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Poll: Did you taxes go up or down compared to last year? Login/Join 
Member
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Have not had CPA do mine but expect tax to go down. Been on standard deduction for 40+years.
 
Posts: 246 | Location: South Texas | Registered: February 27, 2018Reply With QuoteReport This Post
Member
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I'm in NY, they don't have down in their vocabulary Mad


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"Once abolish the God, and the Government becomes the God." --- G.K. Chesterton
 
Posts: 2253 | Location: Western New York  | Registered: April 11, 2009Reply With QuoteReport This Post
Unflappable Enginerd
Picture of stoic-one
posted Hide Post
quote:
Originally posted by frayedends:
quote:
Originally posted by konata88:
Kidding?

When have taxes paid ever come down? I must have missed it. Especially in a blue state. It's not a matter of going up. It's only a matter of how much this year.


You must have not done your taxes yet. Federal doesn’t matter what state you live in. As I said I saved 4K thanks to Trump.
It damn sure does if they can't deduct as much of the state taxes paid on their FEDERAL return.


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Posts: 3947 | Location: Headland, AL | Registered: April 19, 2006Reply With QuoteReport This Post
If it chambers, fire it
Picture of dave7378
posted Hide Post
quote:
Originally posted by stoic-one:
quote:
Originally posted by frayedends:
quote:
Originally posted by konata88:
Kidding?

When have taxes paid ever come down? I must have missed it. Especially in a blue state. It's not a matter of going up. It's only a matter of how much this year.


You must have not done your taxes yet. Federal doesn’t matter what state you live in. As I said I saved 4K thanks to Trump.
It damn sure does if they can't deduct as much of the state taxes paid on their FEDERAL return.


...or real estate taxes


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ΜΟΛΩΝ ΛΑΒΕ
 
Posts: 4924 | Location: Hampton Bays, NY | Registered: October 14, 2006Reply With QuoteReport This Post
Member
Picture of olfuzzy
posted Hide Post
My tax rate decreased 1.39 %.
 
Posts: 4866 | Location: 20 miles north of hell | Registered: November 07, 2012Reply With QuoteReport This Post
paradox in a box
Picture of frayedends
posted Hide Post
quote:
Originally posted by dave7378:
quote:
Originally posted by stoic-one:
quote:
Originally posted by frayedends:
quote:
Originally posted by konata88:
Kidding?

When have taxes paid ever come down? I must have missed it. Especially in a blue state. It's not a matter of going up. It's only a matter of how much this year.


You must have not done your taxes yet. Federal doesn’t matter what state you live in. As I said I saved 4K thanks to Trump.
It damn sure does if they can't deduct as much of the state taxes paid on their FEDERAL return.


...or real estate taxes


Yeah I wasn’t thinking about that. I’m nowhere near 10k in state taxes. I don’t own so I don’t have property taxes. Is property tax part of the 10k salt deduction?




These go to eleven.
 
Posts: 9923 | Location: Lancaster, MA | Registered: November 14, 2006Reply With QuoteReport This Post
Member
Picture of scratchy
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Won't know until mid March.




nie mój cyrk, nie moje małpy (Not my circus, not my monkeys)
 
Posts: 3362 | Location: Colorado | Registered: August 24, 2008Reply With QuoteReport This Post
Drill Here, Drill Now
Picture of tatortodd
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Vanguard doesn't release their tax documents until mid-February so I don't know yet. I mostly sold bond mutual funds so I think I have a loss to report, but unsure if it'll offset the dividends and capital gains.



Ego is the anesthesia that deadens the pain of stupidity

DISCLAIMER: These are the author's own personal views and do not represent the views of the author's employer.
 
Posts: 17501 | Location: N. Houston, TX | Registered: November 14, 2005Reply With QuoteReport This Post
sick puppy
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well, they "went up" by way of a larger refund for me this year, so I suppose that's actually "going down."
We got about $200 more back this year vs. last year.



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Posts: 7207 | Location: Alpine, Ut | Registered: February 17, 2010Reply With QuoteReport This Post
Armed and Gregarious
Picture of DMF
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I wonder if the people complaining about things being worse this year, are actually looking at the total amount of federal income tax they paid, or are simply looking at their refund.

For most, assuming similar gross income in TY2017 and TY2018, with changes in withholding they should actually pay less in taxes this year, than the previous year.

However, again due to changes in withholding, that might have meant less money being withheld each month (and more coming to the taxpayer each month), and a smaller refund.

If you are only looking at the refund, without actually calculating how much you paid in total, it can be deceiving.

Then again, I am one of the people who knows (based the realities of math/money), that getting a refund is bad.

The system of automatic withholding, and refunds, has lulled the masses into not paying attention to how much they are actually being taxed, and being foolishly excited when the government gives them their own money back, but gives it back late, without interest.


___________________________________________
"He was never hindered by any dogma, except the Constitution." - Ty Ross speaking of his grandfather General Barry Goldwater

"War is the remedy that our enemies have chosen, and I say let us give them all they want." - William Tecumseh Sherman
 
Posts: 12591 | Location: Nomad | Registered: January 10, 2003Reply With QuoteReport This Post
Armed and Gregarious
Picture of DMF
posted Hide Post
quote:
Originally posted by tatortodd:
Vanguard doesn't release their tax documents until mid-February so I don't know yet. I mostly sold bond mutual funds so I think I have a loss to report, but unsure if it'll offset the dividends and capital gains.
I downloaded my 1099s from Vanguard yesterday. Most forms were required on January 31 this year.

https://www.forbes.com/sites/k...issing/#4de43da46d38


___________________________________________
"He was never hindered by any dogma, except the Constitution." - Ty Ross speaking of his grandfather General Barry Goldwater

"War is the remedy that our enemies have chosen, and I say let us give them all they want." - William Tecumseh Sherman
 
Posts: 12591 | Location: Nomad | Registered: January 10, 2003Reply With QuoteReport This Post
Drill Here, Drill Now
Picture of tatortodd
posted Hide Post
Weren’t there Saturday and still not there tonight. The schedule on their tax center said mid-Feb for 2 of the tax forms I’m expecting.



Ego is the anesthesia that deadens the pain of stupidity

DISCLAIMER: These are the author's own personal views and do not represent the views of the author's employer.
 
Posts: 17501 | Location: N. Houston, TX | Registered: November 14, 2005Reply With QuoteReport This Post
hello darkness
my old friend
Picture of gw3971
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Refund is down but Taxes are down as well. Not bad Mr trump!
 
Posts: 6276 | Location: West Jordan, Utah | Registered: June 19, 2007Reply With QuoteReport This Post
Don't Panic
Picture of joel9507
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quote:
Originally posted by stoic-one:
For those saying their refund was less/more, shouldn't this be a comparison of year-to-year tax percentage paid? Total paid/refund is fungible based on income level variations and withholding changes. No?

Exactly.

I'd be delighted to find my income had gone up a few million [if only] even if that meant a couple more bucks thrown at Washington in April.

The refund number tells you nothing about tax rates, it's a comparison between withholding and total amount due - you can have a huge refund even if tax rates skyrocket, just by mis-mananaging withholding. Similarly, if taxes go down and they change withholding rules, you get access to your tax savings every paycheck instead of waiting.

TL: DR - It's the rate, not the refund. Wink
 
Posts: 12351 | Location: North Carolina | Registered: October 15, 2007Reply With QuoteReport This Post
:^)
Picture of BillyBonesNY
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My taxes went up $600.


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Posts: 6944 | Registered: March 19, 2005Reply With QuoteReport This Post
Mensch
Picture of kz1000
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Haven't done them yet, but I was off 10 weeks last year on medical leave. So I don't know if it will be a valid comparison since I got non taxable insurance benefits for that period.


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"The Nazis entered this war under the rather childish delusion that they were going to bomb everyone else, and nobody was going to bomb them. At Rotterdam, London, Warsaw and half a hundred other places, they put their rather naive theory into operation. They sowed the wind, and now they are going to reap the whirlwind."
-Bomber Harris
 
Posts: 14960 | Location: Ivorydale | Registered: January 21, 2005Reply With QuoteReport This Post
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Looking at the brackets alone and the change from 2017-2018 my tax burden should go down 4% but with the changes in deductions etc I won’t know for sure until I meet with my tax professional next week.
 
Posts: 15851 | Location: Winston Salem NC or VA Beach | Registered: April 16, 2007Reply With QuoteReport This Post
Vagabond Dreamer
Picture of Patrick-SP2022
posted Hide Post
Income went up, taxes went up.
Went from being an employee to being a self-employed contractor as well.

The CPA I am using has been extremely helpful.




Yeah, well sometimes nothin' can be a real cool hand.
 
Posts: 3083 | Location: Texas | Registered: April 16, 2012Reply With QuoteReport This Post
We gonna get some
oojima in this house!
Picture of smithnsig
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More. But I’m making more. My income has more than doubled since Trump was elected. Which also puts me in a higher bracket.

I don’t know the damage yet, but I’m not complaining.


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TCB all the time...
 
Posts: 6090 | Location: Cantonment/Perdido Key, Florida | Registered: September 28, 2009Reply With QuoteReport This Post
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Picture of ShouldBFishin
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My Federal went down a little less than 5% from what it was 2 years ago. Can't really compare to last year as it was my year to use my daughter as a deduction (alternating w/ my ex).
 
Posts: 1308 | Location: MN | Registered: March 29, 2009Reply With QuoteReport This Post
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