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Posted on 2/10/19 at 1:22 pm to Warfarer
quote:
Last year I got back nearly 3k and she was around the same.
This is an interesting perception at work too.
New tax law both lowers taxes and standardizes returns, making it less likely to itemize and thus easier to predict/calculate, particularly if salary.
We are royally fricked if everyone gauges their taxes paid by the size of the return they get BACK.
Posted on 2/10/19 at 1:24 pm to Phat Phil
Do you live in a place where the price of a home is far above the national average? Asking because those people could realistically fair worse under the new tax plan since they would lose a significant deduction for mortgage interest.
Posted on 2/10/19 at 1:24 pm to tigersnipen
quote:
Reposting this from another thread because it needs to keep being posted so people understand how taxes work.
Based on the number of people bitching about their refunds, you have an uphill climb ahead of you!
Keep up the good fight.
Posted on 2/10/19 at 1:26 pm to Phat Phil
quote:
Instead of a tax refund, now I owe a significant amount to the IRS.
That isn't how this works.
Calculate the actual amount you paid in taxes instead.
Posted on 2/10/19 at 1:28 pm to Warfarer
quote:
haven't finalized my taxes yet but I got married last year and both she and I got refunds until this year and we owe federal now. I will withhold judgment until I finalized my taxes but I am not impressed as of now.
Did you change your W2 withholding? Now married and 1??? If not welcome to the new tax bracket
Posted on 2/10/19 at 1:30 pm to Peazey
quote:
I don't know if OP telling the truth and all but... OP said he had the same amount withheld, dumbass. You had that insult so ready that you didn't even bother to read what he said.
And you were so quick off the mark to not understand it.....
Its entirely possible to have your tax return go down or even turn into a liability with the changes. Statistically unlikely, but possible.
But what isn’t possible is to have both your income and estimated withholding to stay the same the whole year with all of his w4 elections remaining the same. Not unlikely. Mathematically impossible.
And if he tweaked with the w4 settings, then he was being disingenuous by using the similarity with last year’s return.
Dumbass.
Best attempt at explaining it if he was being earnest is that he is an hourly baw paid weekly and the variable checks and the smaller amounts helped the tax cut to hide within the noise.
But it was still there.
Posted on 2/10/19 at 1:30 pm to tigersnipen
quote:Ideally, I'd always like to owe (as small a percentage of my income as possible, to be sure). No sense loaning the government money at 0% interest.
This is because when they adjusted the withholding tables, they reduced withholding too much.
Posted on 2/10/19 at 1:31 pm to CE Tiger
It amazes me how dumb people are when it comes to taxes but I guess it shouldn’t.
Anyone using their refund year over year as a basis of being mad or happy probably lacks and sort of critical thinking skills.
And the people who saw their taxes actually go up should be actually bitching at their local and state government. Those governments have been taxing the shite out of them for years under the guise that their constituents can lower their federal burden. As liberals like to say. Pay your fair share.
Anyone using their refund year over year as a basis of being mad or happy probably lacks and sort of critical thinking skills.
And the people who saw their taxes actually go up should be actually bitching at their local and state government. Those governments have been taxing the shite out of them for years under the guise that their constituents can lower their federal burden. As liberals like to say. Pay your fair share.
This post was edited on 2/10/19 at 1:33 pm
Posted on 2/10/19 at 1:37 pm to Phat Phil
I’m getting less back but I had much more in my paycheck each pay period. I paid less in taxes in 2018.
Posted on 2/10/19 at 2:23 pm to Warfarer
quote:
Last year I got back nearly 3k and she was around the same
But how much did the government keep last year vs this year as a percentage of your income?
Posted on 2/10/19 at 2:25 pm to Phat Phil
The tax changes are a scam to help the rich
Posted on 2/10/19 at 2:30 pm to MusclesofBrussels
People bitching about not getting as much refund as last year need to be punched in the face, kicked in the shin, and spat at in the face for being so stupid.
ALL IT MEANS IS THAT LESS INCOME WAS WITHHELD FROM YOU THROUGHOUT THE YEAR. IT MEANS THE GOVERNMENT OVERCHARGED YOU LESS THAN LAST YEAR.
How is this so hard to understand. When you get a large refund, you should be upset: IT MEANS YOU LOANED THE GOVERNMENT MONEY THROUGHOUT THE YEAR AND GOT 0% interest.
HOW DO YOU PEOPLE FUNCTION. HOW????
ALL IT MEANS IS THAT LESS INCOME WAS WITHHELD FROM YOU THROUGHOUT THE YEAR. IT MEANS THE GOVERNMENT OVERCHARGED YOU LESS THAN LAST YEAR.
How is this so hard to understand. When you get a large refund, you should be upset: IT MEANS YOU LOANED THE GOVERNMENT MONEY THROUGHOUT THE YEAR AND GOT 0% interest.
HOW DO YOU PEOPLE FUNCTION. HOW????
Posted on 2/10/19 at 2:47 pm to HailHailtoMichigan!
You could also say it’s like a little savings acct with no interest. BRO!!!
This post was edited on 2/10/19 at 2:48 pm
Posted on 2/10/19 at 2:51 pm to Phat Phil
Lol if you think Trumps tax cut wasn’t for corporations and super rich
Posted on 2/10/19 at 2:53 pm to Lake Vegas Tiger
quote:
Lol if you think Trumps tax cut wasn’t for corporations and super rich
Worked for me, too.
Posted on 2/10/19 at 2:54 pm to LZ83
If I get a huge refund in the mail because I overpaid for a medical procedure by 450 dollars....am I better off than the patient who didn't overpay for the procedure and thus got no refund?
No, I am WORSE OFF. Human beings put a time value on money. One dollar today is worth more than one dollar in the future.
The person who didn't overpay 450 dollars could have used that money to gain a little interest. I, on the other hand, am a net loser because that 450 dollars was refunded to me at a later date, so while the other patient was gaining interest, I couldn't gain interest because I didn't have the money on me.
No, I am WORSE OFF. Human beings put a time value on money. One dollar today is worth more than one dollar in the future.
The person who didn't overpay 450 dollars could have used that money to gain a little interest. I, on the other hand, am a net loser because that 450 dollars was refunded to me at a later date, so while the other patient was gaining interest, I couldn't gain interest because I didn't have the money on me.
Posted on 2/10/19 at 2:56 pm to Lake Vegas Tiger
quote:
Lol if you think Trumps tax cut wasn’t for corporations and super rich
I'm neither and got several k back in my pocket. The poor and lower middle class don't pay taxes so it obviously wouldn't benefit them.
Posted on 2/10/19 at 2:57 pm to Lake Vegas Tiger
quote:Corporations don't pay taxes, idiot. They write the check, but the money is being borne by labor and shareholders.
Lol if you think Trumps tax cut wasn’t for corporations and super rich
Educate yourself you imbecile.
LINK
quote:
Over the last few decades, economists have used empirical studies to estimate the degree to which the corporate tax falls on labor and capital, in part by noting an inverse correlation between corporate taxes and wages and employment. These studies appear to show that labor bears between 50 percent and 100 percent of the burden of the corporate income tax, with 70 percent or higher the most likely outcome.
Posted on 2/10/19 at 2:58 pm to cajun12
quote:
You not paying more, you just didn't let the IRS hold it all year
He said he had the same earning and the same withholding in his OP. What am I missing from your argument? If he had the same earnings and same withholdings how did he just “not let the IRS hold it all year”? I’d like to understand this.
This post was edited on 2/10/19 at 8:09 pm
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