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For real? |
Probably down. Taxes will be done soon. I know I paid less throughout the year. Not minority enough! | |||
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| Member |
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. | |||
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Tinker Sailor Soldier Pie |
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) God, Family, Guns, Country Men will fight and die to protect women... because women protect everything else. ~Andrew Klavan | |||
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| Do No Harm, Do Know Harm |
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 | |||
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Casuistic Thinker and Daoist |
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 | |||
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| Member |
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... | |||
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| Member |
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. | |||
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Member |
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. | |||
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| Member |
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. | |||
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Spread the Disease |
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. -- | |||
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Member |
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. | |||
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Ammoholic |
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 Sic Semper Tyrannis | |||
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paradox in a box |
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. | |||
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Drill Here, Drill Now |
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: 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. | |||
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| Ignored facts still exist |
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. . | |||
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| Rail-less and Tail-less |
I paid more but made more. I don’t have a fixed salary. _______________________________________________ Use thumb-size bullets to create fist-size holes. | |||
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Member |
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. | |||
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Member |
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 | |||
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| Ignored facts still exist |
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) . | |||
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Mensch |
Just did my Federal return. Effective rate dropped from 15% to 12%. 2017 refund $241, 2018 refund $958. Even though I was on medical leave for 10 weeks & made less money than 2017. Very happy that my tax rate decreased.  This message has been edited. Last edited by: kz1000, ------------------------------------------------------------------------ "Yidn, shreibt un fershreibt" "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 | |||
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