Have not had CPA do mine but expect tax to go down. Been on standard deduction for 40+years.

I'm in NY, they don't have down in their vocabulary

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.

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

My tax rate decreased 1.39 %.

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?

Won't know until mid March.

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.

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.

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.

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

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.

Refund is down but Taxes are down as well. Not bad Mr trump!

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.

My taxes went up $600.

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.

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.

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.

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.

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).