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Poll: Did you taxes go up or down compared to last year? Login/Join 
Get Off My Lawn
Picture of oddball
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Without talking to my accountant, I KNOW that my taxes went down. Moving from CA to Texas will do that Smile.

But also my wife took a small pay cut.



"I’m not going to read Time Magazine, I’m not going to read Newsweek, I’m not going to read any of these magazines; I mean, because they have too much to lose by printing the truth"- Bob Dylan, 1965
 
Posts: 11995 | Location: Texas | Registered: May 13, 2003Reply With QuoteReport This Post
4-H Shooting
Sports Instructor
Picture of Zecpull
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There are too many people that do Not know that if you have less taken out of each check you may get a Smaller refund.
The leftys are Screaming that peoples Refunds are down this year Therefore Trump took their money.
How do people not know what the Bottom line I made this much.. and paid this much tax. And it is less.


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Posts: 8931 | Location: Wooster,Ohio | Registered: May 11, 2004Reply With QuoteReport This Post
I'd rather be hated for who I am than loved for who I am not
Picture of Ronin101
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I didn't actually run the numbers. I paid in more this year as my family made more. last year I paid in 100 bucks and this year I got a 650 dollar refund!!
 
Posts: 6877 | Location: Bismarck ND | Registered: February 19, 2003Reply With QuoteReport This Post
Member
Picture of C-Dubs
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My effective tax rate is almost 1.3% less in 2018 versus 2017.

My refund is almost $1200 less. Frown

I’m one of those oddballs that likes the bigger refunds.
Not this year I guess.



“I won't be wronged. I won't be insulted. I won't be laid a-hand on. I don't do these things to other people, and I require the same from them.”
 
Posts: 2642 | Location: SE WI | Registered: October 07, 2010Reply With QuoteReport This Post
Member
Picture of grumpy1
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quote:
Originally posted by C-Dubs:
My effective tax rate is almost 1.3% less in 2018 versus 2017.

My refund is almost $1200 less. Frown

I’m one of those oddballs that likes the bigger refunds.
Not this year I guess.


You control the size of your refund by the amount withheld from your income. Claim less deductions than you are entitled too or ask for extra amount to be withheld per pay period.


“When the people find that they can vote themselves money that will herald the end of the republic.”
― Benjamin Franklin
"The problem with socialism is that eventually you run out of other people's money."
― Margaret Thatcher
 
Posts: 8921 | Location: Northern Illinois | Registered: March 20, 2009Reply With QuoteReport This Post
Better Than I Deserve!
Picture of LBTRS
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Mine went up on the same income. I have to write a much larger check this year. I also have a penalty for not withholding enough after they reduced my withholding. Frown


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Posts: 4679 | Location: Phoenix, AZ | Registered: September 23, 2005Reply With QuoteReport This Post
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I'm not sure if I'm paying more taxes or not, but I can tell you that instead of getting about a $4,000 refund (which has been the trend the past several years), I'm paying $5.05. Not too fugging happy about that, but my taxable gross may be higher this year, which isn't a bad thing...means I made more.



"If you’re a leader, you lead the way. Not just on the easy ones; you take the tough ones too…” – MAJ Richard D. Winters (1918-2011), E Company, 2nd Battalion, 506th Parachute Infantry Regiment, 101st Airborne

"Woe to those who call evil good, and good evil... Therefore, as tongues of fire lick up straw and as dry grass sinks down in the flames, so their roots will decay and their flowers blow away like dust; for they have rejected the law of the Lord Almighty and spurned the word of the Holy One of Israel." - Isaiah 5:20,24
 
Posts: 5957 | Location: NW Houston | Registered: April 04, 2012Reply With QuoteReport This Post
Member
Picture of C-Dubs
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quote:
Originally posted by grumpy1:
quote:
Originally posted by C-Dubs:
My effective tax rate is almost 1.3% less in 2018 versus 2017.

My refund is almost $1200 less. Frown

I’m one of those oddballs that likes the bigger refunds.
Not this year I guess.


You control the size of your refund by the amount withheld from your income. Claim less deductions than you are entitled too or ask for extra amount to be withheld per pay period.


My W4 has been set up to take $16 per check for years, and I claim zero.

I admit that I didn’t pay much attention to my check stubs concerning the taxes collected this past year.
I knew the net pay went up, but had attributed it more to a raise I received during the year.

I’ll be updating my W4 this coming week.



“I won't be wronged. I won't be insulted. I won't be laid a-hand on. I don't do these things to other people, and I require the same from them.”
 
Posts: 2642 | Location: SE WI | Registered: October 07, 2010Reply With QuoteReport This Post
Coin Sniper
Picture of Rightwire
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NBC News just ran a story on taxes. As you might imagine they blamed Trump's tax plan for reducing 2019 tax returns.

Question for tax experts as I'm not a financial genius:

Years ago my new financial advisor told me that I should do what I can take as many deductions as possible to reduce my refund. The premise was that overpaid taxes are nothing more than an interest free loan that I am giving to the government.

His advice was that I you are better off having a $0.00 refund or even have to pay a small amount. If you have to pay, you've been accumulating interest on that money all year in your savings. You pay the tax, keep the interest you earned. You're ahead of the game a slight amount.

So with the Trump tax plan I get more in each paycheck, more in the bank. If I owe say $200 this year I probably still would have paid it, but now I have the interest earned on that money still sitting in my account. If you pay less taxes, less refund.

What say you? Isn't that basically the plan?




343 - Never Forget

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Posts: 34861 | Location: Above the snow line in Michigan | Registered: May 21, 2004Reply With QuoteReport This Post
blame canada
Picture of AKSuperDually
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My gross income went down by another ~30% from last year, which was something similar to ~25% the year before. So my taxes will go down regardless, especially since my expenses only seem to go up. My COGS have gone up considerably.

Recession sucks. Alaska's is bad. This should be the bottom for us, but the Real Estate Appraisal profession is in some serious rocks nationwide right now.


~~~~~~~~~~~~~~~~~~~~~~~~~
"The trouble with our Liberal friends...is not that they're ignorant, it's just that they know so much that isn't so." Ronald Reagon, 1964
~~~~~~~~~~~~~~~~~~~~~~~~~~
"Arguing with some people is like playing chess with a pigeon. It doesn't matter how good I am at chess, the pigeon will just take a shit on the board, strut around knocking over all the pieces and act like it won.. and in some cases it will insult you at the same time." DevlDogs55, 2014 Big Grin
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Posts: 12729 | Location: On the mouth of the great Kenai River | Registered: June 24, 2007Reply With QuoteReport This Post
blame canada
Picture of AKSuperDually
posted Hide Post
quote:
Originally posted by erj_pilot:
I'm not sure if I'm paying more taxes or not, but I can tell you that instead of getting about a $4,000 refund (which has been the trend the past several years), I'm paying $5.05. Not too fugging happy about that, but my taxable gross may be higher this year, which isn't a bad thing...means I made more.
Really? I've always considered it a big win if I held my money throughout the year and had to pay a small amount. A large refund is either an unexpected financial situation at the end of the year or poor planning. Neither of those would make me happy.


~~~~~~~~~~~~~~~~~~~~~~~~~
"The trouble with our Liberal friends...is not that they're ignorant, it's just that they know so much that isn't so." Ronald Reagon, 1964
~~~~~~~~~~~~~~~~~~~~~~~~~~
"Arguing with some people is like playing chess with a pigeon. It doesn't matter how good I am at chess, the pigeon will just take a shit on the board, strut around knocking over all the pieces and act like it won.. and in some cases it will insult you at the same time." DevlDogs55, 2014 Big Grin
~~~~~~~~~~~~~~~~~~~~~~~~~~

www.rikrlandvs.com
 
Posts: 12729 | Location: On the mouth of the great Kenai River | Registered: June 24, 2007Reply With QuoteReport This Post
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I don't know yet; haven't sent everything off to the accountant yet. But, I made more in 2018 compared to 2017, so we'll see, if I pull the two W2s out.
 
Posts: 433 | Location: Pennsylvania | Registered: December 27, 2001Reply With QuoteReport This Post
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The liberal media is playing to the general stupidity of Americans. Or more precisely their inability or unwillingness to understand basic math.

You cannot just look at your refund and declare if the tax cuts cost you money or saved you money. That is infantile. If you want simple and close, go to your tax program and compare effective tax rates.

This idea of looking at your refund or bill and gleaning some crucial aha moment is ludicrous if you don’t look at the changes the tax bill made to the withholding side of the equation.

Spoiler alert. Santa Claus isn’t real and a big tax refund means you fucked up. Giving big govt an interest free loan is bad financial maneuvering. You should plot your tax deductions just like you plot your investments. A small return or a small payment is the smart approach. Most Americans can’t save for shit though so this “windfall” (of your own money sheesh) SEEMS like a great savings plan. It isn’t. Don’t be lazy and stupid.

Unless you are statistically odd, you paid less in taxes. Math doesn’t lie. Regardless of what the MSM is peddling the vast majority of earners are paying less in taxes. Yes, I will bet you on this. Yes, you are probably one of them.

Please let’s not argue about this until you actually do the real math. Not the “my refund is smaller” non math emotional but fact free math.
 
Posts: 2200 | Registered: June 18, 2005Reply With QuoteReport This Post
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Picture of 280nosler
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This thread should be about effective tax rate on comparable income. My family's income increased from 2017 to 2018 by about 16%, however we also increased our 401k to Max, and maxed out health savings accounts. So even though our income increased, our taxable net income only went up by 4.8%, yet our effective tax rate was essentially unchanged.

A person in our office was saying how her income was (relatively) unchanged year over year, yet her taxes increased. She asked for me to take a look and figure out why. Of course, she reduced her 401k contribution from 12% to 8%, and eliminated her HSA. Her taxable net income increased because she was not saving her money pre taxes, and thereby had about 9% more taxes withheld than the prior year ($3,640 vs $3,335), and her effective withholding rate went up by 4.75%. when she realized she made 4.1% more, and had 4.8% withheld because her pre tax contributions decreased by 50%, she understood.

Taxes are complicated. I urge people to not run off the handles if their return is down. Figure out your effective rate by dividing your taxes paid by your gross earnings, then make a decision. Compare apples to apples.




Nut up or Shut up!
 
Posts: 8288 | Location: 1200 yards out | Registered: January 20, 2010Reply With QuoteReport This Post
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Yep. Nosler is spot on.
 
Posts: 2200 | Registered: June 18, 2005Reply With QuoteReport This Post
The Unmanned Writer
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Wife and I are using Turbo Tax...

For some reason when entering the house mortgage interest and property taxes, our amount owed did not decrease.







Sentiment without action is the ruin of the soul.


Help, I'm having premonitions of future flashbacks.

Only in an insane world are the sane considered insane.

Some people listen to the noise of the world,
And some people listen to the quiet.

"All Californians, like all citizens of the United States, have a fundamental Constitutional right to keep and bear common and dangerous arms. The nation’s Founders used arms for self-protection, for the common defense, for hunting food, and as a check against tyranny." Judge Benitez - March 2019
 
Posts: 10632 | Location: It was Lat: 33.xxxx Lon: 44.xxxx now it's CA :( | Registered: March 22, 2008Reply With QuoteReport This Post
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Paid more but I made more. Rate that I paid dropped significantly. Single no dependants


I'm a deplorable.
 
Posts: 660 | Location: Fargo ND | Registered: January 09, 2011Reply With QuoteReport This Post
Member
Picture of 280nosler
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quote:
Originally posted by LS1 GTO:
Wife and I are using Turbo Tax...

For some reason when entering the house mortgage interest and property taxes, our amount owed did not decrease.

That is because the standard deduction for 2018 increased to $24,000 (MFJ) from 12,700. Property taxes and State taxes are capped at $10k for SALT deducted. This just means your SALT and mortgage interest was below $24,000, and you are (likely) better off.




Nut up or Shut up!
 
Posts: 8288 | Location: 1200 yards out | Registered: January 20, 2010Reply With QuoteReport This Post
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Just read another “news” report from NBC News. It was outright lies. Never once discussed the net decrease in income taxes paid. Focused solely on refunds. Less refunds are bad apparently, even if your actual tax burden decreases. We are fucked if people can’t understand basic monetary issues. This isn’t commodities trading, its basic tax understanding. It’s like the people who think that if they make more money that they will take home less because of the higher tax bracket.

We need an education system that doesn’t forego math. Because that lack is showing right now in this country.
 
Posts: 2200 | Registered: June 18, 2005Reply With QuoteReport This Post
The Unmanned Writer
Picture of LS1 GTO
posted Hide Post
quote:
Originally posted by 280nosler:
quote:
Originally posted by LS1 GTO:
Wife and I are using Turbo Tax...

For some reason when entering the house mortgage interest and property taxes, our amount owed did not decrease.

That is because the standard deduction for 2018 increased to $24,000 (MFJ) from 12,700. Property taxes and State taxes are capped at $10k for SALT deducted. This just means your SALT and mortgage interest was below $24,000, and you are (likely) better off.


Mortgage interest and property taxes were just over $15K. As we were entering the info, we could see amount owed increase or decrease until we entered the info in question, them nothing. The amount owed neither increased nor decreased. Frown







Sentiment without action is the ruin of the soul.


Help, I'm having premonitions of future flashbacks.

Only in an insane world are the sane considered insane.

Some people listen to the noise of the world,
And some people listen to the quiet.

"All Californians, like all citizens of the United States, have a fundamental Constitutional right to keep and bear common and dangerous arms. The nation’s Founders used arms for self-protection, for the common defense, for hunting food, and as a check against tyranny." Judge Benitez - March 2019
 
Posts: 10632 | Location: It was Lat: 33.xxxx Lon: 44.xxxx now it's CA :( | Registered: March 22, 2008Reply With QuoteReport This Post
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