Just finished doing my taxes. Shout out to Credit Karma for enhancing their software this year and I was done in less than one hour! But yeah the tax reform sucks. Most of my information from last year didn't change by much other than my mortgage interest going down by $1000. My refund was half from what I got last year! So y'all are warned. Drink a couple of brewski's to dull the pain lol!!
This new tax reform sucks
- Thread starter deven
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I'm doing much better than last year. My oldest son too.
I'm interested to see the end results.
I'm interested to see the end results.
Question, seriously.
This may come off as me being a [censored] but I assure you this is not my intention.
I could care less about the refund. What about how much you actually PAID in taxes? That is the real question.
Remember, most people started getting more in their regular paychecks this year. Therefore, they should expect to see less in their tax returns if everything else stays the same. If they got more money every pay day, they will get less of a refund.
Compare what you paid in last year in Fed Taxes with what you paid in this year. This is how you will know the impact of any tax reform.
This may come off as me being a [censored] but I assure you this is not my intention.
I could care less about the refund. What about how much you actually PAID in taxes? That is the real question.
Remember, most people started getting more in their regular paychecks this year. Therefore, they should expect to see less in their tax returns if everything else stays the same. If they got more money every pay day, they will get less of a refund.
Compare what you paid in last year in Fed Taxes with what you paid in this year. This is how you will know the impact of any tax reform.
Originally Posted by Gebo
Question, seriously.
This may come off as me being a [censored] but I assure you this is not my intention.
I could care less about the refund. What about how much you actually PAID in taxes? That is the real question.
Remember, most people started getting more in their regular paychecks this year. Therefore, they should expect to see less in their tax returns if everything else stays the same. If they got more money every pay day, they will get less of a refund.
Compare what you paid in last year in Fed Taxes with what you paid in this year. This is how you will know the impact of any tax reform.
I ended up getting around $40 more per biweekly paycheck. My taxable income from 2017 to 2018 hasnt changed much. I'm still paying right around 33% tax federal and state combined.
Question, seriously.
This may come off as me being a [censored] but I assure you this is not my intention.
I could care less about the refund. What about how much you actually PAID in taxes? That is the real question.
Remember, most people started getting more in their regular paychecks this year. Therefore, they should expect to see less in their tax returns if everything else stays the same. If they got more money every pay day, they will get less of a refund.
Compare what you paid in last year in Fed Taxes with what you paid in this year. This is how you will know the impact of any tax reform.
I ended up getting around $40 more per biweekly paycheck. My taxable income from 2017 to 2018 hasnt changed much. I'm still paying right around 33% tax federal and state combined.
I made a comment in another thread which i think was edited, my post that is... Based on my H&R Block results my taxes are about the same as last year... only difference is less tax withheld during the year and a much smaller refund. So much for that HUGE! tax break.
Last year's refund was $3200 and this years is $1400
Last year's refund was $3200 and this years is $1400
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Trump's Tax relief only benefitted the rich, not us hard working Americans.
Yeah so this year is about the same, but IIRC the benefits of the tax plan reduce with time... on the surface it looks good getting money in your paycheck. However long-term I think we'll lose.
Originally Posted by anndel
Trump's Tax relief only benefitted the rich, not us hard working Americans.
Well, I'm paying 50% less in federal taxes. And I am perfectly middle class.
Should never count on a tax refund... like the rest said the refund amount doesn't matter, it's how much you ultimately had to pay. Got a huge amount back last year, but what they kept was DOUBLE!!!!! what they're keeping this year.
Trump's Tax relief only benefitted the rich, not us hard working Americans.
Well, I'm paying 50% less in federal taxes. And I am perfectly middle class.
Should never count on a tax refund... like the rest said the refund amount doesn't matter, it's how much you ultimately had to pay. Got a huge amount back last year, but what they kept was DOUBLE!!!!! what they're keeping this year.
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If you are getting refunds of $1000 or more the solution is to redo your W4 and work to get closer to a break even tax situation. Put that money into a tax deferred acccount to drop your income even more.
In deven's case that $80 a month would be going to his accounts to grow instead of to Uncle Sam who holds it for a year and gives it back to you.
In deven's case that $80 a month would be going to his accounts to grow instead of to Uncle Sam who holds it for a year and gives it back to you.
Originally Posted by anndel
Trump's Tax relief only benefitted the rich, not us hard working Americans.
It appears you are not able to deduct your state and local taxes for your federal credit. You and the other gripers are the minority who will pay higher taxes.
Simple you chose to live in an area with higher taxes it is not the Fed's job to bail your state out.
Trump's Tax relief only benefitted the rich, not us hard working Americans.
It appears you are not able to deduct your state and local taxes for your federal credit. You and the other gripers are the minority who will pay higher taxes.
Simple you chose to live in an area with higher taxes it is not the Fed's job to bail your state out.
Originally Posted by anndel
Trump's Tax relief only benefitted the rich, not us hard working Americans.
TDS much? Tell us what qualifies as rich? It all depends on the source. One famous politician said once that those who make $250k a year are millionaires.
Obviously he didn't win the election.
Trump's Tax relief only benefitted the rich, not us hard working Americans.
TDS much? Tell us what qualifies as rich? It all depends on the source. One famous politician said once that those who make $250k a year are millionaires.
Obviously he didn't win the election.
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