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Started By
Message
re: More income tax. Yay for me
Posted on 2/10/19 at 10:32 am to Tdogg78
Posted on 2/10/19 at 10:32 am to Tdogg78
quote:
You mean.....last year the two of you gave the Gov't an interest free loan of 3k each.
Pretty much. Im not upset about being close this year. I just usually have a good bit of unreimbursed job expenses to write off and mortgage stuff, and now I am using the standard deduction.
0
Posted on 2/10/19 at 10:33 am to GRTiger
quote:
OP is offline 20 minutes after starting a thread. I bet his alter posts in here at some point and OP account never comes back.
OP is notorious drive by Democrat sniper.
I’m not knocking being on the left side of the aisle. Nothing wrong with that. I do take issue with drive by snipes not having a real conversation.
I’m an idiot with money. But I knew enough to go and check what my liability was when this all went down and adjust accordingly. I honestly got way too much back but that’s better than being caught with my pants down in April.
Posted on 2/10/19 at 10:36 am to Phat Phil
I got hit with a big loss of SALT deductions but I was prepared for that and just increased my quarterly payments, as usual, I am sitting with about 1K to roll over to next years taxes.
Posted on 2/10/19 at 10:39 am to Phat Phil
quote:
2018 elimination of personal exemptions and elimination of some of itemized deduction (charitable donation, employee expenses, state&local tax) was a killer for me. Thanks Obama!
BS. What state do you live in?
Posted on 2/10/19 at 10:40 am to Phat Phil
quote:
Upvote if your income tax went up, downvote if your income tax went down.
Downvote cause thred sux
Posted on 2/10/19 at 10:40 am to Tigerlaff
quote:The "I got less refund" clowns here do not understand the concept of discretionary income.
had bigger paychecks every pay period.
Posted on 2/10/19 at 10:44 am to Tdogg78
quote:
You mean.....last year the two of you gave the Gov't an interest free loan of 3k each.
I don’t know how they’ll sleep at night knowing they lost out on tens of dollars worth of interest
Posted on 2/10/19 at 10:44 am to Tigerlaff
quote:
Also had bigger paychecks every pay period.
I only cleared $30 more per week, wife $40ish, but added up per week+ and extra 1K at end of year.
I likey!!!!!!!!!
Posted on 2/10/19 at 11:22 am to TigersFan64
quote:
Wrong again, GRTiger.
It would seem you'd get tired of being wrong. At least your ignorance has one positive for you.
LOL at you, douchebag.
Lulz, libs can't meme or troll. Sorry you and your alter can't lie about taxes to people who know better.
Posted on 2/10/19 at 11:29 am to Phat Phil
Where do you live?
My effective tax rate went down 1-2%.
My effective tax rate went down 1-2%.
This post was edited on 2/10/19 at 11:30 am
Posted on 2/10/19 at 11:37 am to SeeeeK
quote:
I only cleared $30 more per week, wife $40ish, but added up per week+ and extra 1K at end of year.
It put a couple K back in our pockets too. I like the simplicity of our taxes now too. I just took the standard deduction and had way less to get together to do our taxes.
Posted on 2/10/19 at 11:41 am to Phat Phil
Phat Phil you idiot. Like others said, Trump did this one not Obama. If you kept up just a little bit with politics you would have known this over a year ago.
Posted on 2/10/19 at 12:24 pm to Phat Phil
Charitable donations are still tax deductible so I assume the rest of your post is full of shite too.
Posted on 2/10/19 at 12:26 pm to TigersFan64
quote:
TigersFan64
You should go back on the poli board and try to defend your wonderful thread over there. You disappeared from it.
Posted on 2/10/19 at 12:36 pm to Phat Phil
You are an idiot. There is your detailed explanation.
Posted on 2/10/19 at 12:43 pm to tigeralum06
quote:
Charitable donations are still tax deductible so I assume the rest of your post is full of shite too.
While the charitable deduction still exists if one switches from itemizing to using the standard deduction they would no longer receive a specific tax benefit for charitable deductions.
Posted on 2/10/19 at 12:46 pm to Phat Phil
Assuming your adjusted gross income was very close to the same in 2017 and 2018.
Look at your 2018 Form 1040.
Divide (Line 15 minus Line 18A, 18B, 18C, and Sch 5, Line 71, 72, and 73) by Line 10. Get a percentage.
Look at your 2017 Form 1040
Divide (Line 63 minus Lines 66, 67, 68, 69, 71, 72, 73) by Line 43. Get a percentage.
You are trying to determine what percentage of your taxable income (income after all deductions) is taxed, considering credits. No payments, no withholding, no refunds, no balances due, etc. What is your actual percentage of income you owe to the feds? that's all that matters.
If your percentage went down from 2017 to 2018, you were a winner. If your percentage went up from 2017 to 2018, you were probably a loser.
It's a known problem that most people will have a lower federal refund, or high balance due, in 2018. This is because when they adjusted the withholding tables, they reduced withholding too much.
Reposting this from another thread because it needs to keep being posted so people understand how taxes work.
Look at your 2018 Form 1040.
Divide (Line 15 minus Line 18A, 18B, 18C, and Sch 5, Line 71, 72, and 73) by Line 10. Get a percentage.
Look at your 2017 Form 1040
Divide (Line 63 minus Lines 66, 67, 68, 69, 71, 72, 73) by Line 43. Get a percentage.
You are trying to determine what percentage of your taxable income (income after all deductions) is taxed, considering credits. No payments, no withholding, no refunds, no balances due, etc. What is your actual percentage of income you owe to the feds? that's all that matters.
If your percentage went down from 2017 to 2018, you were a winner. If your percentage went up from 2017 to 2018, you were probably a loser.
It's a known problem that most people will have a lower federal refund, or high balance due, in 2018. This is because when they adjusted the withholding tables, they reduced withholding too much.
Reposting this from another thread because it needs to keep being posted so people understand how taxes work.
Posted on 2/10/19 at 12:47 pm to Phat Phil
quote:I see your subtle "I pay a lot of land taxes" brag.
2018 elimination of personal exemptions and elimination of some of itemized deduction (charitable donation, employee expenses, state&local tax)
Posted on 2/10/19 at 12:49 pm to Phat Phil
It’s not Obama. You got penalized because you made assistant weekend manager at Waffle House
Posted on 2/10/19 at 12:54 pm to ultratiger89
quote:
Because you had less witheld during the year dumbass.
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.
This post was edited on 2/10/19 at 12:55 pm
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