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Fly High, A.J. |
Income went up close to 4% over the previous year, but income tax went down about $1000 (haven't calculated the effective rate). | |||
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Member |
I should be happy. And I am. But.... I did my first pass (will double and triple check my return before submitting). I owe double this year vs last year - thousands. That is a painful number to consider. I'll have to draw on savings. But I did some stats like you guys did. AGI (not salary) went up 18% (bonuses and stuff). Effective rate went up 1%. So, all told, I guess not bad and I should be happy. But the check I need to write is huge for me. Will have to come out of my emergency savings (ie - if the water heater or AC/furnace breaks or something) and hope to replenish later this year. Hopefully the water heater, AC/Furnace don't break in the meantime (I'm sure it will now.....). Hoping I missed something but that stats suggest not. "Wrong does not cease to be wrong because the majority share in it." L.Tolstoy "A government is just a body of people, usually, notably, ungoverned." Shepherd Book | |||
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| Bookers Bourbon and a good cigar  |
Effective rate decreased by 1.5 and amount owed dropped by $1300. Fixed income with RMD from IRA (deposited in to a savings account  )If you're goin' through hell, keep on going. Don't slow down. If you're scared don't show it. You might get out before the devil even knows you're there. NRA ENDOWMENT LIFE MEMBER | |||
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If the facts don't fit the theory, change the facts |
About the same for me | |||
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| Unapologetic Old School Curmudgeon  |
a large part of my salary is a once a year "bonus". In reality it's just money I should get all year, but it's dispensed once a year based on performance goals, sales, etc. Uncle Sam rapes that sucker till it's bleeding and squealing which sucks. Yeah you get it back when you do your taxes but that's a year away. it's not taxed as normal salary, but as a bonus which is way higher rate on top of skewing my earnings wildly for that pay period. As I said it all evens out at tax time but it sucks in the meantime. Don't weep for the stupid, or you will be crying all day | |||
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Coin Sniper |
Less was taken out of each check and thus I had a smaller refund. Pronoun: His Royal Highness and benevolent Majesty of all he surveys 343 - Never Forget Its better to be Pavlov's dog than Schrodinger's cat There are three types of mistakes; Those you learn from, those you suffer from, and those you don't survive. | |||
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| Member |
My income is basically fixed and was about the same as last year. My taxes (Federal and State combined) went down about $200. ------------------------------------------------------------ "I have resolved to fight as long as Marse Robert has a corporal's guard, or until he says give up. He is the man I shall follow or die in the attempt." Feb. 27, 1865 Letter by Sgt. Henry P. Fortson 'B' Co. 31st GA Vol. Inf. | |||
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| Needs a check up from the neck up  |
Me too. My effective tax rate went from 20% to 14% this year. I made $30K more and paid $8K less in tax. Happy for sure! __________________________ The entire reason for the Second Amendment is not for hunting, it’s not for target shooting … it’s there so that you and I can protect our homes and our children and and our families and our lives. And it’s also there as fundamental check on government tyranny. Sen Ted Cruz | |||
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Alea iacta est |
About the same I suppose. I had a huge pay increase, and received a vacation that I was 1099’d for. So hard to compare to last year. Totally different tax bracket. That said, I would have owed even more if the Minimum Standard Deduction hadn’t been doubled. The “lol” thread | |||
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eh-TEE-oh-clez |
I definitely got screwed this year. The cap on the SALT deduction really bent me over. The $24k standard deduction didn't help. The 20% QBI deduction was only about 1/5th of what I lost in SALT deductions. Fact: my effective tax rate would have been lower under the previous tax regime. | |||
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| eh-TEE-oh-clez |
If you know which week the bonuses come in, you can ramp up your witholding for that one pay cycle. | |||
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| Member |
I suffered the same fate as you. But you forgot to point out the reason why the previous tax regime was better for you....California is fucking us over on our state taxes!!!! | |||
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thin skin can't win |
You can have the same result in a lower tax state like MS (both property and income taxes). Well, not as dramatic, but same result. I expected that, but damn. You only have integrity once. - imprezaguy02 | |||
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| Member |
a bit lower first time I have taken the standard deduction in forever ----------------------------------------- Proverbs 27:17 - As iron sharpens iron, so one man sharpens another. | |||
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Member |
Finally did the comparison and math: Tax Rate 2017 - 17.81% 2018 - 16.61% 1.2% DECREASE Actual Tax Paid 2017 - $10,545 2018 - $12,522* 18.74% INCREASE * Did not itemize; took standard deduction and therefore Taxable Income was up 27.32% in 2018. "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 | |||
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| Member |
Was this on exactly the same amount of income as what you made in 2017, or did you have a corresponding increase in income for 2018? | |||
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| Member |
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Would have to check gross income year over year. I stated the increase in taxable income in last the sentence in my post above. Actual taxes paid would be based on taxable income (formerly known as Adjusted Gross Income, AGI). Since previously deductible aviation expenses in 2017 are no longer deductible for 2018 (per diem, as an example), I could only use the standard deduction. Therefore, I had a higher taxable income, thus a greater tax liability. EDIT TO ADD: Gross income for 2018 was $6,287 greater than 2017.This message has been edited. Last edited by: erj_pilot, "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 | |||
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| Member |
We did much better, refund higher. Just the wife and me. No mortgage deduction or itemizations and, we live in a no state tax state. | |||
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| Banned |
Our income virtually the same. Our refund was bigger. Very pleased. Go Trump 2020. | |||
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| The success of a solution usually depends upon your point of view |
Income went up by 6k and paid almost 2k less taxes compared to the previous year. My small refund was a little less then last year. “We truly live in a wondrous age of stupid.” - 83v45magna "I think it's important that people understand free speech doesn't mean free from consequences societally or politically or culturally." -Pranjit Kalita, founder and CIO of Birkoa Capital Management | |||
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