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Taxes, taxes, taxes and LESS TAXES... wait, what?!?!?
- Thread starter SheepDog4Life
- Start date
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Ha. Many would think that, but there's a lot of old money down there. My dad's place is 130 acres of pine forest, with a nice house and 12 acre pond full of bass and bluegill. It's worth more than a million to me, and where I do most of my shooting. Bunch of oil wells near him also, though they havn't drilled on his place yet.
.
And yet somehow, the progressive lie machine has convince many to believe otherwise.
The withholding table changes put some of this tax cut in every paycheck... but still got a big fat refund, so it appears that the Repub's didn't overplay the withholding angle... at least in my situation.
Consider yourself the exception.
For most of my tax-paying clients the refund has been lower. Of course, I've been very clear in explaining why and showing how they paid less in taxes this year.
Also, perhaps I've been fortunate. When W's tax cuts went into effect, all my kids were young and qualified for the child tax credit, so it drastically cut my taxes.
Trump's big bump in the standard deduction really helped me this time whereas back in the day when I had a huge mortgage payment and itemized, the standard deduction increase in exchange for dependent exemptions wouldn't have been so great... especially if you have a "lot" of kids.
/r/supiciousquotes?
For the few clients with lots kids (i.e. 1st gen immigrants), they were all doing just fine.
/r/supiciousquotes?
For the few clients with lots kids (i.e. 1st gen immigrants), they were all doing just fine.
Good to know and glad to hear that... it looked to me like the trade-offs would not have been beneficial to me back in the day when I itemized heavily and relied upon the numerous exemptions from all the kids being at home. I do know that NOW, with the increased standard deduction and most of the kids out of the house, I benefited substantially from Trump's tax cut.
And, to be clear, it looked like trading away exemptions for a bigger standard deduction would be a loser if you have BOTH numerous dependents AND itemize, since the higher std deduction also "eats away" at your itemized deductions... a double whammy.
For example, a hypothetical family of 6:
2017: Married std deduction = 12,700, each exemption was 4,050... say your Schedule A was 19,000
total not subject to taxes = 19,000 + (4x4,050) = $35,300
2018: Married std deduction = $24,000 - you cannot itemize and there are no exemptions
result would be $11,300 subject to some tax 2018 that wasn't taxed before in 2017. Not sure the brackets and rates changed enough to make up for this.
2017: Married std deduction = 12,700, each exemption was 4,050... say your Schedule A was 19,000
total not subject to taxes = 19,000 + (4x4,050) = $35,300
2018: Married std deduction = $24,000 - you cannot itemize and there are no exemptions
result would be $11,300 subject to some tax 2018 that wasn't taxed before in 2017. Not sure the brackets and rates changed enough to make up for this.
In my case, it did. With room to spare. My taxable income went up by ~ $12k or so and my actual tax went down $1700 (not refund, actual liability).
We were previously in 15% bracket, now the 12% bracket covers all our income.
We have a 15yr- mortgage at low rate, so not much mortgage deduction to help.
The one part I like about the really high standard deduction is that is makes irrelevant some of the government's picking winner and losers with respect to what is or isn't deductible.
Now, if only they'd do the same with so-called "refundable credits."
People like my former sister in law who have six kids and low income should NOT be able to get $12k in "refundable credits" on taxes they never paid and never even owed.
Glad to hear the brackets/rates "covered the spread!
Ummm... and I think it's even higher since the EIC can bump that refund by up to an ADDITIONAL $6,557... so a possible $18,557 refund on no income taxes paid.
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Just got my property tax notification. Looks like it went up by about $218.00 per year ($109 each for spring and fall). Not too horrible.
I would absolutely LOVE it if everyone could get together and decide that property taxes are immoral.
Do we really own anything if we have to pay the government to rent it?
People will say, "but how will we fund the schools? Won't someone think of the children?"
We're going to pay for it one way or another, whether it's income tax, sales tax, or property tax. I'm fine with moving it to the income and/or sales tax.
Do we really own anything if we have to pay the government to rent it?
People will say, "but how will we fund the schools? Won't someone think of the children?"
We're going to pay for it one way or another, whether it's income tax, sales tax, or property tax. I'm fine with moving it to the income and/or sales tax.
Agreed. The problem is the .govs are always looking for more ways to tax us. When do they ever look to get rid of one?
Pretty sure my accountant messed something up. My personal taxes show we owe over 10k, even though we didn't have much if any increase in money this year.
My biz shows I owe nothing. Even across the board. Even though I sold a house and made decent change on it.
Meeting today at 4 to see what gives. Hate to do an extension but something doesn't seem right here.
My biz shows I owe nothing. Even across the board. Even though I sold a house and made decent change on it.
Meeting today at 4 to see what gives. Hate to do an extension but something doesn't seem right here.
It's confirmed. What I overpaid in 2018 on my quarterly estimates will take care of the first quarter and part of the second quarter for state and federal. We are lowering our quarterly payments going forward a bit, but because we we are no longer funding oldest child's college education and he is on his own as of May, not by as much as we first thought. Second child may be transferring to a school that would allow for the college expense tax credit, so we may adjust down a bit if that happens.
It never ends.
As for property taxes, they'll get you one way or the other. I'll just keep fighting increases. Never vote to raise your own taxes.
It never ends.
As for property taxes, they'll get you one way or the other. I'll just keep fighting increases. Never vote to raise your own taxes.
That's a big part of it.
