As you complete your tax returns this year, post here how much your federal income taxes changed given the Trump tax cut that took effect for individuals in 2018.
I’m guessing, though, that most of you won’t be rushing to complete them given the joy most have in delaying the gratification of completing them. In the meantime, enjoy this preview of what you moght experience when you’ve tallied all of the numbers.
https://youtu.be/aD5aK9Npvf8
I'm getting back $300 more than I did the year before....so yes.....also who needs tax cuts when gas is $1.81 a gallon....
i believe i'll get killed by the capping of state and local taxes deductions but honestly not sure yet. my tax rate dropped so we'll see
Getting back $300 less this year but paid $1900 less over the year on a bit more income.
So the backbone of the American workforce is saving less than a penny per day on tax, while the elite are saving more on tax in a year than most people earn in actual wages during a whole lifetime?
https://media3.giphy.com/media/3o7H5...71784a63de2a00
Quote:
Originally Posted by Lord of the Fraud
OK, that math is terrible but I am drinking some rather cheap rum tonight.
I don't care about billionaires and what they have and dont have as long as they keep the bread and circus coming....I just want the cool, adventurous billionaires to stop letting the annoying self righteous over zealous billionaires play god....
I believe the people claiming to be paying higher taxes this year fall into one of the following categories:
1) Made more money this year than last and don't realize there's still a progressive tax system in place
2) Live in a state where the lack of deduction of state taxes is a killer (such as California)
3) Are in some atypical tax situation
I do believe that these tax cuts helped the average blue collar worker, though obviously it varies by state.
These "OMG my taxes are higher" videos are a selection of an angry minority, and therefore it's kind of stupid to be pushing this as the norm.
almost all of my clients are in California, and most of the client tax projections I did for 2018 taxes forecast paying lower taxes. The ones that projected paying higher taxes were those that had miscellaneous itemized deductions (the type found at the bottom of Schedule A) -- those were eliminated for 2018.
Because the withholdings were also lowered in early 2018, many people will be disappointed with their refund, particularly wage-earners. They've been told their taxes are reduced but they expect the tax cut will result in a refund. But they don't realize they already received their tax cut by having more net cash in their paychecks during the year--the payroll withholding amounts were reduced in February 2018 by the Treasury/IRS.
Most of my clients were self-employed/investor/retired that needed to make estimated payments during the year. I would always bump up the estimates to 100% or 110% of the forecast tax so that the clients would have overpayments and get refunds. Almost all clients were happier that way--they hate to wind up owing. Really, many of my clients could have paid estimates as low as 90% of forecast without incurring any penalty (thus being within the "safe harbor") but that would result in their owing. Not logical, because in the end the same tax is paid whether or not the estimates are lower during the year, and lower estimates amount to an interest free loan...but people/clients are emotional rather than logical. Of course, the IRS liked it too-- they noted 85% of tax returns prepared by me had overpayments or minimal tax liability, thus indicating I "worked closely with the taxpayers".
I won't be around to find out if my clients actual returns come in close to the projections. I figured with the tax changes being more significant than any I've seen in decades it was a good time to get out, so I've retired from the business this year.
And now I'll have more time to haunt this forum, (I do enjoy sharpshooting Druff especially).
I qualified for a decent refund, I'm using it to open a clean needle stand in my neighborhood to make it a better place
Wife and I are getting back almost triple what we got last year with same income and basic standard deduction plus school loan interest which is a separate creditQuote:
Originally Posted by MumblesBadly
The question isn’t how big your *returned* amount was, but *total* tax change.Quote:
Originally Posted by ftpjesusWife and I are getting back almost triple what we got last year with same income and basic standard deduction plus school loan interest which is a separate creditQuote:
Originally Posted by MumblesBadly
Quote:
Originally Posted by GambleBotsSatire
I haven't seen the actual return yet, but I believe as a % of income, I paid less. I have a pretty unique tax situation though, so YMMV. I withheld a lot less and thought I was going to have about a 10k bill, but only owe about 1900. State refund is like 1700 so net liability of 200 over withholding is pretty good IMO.
As a self-employed businessman, Trump helped me, a lot. The state of California fucks me in the ass however.
$24k standard deduction for married couple + Qualified Business Income Deduction reduced our taxes by a good chunk, $5-6k+ off of basically the same income as '17.
Orange Man Good!
Pretty much my identical situationQuote:
Originally Posted by Jayjami
My taxes went down, but I paid more locality and state tax this year because of the removal of the deduction. Overall a small gain.Quote:
Originally Posted by Dan DruffPretty much my identical situationQuote:
Originally Posted by Jayjami
Has overall tax revenue gone up or down? I think that was the idea that people would make more money, so they would pay a lower % but higher overall $$$, in order to reduce the defecits, right? I
Bottom line is no left wing jackoff is ever going to be happy unless someone is handing them a check. It's about Taking with the Demoncrats, always has always will.