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How are your taxes this year (1 Viewer)

How are your taxes this year


  • Total voters
    91

jamny

Footballguy
Our total tax % went from 27% last year to 19% this year.

Last year we paid about $2500, this year was about $500. Not having to pay the AMT was big and we went with the standard deduction.

State tax remained the same.

:thumbup:

 
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Glass Joe

Footballguy
We went from paying about a grand last year to paying 5,000 this year.

But hey - we helped put lots of money in wealthy business owners pockets! Corporate giveaways are not welfare...

 

GoBirds

Footballguy
Massive refund but some moving parts yesor over year, just looking at tax law changes our liability was reduced about 24%. 

 
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Ned

Footballguy
Our earnings were essentially flat YOY.  I had previously optimized our withholding to come out even at tax time. 

2017 owed $52.

2018 owed $1000.

Only difference I can tell is the withholding calcs are different and I didn't catch it.  When I saw our paychecks take a small bump in take-home I chalked it up to the tax cuts.  Looking back I was lazy and should've checked the withholding rates.  :kicksrock:  

 

Juxtatarot

Infidel
I paid a little less in taxes  as a percentage of income. I had to pay a little at tax time instead of getting my usual small refund.  The two aren’t necessarily related.

 

supermike80

Footballguy
Bout the same this year as last.  I took advantage of the multiple articles discussing the need to make sure your withholdings were in line close to when the tax cuts went into effect.

 
I did our taxes last night and was convinced I did something wrong. I triple-checked to make sure I didn't screw anything up.

Our effective tax rate per TurboTax dropped from 26.02% in 2017 to 23.4% in 2018. We took the standard deduction since we couldn't itemize enough to get above it. I was worried that the withholding tables would leave us owing money but we got a pretty big refund - just in time for Vegas this weekend!

 

BroadwayG

Footballguy
Better, not a whole lot going on with my taxes. I had a much lower effective rate solely due to the child credit going from 1k to 2k per. The higher standard deduction was pretty much a wash against the family member exemptions.

 

Hawkeye21

Footballguy
Last year I got a refund over $6,000 and based on my earnings last year I was projected to get a refund of over $8,000.  My refund was not only less than the projection but it was also less than what I got back last year.  I got back over $4,000 and already spent most of it on some bills.  The refund was for federal taxes, I always end up paying in for state and I had to pay more this year.

 

Opie

Footballguy
I got about the same back from the Feds...payed a lower percentage...

then... had to turn around and give it to my state....as usual.

 
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huthut

Footballguy
Ended up owing 12k, assuming it is mostly due to SALT deduction changes but who knows, typically we either receive or owe <$2000.

 
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The Z Machine

Footballguy
Went from ~$3k refund to $2.6k owed.  Still could itemize, but just barely better than standard deduction.  SALT change hurt, as did withholding tables.  Taxable income jumped a considerable amount from last year even if AGI grew only half as fast.

Overall, we're not hurting financially, and I guess I'll just get used to the new normal for tax time.

Did they make further tweaks to the withholding tables for 2019?

 

The Football Freak

Footballguy
We were careful to adjust our holdings, but we still owed a couple thousand more on federal tax than years past. Our state tax was a small refund.

Our usually calm and pleasant tax guy was shockingly angry. It was surprising to hear him rant over the phone, and he told me that all of his clients took a tax hit this year.

 

Godsbrother

Footballguy
I did not check the actual tax rate as a percentage but we owe $4,000 this year vs about $350 last year.     We've updated our withholdings this year to hopefully compensate.  I haven't figured local or state but they are usually within $1 of the what was withheld.   I'll be completing everything and filing this weekend.    I hate this time of year.

 

supermike80

Footballguy
Just read the IRS is coming out with a new W-4 that is supposed to be pretty complicated but is an attempt to help align with the new tax rules.

 

steeler6

Footballguy
Made more than last year but payed less in taxes. Got back a smaller refund. Evened out in the end give or take a couple hundred. 

 

The Z Machine

Footballguy
:lmao: . Poll results here almost seem political.   :lol:
The people that got hit the hardest by the SALT change live in high tax states.  By and large, high tax states are considerably more "blue" than low tax states.  Thus, there's likely a correlation, but I think it's unlikely people are lying.

One could speculate that this SALT change was created specifically to hurt "blue" state residents, and that it WAS politically motivated.

 

dkp993

Footballguy
The people that got hit the hardest by the SALT change live in high tax states.  By and large, high tax states are considerably more "blue" than low tax states.  Thus, there's likely a correlation, but I think it's unlikely people are lying.

One could speculate that this SALT change was created specifically to hurt "blue" state residents, and that it WAS politically motivated.
Just my opinion but I think there is no need to speculate here, it’s pretty clear.  Especially when you factor in that in the almost final version of the change SALT was eliminated.  After a fair amount of last minute dealings the 10k limit got squeezed in.  

 

Don't Noonan

Footballguy
Well we either have a lot of people responding in high state income tax states or we have quite a few people not being honest.  2/3 of Americans did not see their taxes go up.

 

BroadwayG

Footballguy
Well we either have a lot of people responding in high state income tax states or we have quite a few people not being honest.  2/3 of Americans did not see their taxes go up.
The poll options were based on refunds/owed. Results are pretty in line with what I'd expect from the drop in withholding.

 
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The Football Freak

Footballguy
The people that got hit the hardest by the SALT change live in high tax states.  By and large, high tax states are considerably more "blue" than low tax states.  Thus, there's likely a correlation, but I think it's unlikely people are lying.

One could speculate that this SALT change was created specifically to hurt "blue" state residents, and that it WAS politically motivated.
It may be anecdotal, but this is what I’m noticing, too. I’m curious to read some articles on this once tax season is over, and we have more data.

 

GoBirds

Footballguy
Well we either have a lot of people responding in high state income tax states or we have quite a few people not being honest.  2/3 of Americans did not see their taxes go up.
I would say it’s a combination of that as well as aliases being allowed so you have people voting multiple times under different names. 

 

Hawkeye21

Footballguy
Well we either have a lot of people responding in high state income tax states or we have quite a few people not being honest.  2/3 of Americans did not see their taxes go up.
I'm in Iowa.  I got less of a refund for federal and paid more in state.  I probably made about $2,000 more than last year.  Other than that, nothing changed for my wife and I other than the tax system.  I asked my cousin who also works with me and the same thing happened to him.  That seemed to be the common theme for people I talked to around here.  Has zero to do with any political affiliation.

 

The Football Freak

Footballguy
I would say it’s a combination of that as well as aliases being allowed so you have people voting multiple times under different names. 
Maybe you should wait for some tax season data before you call other posters liars? I can’t vouch for anyone else, but I can tell you I am not lying, and I don’t appreciate you saying I am. 

 

Amused to Death

Footballguy
I had about a +500 over the year in reduced fed withholding, but about a -4000 swing in refund/owed. Our company CFO is a big Trump guy, but even he warned us to up our withholding or suffer at tax time.  I should have listened.

 

supermike80

Footballguy
I had about a +500 over the year in reduced fed withholding, but about a -4000 swing in refund/owed. Our company CFO is a big Trump guy, but even he warned us to up our withholding or suffer at tax time.  I should have listened.
You know what... I sincerely appreciate you saying this.   There were literally dozens of articles in multiple news sources that told people about mid year to take a look and make sure your withholdings calculated out in a manner that did not lead to a big bill come April 15th.   I took that advice..They even provided links to calculators to estimate how you would fare based on your current withholdings.   Many didn't seem to want to make that effort and got pounded come tax time.   This bugs me because for all the lunacy Trump causes daily, my moron brother didn't heed this advice and got smacked with a big bill at tax time..even though his overall tax was lower.   And know what he did?   He blamed Trump.

 

Amused to Death

Footballguy
You know what... I sincerely appreciate you saying this.   There were literally dozens of articles in multiple news sources that told people about mid year to take a look and make sure your withholdings calculated out in a manner that did not lead to a big bill come April 15th.   I took that advice..They even provided links to calculators to estimate how you would fare based on your current withholdings.   Many didn't seem to want to make that effort and got pounded come tax time.   This bugs me because for all the lunacy Trump causes daily, my moron brother didn't heed this advice and got smacked with a big bill at tax time..even though his overall tax was lower.   And know what he did?   He blamed Trump.
Whether or not I increased my fed withholding, I still paid +4k more in taxes.

 

GoBirds

Footballguy
Maybe you should wait for some tax season data before you call other posters liars? I can’t vouch for anyone else, but I can tell you I am not lying, and I don’t appreciate you saying I am. 
Where did anyone say you are a liar? I posted my honest opinion, why did that need to be censored? 

 

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