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Started By
Message
How's the new tax laws treating you?
Posted on 1/22/19 at 8:39 pm
Posted on 1/22/19 at 8:39 pm
Getting ready to file taxes.
Made ~3K less this year
Owe ~2.6K less this year
Took the standard deduction this, where as I had previously was itemizing.
I withheld less this year, so I'll "owe" my underpayment this time around.
Works for me.
Made ~3K less this year
Owe ~2.6K less this year
Took the standard deduction this, where as I had previously was itemizing.
I withheld less this year, so I'll "owe" my underpayment this time around.
Works for me.
This post was edited on 1/22/19 at 8:40 pm
17
Posted on 1/22/19 at 9:03 pm to Puffoluffagus
fabulous.
will owe very little if any this year
probably owe nothing next year with better deduction rules for business owners.
the business friendly stuff is huge for me
will owe very little if any this year
probably owe nothing next year with better deduction rules for business owners.
the business friendly stuff is huge for me
Posted on 1/22/19 at 10:48 pm to Puffoluffagus
Getting about $4k back thanks to the new standard deduction. I'll be adjusting my W4 accordingly.
Posted on 1/23/19 at 6:56 am to Puffoluffagus
Not being able to claim my wifes mileage will hurt, hopefully that will be offset.
Posted on 1/23/19 at 7:20 am to Puffoluffagus
First time I've ever owed the federal govt. Not cool
Posted on 1/23/19 at 8:19 am to Puffoluffagus
During the process it was frustrating because I couldn't itemize, but seeing the end result was a sigh of relief.
Was just difficult to break the mental mindset from all of those years where it was important to itemize in order to maximize my returns.
Was just difficult to break the mental mindset from all of those years where it was important to itemize in order to maximize my returns.
Posted on 1/23/19 at 9:18 am to Puffoluffagus
I haven't filed yet, but I'm curious what other married couples are doing/paying to itemize this year. With the $10k SALT cap the only other major deduction is mortgage insurance which leaves $14k needed to itemize. What other deductions are you taking to eclipse $24k?
Posted on 1/23/19 at 9:31 am to Puffoluffagus
For now, is it as simple as looking at the last two year's final pay stubs?
This year I made $6k more but paid $2,667 less in taxes.
This year I made $6k more but paid $2,667 less in taxes.
Posted on 1/24/19 at 12:57 pm to Puffoluffagus
Single no kids
Income increased $22K over 2017
Overall $2K more in federal income tax
Live in a no income tax state.
Works for me.
Income increased $22K over 2017
Overall $2K more in federal income tax
Live in a no income tax state.
Works for me.
Posted on 1/24/19 at 7:48 pm to Puffoluffagus
Everything stayed the same and yet I owe more.
Posted on 1/25/19 at 7:06 am to Puffoluffagus
20% pass through deduction should save me a ton.
Posted on 1/29/19 at 2:05 pm to Puffoluffagus
Finally got started looking at this year's taxes.
Last year I got a $2,900 refund but that was by far the biggest itemization we have ever had or will have.
When the new tax laws went into effect, I redid my witholdings to get closer to $0-500 refund. My take home went up a bit. Even after doing this, it looks like I'll be around $2,500 refund this year.
So, overall I think I'm pretty happy with it.
Last year I got a $2,900 refund but that was by far the biggest itemization we have ever had or will have.
When the new tax laws went into effect, I redid my witholdings to get closer to $0-500 refund. My take home went up a bit. Even after doing this, it looks like I'll be around $2,500 refund this year.
So, overall I think I'm pretty happy with it.
Posted on 1/30/19 at 12:36 pm to Puffoluffagus
This is the first year we haven't owed the Feds in quite some time.
Posted on 1/30/19 at 1:00 pm to Puffoluffagus
quote:
How's the new tax laws treating you? by Puffoluffagus
Great!
Over the years I had to itemize to max out my return and was worried about mileage. but took the standard deduction, got a less back but kept more of my check over the year so win win
Posted on 1/30/19 at 4:06 pm to Puffoluffagus
Getting back $3400 or so, but we had our first kid in 2018.
Posted on 2/3/19 at 5:18 pm to Puffoluffagus
The elimination of individual exemptions and capping SALT deductions at $10k has my effective tax rate increasing by about 1.5%. We’ve always itemized and will again this year so the standard deduction increase didn’t do anything to help us.
Posted on 2/3/19 at 9:05 pm to Puffoluffagus
Withheld extra $3,600
Owe $2,300 more
Law is terrible in me
Owe $2,300 more
Law is terrible in me
Posted on 2/4/19 at 7:34 am to Puffoluffagus
first time in forever i took standard deduction, and i got back more this year then last with making the same.
Even had enough medical to write off this year, but couldn't use it. didnt have enough work expenses, mortgage interest, property taxes, charitable donations combined to beat the standard deduction. Knowing this, next year should take less then an hour to do my taxes.
called HR this morning to lower my federal withholdings to correspond with the lower taxes...hate giving Washington an interest free loan for the year
Even had enough medical to write off this year, but couldn't use it. didnt have enough work expenses, mortgage interest, property taxes, charitable donations combined to beat the standard deduction. Knowing this, next year should take less then an hour to do my taxes.
called HR this morning to lower my federal withholdings to correspond with the lower taxes...hate giving Washington an interest free loan for the year
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