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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 1/22/19 at 11:19 pm to Fat Bastard
quote:
probably owe nothing next year with better deduction rules for business owners.
I thought that was in effect this year?
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 8:16 am to Flanders
I expect it will be slightly in my favor but still waiting on paperwork before I can file.
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 9:00 am to lynxcat
I expected the tax breaks to be highly in my favor. When I imported my W2's yesterday it was a punch to the gut.
I have fooled around with the tax calculators and predictions for a couple months now and those were telling me to expect anywhere from $2-3k in return. Not even close.
I have fooled around with the tax calculators and predictions for a couple months now and those were telling me to expect anywhere from $2-3k in return. Not even close.
Posted on 1/23/19 at 9:10 am to Flanders
quote:
I have fooled around with the tax calculators and predictions for a couple months now and those were telling me to expect anywhere from $2-3k in return. Not even close.
That doesnt really mean anything. You need to look at your liability and effective rate compared to last year. It's very possible you just didn't have as much withheld therefore didn't get as much back
Posted on 1/23/19 at 9:15 am to Mingo Was His NameO
I'm going to have to see once I'm done with this year's.
I think it will be pretty close despite losing about $4k on SALT deductions.
Our incomes have been changing so much I can't just look at the liability, payment/refund amount on their own and know right away.
I think it will be pretty close despite losing about $4k on SALT deductions.
Our incomes have been changing so much I can't just look at the liability, payment/refund amount on their own and know right away.
This post was edited on 1/23/19 at 9:17 am
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 9:21 am to Oenophile Brah
I think the average person is going to have a rough time getting to itemizing without high property taxes and/or large mortgage.
This post was edited on 1/23/19 at 9:21 am
Posted on 1/23/19 at 9:23 am to Oenophile Brah
quote:
What other deductions are you taking to eclipse $24k?
Medical bills pretty much
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 1/23/19 at 10:58 am to Teddy Ruxpin
quote:
I think the average person is going to have a rough time getting to itemizing without high property taxes and/or large mortgage.
The property tax is rolled in with state income tax deduction and capped at $10k. That's not hard to hit with two incomes.
I guess I need to buy a bigger house.
Posted on 1/23/19 at 11:11 am to Mingo Was His NameO
quote:2% less withholding this year I take it is the root cause.
You need to look at your liability and effective rate compared to last year. It's very possible you just didn't have as much withheld therefore didn't get as much back
Posted on 1/23/19 at 11:14 am to Flanders
quote:
2% less withholding this year I take it is the root cause.
that's why this year was the first year I claimed 0 on W4.
I will sort out what I need to change my claims to this year once my tax return is back.
Posted on 1/23/19 at 11:23 am to TigerDeBaiter
quote:
I thought that was in effect this year?
it is i just will not need some of the major benefits until next year. this year i have more than enough deductions and contributions and even a tax credit i can use to wipe out most my "business" taxable income and then the actual amount i would owe on that.
also i am solely referring to business income NOT my real estate income. I will have some taxes on the RE even with all write offs applied. So i will be paying but the new laws really help business wise and of course that applies to my overall tax burden.
This post was edited on 1/23/19 at 11:35 am
Posted on 1/23/19 at 11:36 am to gaetti15
I claimed 0 as well.
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