mmmmm...beer 691 Posted January 1, 2019 So... with the new tax plan in place for the first year... I was curious on how we'd do. Obviously not having W-2's yet, and doing some really rough ciphering from our last check stubs for the year, our mortgage statement, property taxes, etc.... Looks like... I'll owe something like $373 bucks... Now that could change depending on us counting up all our donations/tithes/etc... but I think it's going at least a ballpark figure. All in all... okay.. I'm about where we want to be. I'm looking for a huge return.. just don't want to be smashed with a $5-10k bill. Share this post Link to post Share on other sites
MDC 5,890 Posted January 1, 2019 We get around $2500 back pretty much every year but $1000 goes right back to the city. I changed jobs this year so it will be interesting to see how it works out. We are right in that sweet spot where we get focked to the tune of 25-27% taxes but dont earn enough to hire someone to get us out of it. I am going to max out my 401(k) contribution this year partly due to how high our taxes are. Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted January 1, 2019 I am going to get focked again this year. Share this post Link to post Share on other sites
Gladiators 1,904 Posted January 1, 2019 I am going to get focked again this year. Share this post Link to post Share on other sites
lickin_starfish 1,480 Posted January 1, 2019 http://cache.lovethispic.com/uploaded_images/243592-When-Someone-Who-Hasn-t-Worked-All-Year...-Tells-You-They-Getting-Back-8-Grand-In-Taxes.jpg Share this post Link to post Share on other sites
Djgb13 2,338 Posted January 1, 2019 You guys do your own taxes? When I was in the military it was real easy to do. Mainly cause I just plugged everything in to turbo tax from W2 and that was it. Nothing extra. Nowadays its a little more complicated. So we are gonna go have someone do it for us. Mainly cause I have a lot of school expenses to claim. Books, uniforms, this online thing called ATI that was focking $400 every dam semester, parking permit, gas to get to school, etc. Saved all my receipts. I just dont know what all I can claim and how much of it I can claim. Plus I didnt work since I had hardly any dam free time (except for the hurricane). Share this post Link to post Share on other sites
Bert 1,091 Posted January 2, 2019 We get around $2500 back pretty much every year but $1000 goes right back to the city. I changed jobs this year so it will be interesting to see how it works out. We are right in that sweet spot where we get focked to the tune of 25-27% taxes but dont earn enough to hire someone to get us out of it. I am going to max out my 401(k) contribution this year partly due to how high our taxes are. I am not being an a$$ but how can you not know roughly where you will be? You are a smart guy and with all the free software out there I don't get it. Share this post Link to post Share on other sites
Bert 1,091 Posted January 2, 2019 I am going to get focked again this year. Same here but it seems less painful if they fock me a little every pay check. I'll end up +/- $500. As a CPA friend once told me, if you don't want to pay high taxes don't make as much money or make all your earnings capital earnings. Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted January 2, 2019 I am not being an a$$ but how can you not know roughly where you will be? You are a smart guy and with all the free software out there I don't get it. I know, for me, that I am in a tough spot. With the new brackets, I could be okay (+- $1000) or I could be focked. New laws means much confusion. If you know where you will be, God loves you. Even in recent years, my wifes withholdings and AMT had me guessing Share this post Link to post Share on other sites
Bert 1,091 Posted January 2, 2019 I know, for me, that I am in a tough spot. With the new brackets, I could be okay (+- $1000) or I could be focked. New laws means much confusion. If you know where you will be, God loves you. Even in recent years, my wifes withholdings and AMT had me guessing I am lucky. In June or July software company's had the brackets updated but the AMT is a biotch. Share this post Link to post Share on other sites
Filthy Fernadez 2,696 Posted January 2, 2019 I am going to get focked again this year. Father O'Reilly visiting again? Share this post Link to post Share on other sites
Drizzay 645 Posted January 2, 2019 We usually get 4-5k back every year. We never had updated our W2s after we got married, so we both still had claimed 0. Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted January 2, 2019 We usually get 4-5k back every year. We never had updated our W2s after we got married, so we both still had claimed 0. I have 2 kids, a house and extensive flatulence. I claim 0 and the wife claims 0 plus $100. I still owe. Share this post Link to post Share on other sites
MDC 5,890 Posted January 2, 2019 I am not being an a$$ but how can you not know roughly where you will be? You are a smart guy and with all the free software out there I don't get it. I have a rough idea sure. I made a little more this year than last so I expect I will get the typical back. Share this post Link to post Share on other sites
Kanil 519 Posted January 2, 2019 Not sure yet. I got a couple really good bonuses this year that will change things. Thankfully, I don't have to do them myself since my wife's uncle is a partner in some big Chicago accounting firm. He has someone do them for us every year. Share this post Link to post Share on other sites
Frozenbeernuts 1,652 Posted January 2, 2019 Isn't the standard deduction 24k for married folks? You would need quite a bit of write off to go over that. I may actually do my own this year because it should be simpler Share this post Link to post Share on other sites
Patriotsfatboy1 1,432 Posted January 2, 2019 Isn't the standard deduction 24k for married folks? You would need quite a bit of write off to go over that. I may actually do my own this year because it should be simpler It should be simpler this year for many people. I have been doing my own taxes for the last 15 years or so. I used someone before that who was a CPA and I knew more about the tax laws than he did. Ever since then, I get Tax Cut software and do it myself after plugging in the numbers. It also allows me to swear without worrying about what other people think. Share this post Link to post Share on other sites
Frozenbeernuts 1,652 Posted January 2, 2019 It should be simpler this year for many people. I have been doing my own taxes for the last 15 years or so. I used someone before that who was a CPA and I knew more about the tax laws than he did. Ever since then, I get Tax Cut software and do it myself after plugging in the numbers. It also allows me to swear without worrying about what other people think. I used Turbo tax a few times. Theast time I used it, which was about 10 years ago, it told me that I would be owing 6k. That didn't make any sense at all. I went through and rechecked everything I entered and couldn't find where the issue was. I eventually took them in and got 5k back. I decided paying the 250 for someone else to make sure they get done right was worth it. Share this post Link to post Share on other sites
mmmmm...beer 691 Posted January 2, 2019 I use HR Block Online... it's pretty easy. Sorta plug and play. We only have 2 W-2 s as our income. We usually beat the 24k Standard deduction... 12k mortgage interest... 5k property taxes... 7.6k health insurance... 2650 HSA... 2 kids... Share this post Link to post Share on other sites
Herbivore 905 Posted January 2, 2019 I have 2 kids, a house and extensive flatulence. I claim 0 and the wife claims 0 plus $100. I still owe. do you get a greenhouse gas penalty? Share this post Link to post Share on other sites
Bert 1,091 Posted January 2, 2019 It should be simpler this year for many people. I have been doing my own taxes for the last 15 years or so. I used someone before that who was a CPA and I knew more about the tax laws than he did. Ever since then, I get Tax Cut software and do it myself after plugging in the numbers. It also allows me to swear without worrying about what other people think. Share this post Link to post Share on other sites
Djgb13 2,338 Posted January 9, 2019 Maybe you guys have heard about this. Guy in my classes (before he dropped out this summer) was saying theres something you can claim on your taxes only 4 times in your life thats related to school where you can get over half of the tuition you paid back on your taxes. Cant remember what it was he said but thought someone here might know. If not, Ill see what the person Im having do my taxes says Share this post Link to post Share on other sites
DonS 3,067 Posted January 9, 2019 Can we self identify as someone in a lower tax bracket? My preferred pronoun is "on welfare". Share this post Link to post Share on other sites
porkbutt 861 Posted January 10, 2019 Can we self identify as someone in a lower tax bracket? My preferred pronoun is "on welfare".anything goes!!!! in bizarro libtard world you can even write off your safe space. but only up to the amount leftover from your therapy pet carryforward. Share this post Link to post Share on other sites
LOD01 188 Posted January 10, 2019 We usually get 4-5k back every year. We never had updated our W2s after we got married, so we both still had claimed 0. What, you hate $? Bad idea. You let the gov't hold 4-5k with zero interest every year. Over the past 8-9 years you have lost 1000s. Had you put it into an S&P starting in Jan. 2009, monthly at say $400/month, the first year you would have had around an additional $1900. Yeah the govt gave you zero. Now taking that $1900 and leaving it in the market AND continuing to add that same $400/mo to it every month, every year, taking out the original $4500 every year, to do what you do with it, you would have accumulated (conservatively) $15000 on that first $1900. Yeah, you lost out on more than $50000. By the way, that's what I did. The usual excuse is 'we would spend it if we had it'. So lame. Not only do they not get my $ ahead of time. I give them $500 every year when I'm good and ready to...in March of the next year. Share this post Link to post Share on other sites
supermike80 1,285 Posted January 10, 2019 What, you hate $? Bad idea. You let the gov't hold 4-5k with zero interest every year. Over the past 8-9 years you have lost 1000s. Had you put it into an S&P starting in Jan. 2009, monthly at say $400/month, the first year you would have had around an additional $1900. Yeah the govt gave you zero. Now taking that $1900 and leaving it in the market AND continuing to add that same $400/mo to it every month, every year, taking out the original $4500 every year, to do what you do with it, you would have accumulated (conservatively) $15000 on that first $1900. Yeah, you lost out on more than $50000. By the way, that's what I did. The usual excuse is 'we would spend it if we had it'. So lame. Not only do they not get my $ ahead of time. I give them $500 every year when I'm good and ready to...in March of the next year. Blah focking blah. If you ONLY put $5 a week away youd be a millionaire!! I'm fairly financially responsible and still claim zero. I know all the arguments. With interest rates at zero forever...meh. If my employer said..we will take your bonus and change it into a salary increase I'd probably still opt for the bonus. That tax refund check is nice. Plus, as lame as this sounds, it is something to look forward to. That has value. Share this post Link to post Share on other sites
LOD01 188 Posted January 10, 2019 That tax refund check is nice. Plus, as lame as this sounds, it is something to look forward to. That has value. Sure if you hate $, fuckin moron. He would still have that $4500 at the same time. Not interest rates tard, investing it. Jesus, you are fuckin stupid. Share this post Link to post Share on other sites
supermike80 1,285 Posted January 10, 2019 Sure if you hate $, fuckin moron. Ok listen up boy. I made a point, without name calling. I know your argument but in this case, whatever. No need to be a bag of d1cks about it. Share this post Link to post Share on other sites
supermike80 1,285 Posted January 10, 2019 Sure if you hate $, fuckin moron. He would still have that $4500 at the same time. Not interest rates tard, investing it. Jesus, you are fuckin stupid. G0ddamn it. I replied before you doubled down on the name calling. Did someone financially rape you back in the day? Holy dow Jones batman Share this post Link to post Share on other sites
supermike80 1,285 Posted January 10, 2019 Sure if you hate $, fuckin moron. He would still have that $4500 at the same time. Not interest rates tard, investing it. Jesus, you are fuckin stupid. Totally right though...had that guy bought bitcoin...man hed be RICH right now!!! Share this post Link to post Share on other sites
LOD01 188 Posted January 10, 2019 Ok listen up boy. I made a point, without name calling. I know your argument but in this case, whatever. No need to be a bag of d1cks about it. it's not just an argument. It's common sense money management. Anyone getting any $ back at the end of the year is simply a moron. It cannot be argued. ideal is zero but if you are capable of managing your $, you pay them in March of the next year. Share this post Link to post Share on other sites
LOD01 188 Posted January 10, 2019 Totally right though...had that guy bought bitcoin...man hed be RICH right now!!! Now you are taking stupid to retard levels. Share this post Link to post Share on other sites
supermike80 1,285 Posted January 10, 2019 it's not just an argument. It's common sense money management. Anyone getting any $ back at the end of the year is simply a moron. It cannot be argued. ideal is zero but if you are capable of managing your $, you pay them in March of the next year.I know this. Unfortunately I dont always make perfect financial decisions. I mean jesus, I finance my car!! And I have a traditional mortgage!!! If I only paid $100 a month more toward the principal just THINK about how much id save. The math is outrageous@!! Share this post Link to post Share on other sites
supermike80 1,285 Posted January 10, 2019 Now you are taking stupid to retard levels.you're right. People always make good investment decisions Share this post Link to post Share on other sites
shorepatrol 1,737 Posted January 10, 2019 I usually owe around 2500, I should break about even this year Share this post Link to post Share on other sites
Baker Boy 1,484 Posted January 10, 2019 Here are the states with the highest tax rates for single filers. 1. California Tax bracket: $1 million or more Top tax rate: 13 percent 2. Hawaii Tax bracket: $200,000 or more Top tax rate: 11 percent 3. Oregon Tax bracket: $125,000 or more Top tax rate: 10 percent 4. Minnesota Tax bracket: $160,020 or more Top tax rate: 10 percent 5. Washington, D.C. Tax bracket: $1 million or more Top tax rate: 9 percent 6. Iowa Tax bracket: $71,910 or more Top tax rate: 9 percent 7. New Jersey Tax bracket: $500,000 or more Top tax rate: 9 percent 8. New York Tax bracket: 1,077.550 or more Top tax rate: 9 percent 9. Vermont Tax bracket: $416,650 or more Top tax rate: 9 percent 10. Wisconsin Tax bracket: $247,350 or more Top tax rate: 8 percent https://www.foxbusiness.com/personal-finance/states-where-high-earners-face-the-highest-taxes Share this post Link to post Share on other sites
Fireballer 2,380 Posted February 3, 2019 Any do their returns yet and benefit from new tax rules? Im probably average..3 kids, filing married, 15k in mortgage interest, 3 cars, 1k charity, etc. We usually get some back, not alot though. Share this post Link to post Share on other sites
edjr 5,562 Posted February 4, 2019 Other than you know, not paying rent, there is no more tax advantage to having a mortgage Share this post Link to post Share on other sites
DonS 3,067 Posted February 4, 2019 Other than you know, not paying rent, there is no more tax advantage to having a mortgage Perhaps for the unwashed masses, but us at the GC pay off our mansions up front in cash. Share this post Link to post Share on other sites
supermike80 1,285 Posted February 4, 2019 Other than you know, not paying rent, there is no more tax advantage to having a mortgage Yup...Taxes were super simple this year...The standard deduction far exceeded itemizing. Got about the same back this year as in previous years as well. So that all worked out. Share this post Link to post Share on other sites
