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Poll: Did you taxes go up or down compared to last year? Login/Join 
For real?
Picture of Chowser
posted Hide Post
Probably down. Taxes will be done soon. I know I paid less throughout the year.



Not minority enough!
 
Posts: 6234 | Location: Cleveland, OH | Registered: August 09, 2007Reply With QuoteReport This Post
Member
Picture of 280nosler
posted Hide Post
quote:
Originally posted by LS1 GTO:
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


Exactly. Last year, you would have benefitted from itemized deductions. This year, you do not. Think about it as a $9,000 deducted you did not get last year. You benefitted. The tax software knows that only 10% of people will itemized now, so it gave you the standard deduction ($24,000), which is more than your itemized deductions $15,000.




Nut up or Shut up!
 
Posts: 8288 | Location: 1200 yards out | Registered: January 20, 2010Reply With QuoteReport This Post
Tinker Sailor Soldier Pie
Picture of Balzé Halzé
posted Hide Post
quote:
Originally posted by pedropcola:
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.


Stuart Varney was pushing the same nonsense, saying something like returns are 8% less for millions of Americans.

I haven't done my taxes yet so I don't know where I stand at the moment.


~Alan

Acta Non Verba
NRA Life Member (Patron)
Family, Guns, Country

"My guns are always loaded."
~R.G. Justified

What whiskey will not cure, there is no cure.
 
Posts: 22372 | Location: Ski Town, Utah | Registered: October 29, 2012Reply With QuoteReport This Post
Do No Harm,
Do Know Harm
posted Hide Post
We’re sending our tax info to our lady today.

With our rental and repairs being amortized, I don’t fully understand the math, but our rough guess is a lower rate, and a neutral return/payment. That’s our goal every year.




Knowing what one is talking about is widely admired but not strictly required here.

Although sometimes distracting, there is often a certain entertainment value to this easy standard.
-JALLEN

"All I need is a WAR ON DRUGS reference and I got myself a police thread BINGO." -jljones
 
Posts: 10436 | Location: NC | Registered: August 16, 2005Reply With QuoteReport This Post
Casuistic Thinker and Daoist
Picture of 9mmepiphany
posted Hide Post
quote:
Originally posted by LS1 GTO:
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

Saw the same thing when I started entering our usual deductions. Software said deductions were capped and we had reached the Cap

Our Federal Tax liability about tripled from last year...from about $2700 to $8300 that I'll have to write a check for




No, Daoism isn't a religion



 
Posts: 13369 | Location: northern california | Registered: February 07, 2003Reply With QuoteReport This Post
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Got ours done and we owe money this year. Got several thousand back last year. Salaries and exemptions are similar over the 2 years. I did notice my paycheck increase by a small amount early last year but apparently we should've lowered our exemptions by 1 or 2 to make up for the changed tax laws. Kinda sucks as we were expecting a bit of a return but at least we don't owe much. Lesson learned for this year...
 
Posts: 219 | Location: Virginia | Registered: October 10, 2012Reply With QuoteReport This Post
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My income went up in 2018 and my taxes went down. By a lot. Mostly due to the extra $1,000 tax credit for each kid and we have 3 kids. A good portion of my income comes in the form of bonuses which are inconsistent and have more taxes taken out of them, so I've stopped trying to figure out how to not get a refund and not owe much money and just take the refund.

2018 I made $9K more than '17 but had $2300 less in taxes taken out in '18 and my refund still went up a $1,000


------------------------------
I'm a right wing, anti-illegal, pro-life, gun owning, straight, white, college educated, politically informed, conservative, Christian male. Liberals hate me.
 
Posts: 2899 | Location: RDU, NC | Registered: March 07, 2010Reply With QuoteReport This Post
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Picture of mikeyspizza
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Down, from $7,251 to $3,914. Or else I made a big mistake.

2017 tax was $9,414 before subtracting child tax credits

2018 was $10,550 before subtracting child tax credits/credit for other dependents.

In 2017 I claimed myself, wife, and 3 dependents.
In 2018, I acquired a 4th dependent (grandson).

The dependent exemption is "gone" but you still list them, and I guess somehow get credit for them.
 
Posts: 3004 | Location: North Carolina | Registered: August 16, 2003Reply With QuoteReport This Post
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Had ours done yesterday. I didn't make any changes to my withholdings last year. End result was about the same small refund we have had the past several years. CPA did point out that the $24,000 standard deduction morphs into about $16,0000 somehow.
 
Posts: 1238 | Location: Las Vegas | Registered: March 18, 2012Reply With QuoteReport This Post
Spread the Disease
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Interesting so far. It’s more mixed than I would have expected.


________________________________________

-- Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past me I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain. --
 
Posts: 14845 | Location: New Mexico | Registered: October 14, 2005Reply With QuoteReport This Post
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Picture of grumpy1
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quote:
Originally posted by Powers77:
Had ours done yesterday. I didn't make any changes to my withholdings last year. End result was about the same small refund we have had the past several years. CPA did point out that the $24,000 standard deduction morphs into about $16,0000 somehow.


Probably because of the loss of personal exemptions for a married couple.

https://money.usnews.com/money...isappeared-this-year

2. Personal exemptions. The increased standardized deduction will be welcome news for many households, but there's a catch: Personal exemptions have been eliminated. While not technically a deduction, the exemption allowed taxpayers to subtract $4,050 from their taxable income for each dependent they claimed, so eliminating it is a significant loss for families. The increased standard deduction helps soften the blow of losing personal exemptions, but it might not make up for it entirely, says Mark Jaeger, director of tax development for TaxAct, a provider of tax preparation software and services.


“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: 8922 | Location: Northern Illinois | Registered: March 20, 2009Reply With QuoteReport This Post
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Picture of alinc100
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Just got back from the tax accountant. This year we owe the Feds almost $800 Frown Now this was a drastic change from getting $2500 in 2017 BUT my wife inherited some money that was in mutual funds/annuities,combined with piss poor withholding on her part time job at Target,and her zero withholding SSD(which I've adjusted my withholding to offset/cushion the blow) it isn't the end of the world,she just has to write me a checkSmile
I had our tax guy run the same numbers based on 2017 and we would have owed $4800 !! So Trumps Tax plan saved us money depending upon how you look at it. I also experienced a $31/week increase in my take home pay,yielding another $1500 to the good.

This message has been edited. Last edited by: alinc100,



I'd rather be armed and unharmed than unarmed and harmed.
 
Posts: 520 | Location: SE Michigan | Registered: April 11, 2015Reply With QuoteReport This Post
Ammoholic
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Taxes went down. Got married so went from ~$17k itemized deductions plus her $6,350 standard deduction, totaling $23,350 to $24,000 with us claiming the standard deduction. So we are paying taxes on $650 less income at 24% marginal tax rate vs 28% as well as the lower rates on the lower tax brackets. So we are paying slightly less.

If we waited to 2018 to get married then I could have itemized $17k plus her $12K standard deduction and we would have really, really saved some money this year. Either way we are saving money as just about all people should be.



Jesse

A couple SIGs and a few others
 
Posts: 14268 | Location: Loudoun County, Virginia | Registered: December 27, 2014Reply With QuoteReport This Post
paradox in a box
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posted Hide Post
quote:
Originally posted by grumpy1:
quote:
Originally posted by Powers77:
Had ours done yesterday. I didn't make any changes to my withholdings last year. End result was about the same small refund we have had the past several years. CPA did point out that the $24,000 standard deduction morphs into about $16,0000 somehow.


Probably because of the loss of personal exemptions for a married couple.

https://money.usnews.com/money...isappeared-this-year

2. Personal exemptions. The increased standardized deduction will be welcome news for many households, but there's a catch: Personal exemptions have been eliminated. While not technically a deduction, the exemption allowed taxpayers to subtract $4,050 from their taxable income for each dependent they claimed, so eliminating it is a significant loss for families. The increased standard deduction helps soften the blow of losing personal exemptions, but it might not make up for it entirely, says Mark Jaeger, director of tax development for TaxAct, a provider of tax preparation software and services.


Yeah, this is what may hurt people that have no children. A lot of people with kids are benefiting from the increased child tax credit along with the change in income cutoff for that credit. It used to be if you made $55K or under you got a $1000 child tax credit. You would lose $50 of the $1000 for every $1000 over 55K you make. The child tax credit has increased to $2K under Trump and doesn't start to decrease until income is over 200K. That got me $2000 that I hadn't gotten previously. In addition to that the standard deduction increase more than covered what I lost from the personal and 1 child deduction.




These go to eleven.
 
Posts: 10020 | Location: Westminster, MA | Registered: November 14, 2006Reply With QuoteReport This Post
Drill Here, Drill Now
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Vanguard posted their combined tax form this weekend (to be fair, they did say mid-February). I just filed through H&R Block. My effective tax rate (total tax divided by taxable income) was 16.14% for 2017 and 19.99% for 2018.

I'm a poor choice for comparison as:
  • my taxes were incredibly complex 2014 to 2017 due to my expat assignment in Canada. For example, 2017 taxes were greatly reduced by foreign tax credit, but since my employer paid my foreign taxes I had to mail a pretty substantial check to my employer for the foreign tax credit.
  • I discontinued making charitable donations to a charity that I had supported for over 15 years. Back in the day, I used to know their CEO (e.g. been to his home in Rwanda twice. He was their manager of a 3 country region in Africa prior to becoming CEO) and had at least met a previous CEO, and they did great Christian ministry work in the 3rd world. I hadn't realized that as senior staff retired they changed from promoting missionaries up through the ranks to hiring accountants from Big 4 accounting firms, added a VP position for brand management (always a bad sign for a charity), and had begun bringing refugees to the US and getting big money from the 0bama admin for doing it. They had become addicted to living off the US Gov't teat, and when the Trump admin cut-off/decreased their refugee funding they started letters to donors requesting more donations and complaining about Trump. Fuck 'em, I cut them off too.



    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: 18041 | Location: N. Houston, TX | Registered: November 14, 2005Reply With QuoteReport This Post
    Ignored facts
    still exist
    posted Hide Post
    quote:
    Originally posted by frayedends:
    Got the full child tax credit for one kid (which I made too much for prior to Trump changes) plus the increased standard deduction. I’m pretty happy.


    pretty much my situation. My effective tax rate according to turbo tax is 1.4% less this year compared to last year.

    I too am pretty happy.


    .
     
    Posts: 8013 | Location: The Beaver State | Registered: February 28, 2003Reply With QuoteReport This Post
    Rail-less
    and
    Tail-less
    posted Hide Post
    I paid more but made more. I don’t have a fixed salary.


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    Posts: 13008 | Location: Charlotte, NC | Registered: May 07, 2007Reply With QuoteReport This Post
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    Picture of 9mmnut
    posted Hide Post
    Refunds have nothing to do with the question. Your income has nothing has nothing with the question. Neither does your withholding. I had an increase of $3300 in my standard deduction therefore my taxes were $330 less this year compared to what they would have been using the 2017 formula. 10% tax bracket. Increase in income and lower rate of tax deductions. That's about half of the cost of the S&W 617 I am look at. I am happy and will be voting for Trump again.
     
    Posts: 1009 | Location: Southern ,Mi. | Registered: October 17, 2011Reply With QuoteReport This Post
    Member
    Picture of rwilli
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    Taxes went down, I made more money, paid in less and total tax bill was about 1100 less than last year.


    "And that the said Constitution be never construed to authorize Congress to infringe the just liberty of the Press, or the rights of Conscience; or to prevent the people of the United States, who are peaceable citizens, from keeping their own arms; …"
    Samuel Adams
     
    Posts: 55 | Registered: November 25, 2016Reply With QuoteReport This Post
    Ignored facts
    still exist
    posted Hide Post
    it's funny how many people made more in 2018. Partly the result of corp taxes going down, therefore more for the employees??????

    (Obviously doesn't apply to all, but maybe for some)


    .
     
    Posts: 8013 | Location: The Beaver State | Registered: February 28, 2003Reply With QuoteReport This Post
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