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Message
30 million people will have to find money to pay income taxes next spring
Posted on 8/1/18 at 7:39 am
Posted on 8/1/18 at 7:39 am
As I noted right after the passage of the tax cut bill, that extra money in your pocket was not from a tax cut, but from revised withholding tables. The Trump lickers argued until their keyboards broke that it was semantics, that the withholding was the tax rate, etc.. But it seemed to me that the withholdings were scaled low to create the false appearance of a larger tax cut.
Now, even the government is sounding the alarm on the under withholding under the revised tables which will lead to an unfunded surprise tax bill next spring. A.P. story
The warning is a prompt. If you rely on wage withholding to cover your annual income tax bill, you should immediately go to your employer and fill out a revised withholding form and add an extra amount because the withholding up to now is not enough. To determine the amount you should either consult your accountant or put pencil to paper to estimate your actual tax liability. For most people, coming up with a grand or more at tax time is difficult.
Now, even the government is sounding the alarm on the under withholding under the revised tables which will lead to an unfunded surprise tax bill next spring. A.P. story
The warning is a prompt. If you rely on wage withholding to cover your annual income tax bill, you should immediately go to your employer and fill out a revised withholding form and add an extra amount because the withholding up to now is not enough. To determine the amount you should either consult your accountant or put pencil to paper to estimate your actual tax liability. For most people, coming up with a grand or more at tax time is difficult.
51
Posted on 8/1/18 at 7:40 am to TBoy
1st downvote 
Posted on 8/1/18 at 7:41 am to TBoy
So you should be happy right?
ETA..... MELT!!!
ETA..... MELT!!!
This post was edited on 8/1/18 at 7:52 am
Posted on 8/1/18 at 7:42 am to TBoy
I've got news for you Soiboi, millions of working Americans have been looking for money to pay their taxes for the last 8 years.
frick off filth.
frick off filth.
Posted on 8/1/18 at 7:42 am to TBoy
quote:
For most people, coming up with a grand or more at tax time is difficult.
You talking about a family with three cars, a tv in each bedroom and at least one cell phone for every person living there? The people who actually pay taxes? Those people?
Posted on 8/1/18 at 7:42 am to TBoy
Withholding should be abolished.
Posted on 8/1/18 at 7:43 am to TBoy
That is a wonderful thing, it is important that the government not be able to hide the pain of taxes through withholding. Perhaps now people will understand just how much they are paying.
Posted on 8/1/18 at 7:43 am to TBoy
I think this is going to apply to people on the West Coast and NE. They will not get a huge deduction for property taxes. Most people will not have this problem since the standard deduciton was doubled. I know personally the doubling of the standard deduction makes up for my property tax deduction.
ETA 30 million is less than 10% of the population.
ETA 30 million is less than 10% of the population.
This post was edited on 8/1/18 at 7:45 am
Posted on 8/1/18 at 7:43 am to TBoy
quote:
The warning is a prompt. If you rely on wage withholding to cover your annual income tax bill, you should immediately go to your employer and fill out a revised withholding form and add an extra amount because the withholding up to now is not enough. To determine the amount you should either consult your accountant or put pencil to paper to estimate your actual tax liability. For most people, coming up with a grand or more at tax time is difficult.
Good.
The more people that default on paying income taxes the better. The federal government is too greedy and don't deserve all that they get.
Posted on 8/1/18 at 7:44 am to Strannix
The thought police are on duty.
“There shall be no statements which could be seen as criticism.”
Perhaps instead of being Trumpy drama queens, you should realize that this warning is coming from the administration.
“There shall be no statements which could be seen as criticism.”
Perhaps instead of being Trumpy drama queens, you should realize that this warning is coming from the administration.
Posted on 8/1/18 at 7:45 am to TBoy
Anyone with a brain (meaning no Democrats) already put pen to paper and figured out there estimated tax liability rather than simply rely on the government numbers. The latest tax cuts shouldn't have changed that.
Posted on 8/1/18 at 7:47 am to TBoy
Pay your fair share, fat cat
Posted on 8/1/18 at 7:47 am to TBoy
quote:
As I noted right after the passage of the tax cut bill, that extra money in your pocket was not from a tax cut, but from revised withholding tables.
But at the end of the year, after the withholdings and shortfalls are paid back, are they paying less to the government or not?
Posted on 8/1/18 at 7:48 am to TBoy
First off, that article is awful and full of angst and assumptions not facts.
OH wow, democrats are saying tax cuts are bad. I'm shocked. Clutch your pearls sally mae!
I counter your dems with this guy.
And this little gem
So anymore fake news low Tboy?
quote:
The report by the independent auditors was requested in January by the senior Democrats on the Senate and House tax-writing committees, Sen. Ron Wyden of Oregon and Rep. Richard Neal of Massachusetts
OH wow, democrats are saying tax cuts are bad. I'm shocked. Clutch your pearls sally mae!
I counter your dems with this guy.
quote:
Treasury Secretary Steven Mnuchin, speaking at a White House press briefing early this year, dismissed that notion as “ridiculous.”
And this little gem
quote:
The GAO’s assessment came as news emerged that the Trump administration is considering bypassing Congress to give a big tax break to wealthy Americans by reducing taxes levied on capital gains.
So anymore fake news low Tboy?
Posted on 8/1/18 at 7:48 am to TBoy
quote:
About 27 million taxpayers would have been affected even if the new law hadn’t been enacted. The changes, however, added an estimated 3 million to that number.
Did you even read the article?????? Also, seems even the AP is being disingenuous these days. Guess I shouldn’t be surprised?
Posted on 8/1/18 at 7:49 am to TBoy
quote:
Perhaps instead of being Trumpy drama queens, you should realize that this warning is coming from the administration.
Wrong again. This warning is coming from a couple of liberals.
I wonder how many people have died so far because of these tax cuts? How many people do you know have been killed by these tax cuts, champ?
Posted on 8/1/18 at 7:52 am to TBoy
You can simply use the IRS tax calculator and look to your pay stub to reference if you are on schedule or not.
It's not that fricking difficult.
It's not that fricking difficult.
Posted on 8/1/18 at 7:53 am to TBoy
I hope you can still pay for your testosterone treatments after having to pay your taxes.
Posted on 8/1/18 at 7:53 am to TBoy
quote:
Perhaps instead of being Trumpy drama queens
Said the Trump hating drama queen!
I review my tax liabilities every year and adjust my withholding so that a small check exchanges hands.
You’re just mad that we get to keep our crumbs!
This post was edited on 8/1/18 at 7:56 am
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