my trip to the accountant. Also read where people are complaining "the govt is not giving them more money back" this year". LOL - they not understanding how any of this works.... I guarantee you , you were probably paying the AMT and weren't getting a big benefit anyway. |
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Post by southparkcpa on Feb 20, 2019 17:48:09 GMT -5
Have you guys done your taxes this year? Did you compare them to previous years to see the impact of the tax cuts? I keep hearing people whine that their return is smaller but that is just them not understanding that their withholdings need to be adjusted. The important things are your Gross and taxable incomes and your effective tax rate and adjusted tax not the amount that you paid in before the refund/owed. My taxable income went up about $12k but I ultimately paid $1600 less in taxes. Seems like the tax breaks work. Anyone else have a similar experience or end up paying a higher percentage? Most of my clients are paying more as they are white collar lawyers etc. My business owners are getting a small break from the 20 percent 199 break. BUT... it appears that the "average person" is getting a smaller refund due solely to withholding changes. Orange man BAD. |
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Post by DDNYjets on Feb 20, 2019 20:01:31 GMT -5
People were saying their returns were less, not understanding they were less because they were actually taxed less.
Basically they didnt give the government an interest-free loan for the year.
But to answer your question, yes, I did keep more of my money this year.
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Post by quantum on Feb 21, 2019 8:56:50 GMT -5
People were saying their returns were less, not understanding they were less because they were actually taxed less. Basically they didnt give the government an interest-free loan for the year. But to answer your question, yes, I did keep more of my money this year. that's what cracks me up: people complaining that they didn't loan the govt more money this past year interest free! LOL |
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Taxes
Feb 21, 2019 9:10:03 GMT -5
Post by Trades on Feb 21, 2019 9:10:03 GMT -5
People were saying their returns were less, not understanding they were less because they were actually taxed less. Basically they didnt give the government an interest-free loan for the year. But to answer your question, yes, I did keep more of my money this year. that's what cracks me up: people complaining that they didn't loan the govt more money this past year interest free! LOL Because most people are stupid and don't understand the deductions on their pay stub, how college loans work. how regular loans work, interest, investment, etc, let alone any economic theory. FREE STUFF!!! |
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Taxes
Feb 21, 2019 9:40:37 GMT -5
Post by Jetworks on Feb 21, 2019 9:40:37 GMT -5
I got raped last year and (less so) this year. Apparently, my working full time while collecting a pension means I need to have a higher tax rate with fewer deductions for both if I don't want to owe Fed tax. Best part is if my wife went out and got a part-time job to defray the loss we'd get hit harder, lol. My bills are paid, and I have some nice toys, but $6-8K in taxes at the end of the year blows.
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Taxes
Feb 21, 2019 9:56:26 GMT -5
Post by quantum on Feb 21, 2019 9:56:26 GMT -5
I got raped last year and (less so) this year. Apparently, my working full time while collecting a pension means I need to have a higher tax rate with fewer deductions for both if I don't want to owe Fed tax. Best part is if my wife went out and got a part-time job to defray the loss we'd get hit harder, lol. My bills are paid, and I have some nice toys, but $6-8K in taxes at the end of the year blows. PAY YOUR FAIR SHARE, 1PERCENTER!!!!!!!!!!!!!! |
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Taxes
Feb 21, 2019 10:04:13 GMT -5
Post by Trades on Feb 21, 2019 10:04:13 GMT -5
I got raped last year and (less so) this year. Apparently, my working full time while collecting a pension means I need to have a higher tax rate with fewer deductions for both if I don't want to owe Fed tax. Best part is if my wife went out and got a part-time job to defray the loss we'd get hit harder, lol. My bills are paid, and I have some nice toys, but $6-8K in taxes at the end of the year blows. Are you saying you owed an additional $6-8k after previous deductions? How does your overall tax bill compare to previous years? Did your wife sell you on that? No honey I would work but it would just cost us more money! I should stay home and eat bon bons. |
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Post by Jetworks on Feb 21, 2019 11:03:03 GMT -5
I got raped last year and (less so) this year. Apparently, my working full time while collecting a pension means I need to have a higher tax rate with fewer deductions for both if I don't want to owe Fed tax. Best part is if my wife went out and got a part-time job to defray the loss we'd get hit harder, lol. My bills are paid, and I have some nice toys, but $6-8K in taxes at the end of the year blows. PAY YOUR FAIR SHARE, 1PERCENTER!!!!!!!!!!!!!! Lol, elitist that I am I got raped last year and (less so) this year. Apparently, my working full time while collecting a pension means I need to have a higher tax rate with fewer deductions for both if I don't want to owe Fed tax. Best part is if my wife went out and got a part-time job to defray the loss we'd get hit harder, lol. My bills are paid, and I have some nice toys, but $6-8K in taxes at the end of the year blows. Are you saying you owed an additional $6-8k after previous deductions? How does your overall tax bill compare to previous years? Did your wife sell you on that? No honey I would work but it would just cost us more money! I should stay home and eat bon bons. Yup. Losing one child care credit to $500 didn't help, as did my no longer being in school apparently. Last year was the first time I believe I've ever owed the Feds/ Lol, nope. Believe me, she'd work if it our life allowed for it. Taking care of the needs for 2 special needs kids is truly a full-time job. |
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Post by tkasper01 on Feb 21, 2019 12:01:08 GMT -5
Yup. Losing one child care credit to $500 didn't help, as did my no longer being in school apparently. Last year was the first time I believe I've ever owed the Feds/ Lol, nope. Believe me, she'd work if it our life allowed for it. Taking care of the needs for 2 special needs kids is truly a full-time job. We raised 2 kids who were not special needs and it was a full time job. God Bless you and your wife. |
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Post by BEAC0NJET on Feb 21, 2019 12:07:39 GMT -5
My tax bill was a smidge higher than last year, but we had some unusual stuff this year with my mom passing, and I was prepared for that going in. Cant really do an apples to apples comparison, and not really concerned. Next year I expect to see some savings.
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Taxes
Feb 21, 2019 12:08:51 GMT -5
Post by BEAC0NJET on Feb 21, 2019 12:08:51 GMT -5
A lot of the lower refunds seem to be with people who weren't aware to change their withholding.
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Taxes
Feb 21, 2019 12:58:35 GMT -5
Post by tkasper01 on Feb 21, 2019 12:58:35 GMT -5
A lot of the lower refunds seem to be with people who weren't aware to change their withholding. Everyone got a raise in take home pay in Feb 2018. I remember the amount of press it got. POTUS was all over twatter with it as well. |
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