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Started By
Message
re: How much lower was your tax rate for 2018?
Posted on 4/3/19 at 9:05 am to NashvilleTider
Posted on 4/3/19 at 9:05 am to NashvilleTider
quote:
I showed less income after expenses than last year (got a refund last year) This year having to pay $2500.
Why do people keep answering this way. The question is DID YOUR EFFECTIVE TAX PERCENTAGE GO UP OR DOWN?
1
Posted on 4/3/19 at 9:10 am to TitleistProV1X
quote:
Why do people keep answering this way. The question is DID YOUR EFFECTIVE TAX PERCENTAGE GO UP OR DOWN?
It's pretty sad to realize how many people are ignorant about taxes.
Posted on 4/3/19 at 9:12 am to TitleistProV1X
(no message)
This post was edited on 11/17/21 at 12:35 pm
Posted on 4/3/19 at 9:18 am to TitleistProV1X
Since I live in Texas, and am used to deducting more in property taxes per year than some people gross, I was petrified.
But, BIG WIN for my fam. I will owe about $2200, but I got over $1k a month in tax cut benefit per month on my paycheck alone. My wife did overpay a bit which helped, but the benefit was material. My cut was closer to 7-8%. Which we promptly spent and contributed to the economy, BernieBro assholes. Cause that new couch was totally worth what it cost.
There's another wrinkle I don't think was publicized which helped save a couple of grand... My daughter goes to a preschool that costs a disgusting amount of money. We use a flexible spending dependent care account that I max out to pay for... Oh, January through the first week of April. Now, I can deduct the delta of what the FSA can pay for and what the tuition costs (according to H&R Block software anyway). Very, very bueno. That's a shite ton of money. I just wish I'd had the benefit for my other kid and the last three years of the daughter being in school.
But, BIG WIN for my fam. I will owe about $2200, but I got over $1k a month in tax cut benefit per month on my paycheck alone. My wife did overpay a bit which helped, but the benefit was material. My cut was closer to 7-8%. Which we promptly spent and contributed to the economy, BernieBro assholes. Cause that new couch was totally worth what it cost.
There's another wrinkle I don't think was publicized which helped save a couple of grand... My daughter goes to a preschool that costs a disgusting amount of money. We use a flexible spending dependent care account that I max out to pay for... Oh, January through the first week of April. Now, I can deduct the delta of what the FSA can pay for and what the tuition costs (according to H&R Block software anyway). Very, very bueno. That's a shite ton of money. I just wish I'd had the benefit for my other kid and the last three years of the daughter being in school.
Posted on 4/3/19 at 9:20 am to jchamil
quote:
quote:
Why do people keep answering this way. The question is DID YOUR EFFECTIVE TAX PERCENTAGE GO UP OR DOWN?
It's pretty sad to realize how many people are ignorant about taxes.
No, what he's saying is that nobody read the instructions. If there is no percentage of change in the post, it totally missed the point.
Posted on 4/3/19 at 9:44 am to TitleistProV1X
I haven't figured the percentage but my net savings (withholding decrease + return increase) compared to pre Trump tax cut was $2,600.
Posted on 4/3/19 at 11:21 am to TitleistProV1X
I paid roughly 2.37% less in federal income tax in 2018 vs. 2017 on comparable taxable income.
Posted on 4/3/19 at 11:28 am to ljhog
I posted the pic of my summary in a previous thread, but my marginal rate was 4% less, and my effective rate was 3.6% less. This was based on somewhere north of $60k more in income.
I love getting as close to zero as possible, so this year was a bit worse in that regard. Last year, I owed $9 in federal taxes. This year, I got back $385. Still pretty good considering the changes.
I love getting as close to zero as possible, so this year was a bit worse in that regard. Last year, I owed $9 in federal taxes. This year, I got back $385. Still pretty good considering the changes.
Posted on 4/3/19 at 11:32 am to TitleistProV1X
Yep, I haven't finished with deductions, but after entering my W-2, H&R Block software shows $2500 back federally, and I made $30k more than I did last year.
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