Taxes filed and I now have a verdict on the tax breaks for 2018. Our federal refund was slightly smaller than 17s, about $600. According to my tax person it was due to the withholding schedule used by my wife's employer. Overall we kept about $100 a month more from the new tax rates. $150 increase per month take home minus $50 per month to cover the $600 reduction in refund. $1200 a year more we got to keep. First year in a very long time we couldn't beat the standard deduction by itemizing.
Conservative Politics & Daily Events Discussion
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Taxes filed and I now have a verdict on the tax breaks for 2018. Our federal refund was slightly smaller than 17s, about $600. According to my tax person it was due to the withholding schedule used by my wife's employer. Overall we kept about $100 a month more from the new tax rates. $150 increase per month take home minus $50 per month to cover the $600 reduction in refund. $1200 a year more we got to keep. First year in a very long time we couldn't beat the standard deduction by itemizing.
no refund here, in fact we owe almost twice what we did last year, but it is due to an increase in taxable income and not the new tax schedule. also like you it was the first time in over 25 years where the standard deduction was more than what we could itemize
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Last year I paid $3, This year I gt a good bit back. I have been retired since 05 same fixed income. Go figure.
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My total tax break, after considering all was around $1500 to $2000 more kept in my household for the year.
I know someone that is complaining because they owe an extra $1200 at tax time as compared to the 2017 year. However, they had a bit over $50 more on take home pay every week for the entire year, including vacation time (54 weeks pay total for the year, 2 weeks extra for the vacation bonus). They grossed identical wages both years. At 54 weeks and just the $50 extra per pay means $2700 more take home pay, minus the $1200 more owed would equal a $1300 tax break. All they have done is complain about the govt and the tax break that cost them "nearly $1500 more" (their words not mine)... and they are vocal about it. -
BTW the extra take home we got went straight into the savings account just incase we needed to pay. Now I get to spend it on mods or adult beverages. Winning
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Taxes filed and I now have a verdict on the tax breaks for 2018. Our federal refund was slightly smaller than 17s, about $600. According to my tax person it was due to the withholding schedule used by my wife's employer. Overall we kept about $100 a month more from the new tax rates. $150 increase per month take home minus $50 per month to cover the $600 reduction in refund. $1200 a year more we got to keep. First year in a very long time we couldn't beat the standard deduction by itemizing.
Us too! The standard deduction was quite generous and for the first time in I can’t remember When I am actually getting a refund from the state and feds. Amazing. Thank you Donald much appreciated !
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I'm happy for all you guys that are getting a return. As I stated, we payed less tax this year, which is always welcome. Rather than getting our average $2500-3000 return, we owe $250.
Most people I talk to are still getting a return, but it is $100- 350 less than last year. My wife ran the numbers again, same outcome. She looked at last year's taxes withheld vs. Previous years and found they withheld "way less" (her words) last year than previous years. We are hoping accounting screwed up her W-2, otherwise they screwed up the whole thing which will suck to get straightened out.
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What matters is your total tax bill. what you get back if you prepaid too much or what you owe if you didnt prepay enough is not a fair way to assess the changes in tax law. Also comparing this year to last is only reasonable if the taxable income is the same both years.
my wife and I owe much more this year than last, but due to certain one time events our taxable income is also much higher and our withholding to prepay the taxes was also much lower - - a double whammy so to speak
in the end owing more because we made more is hard to complain about - we still are net ahead
also I believe getting a refund is not a good thing - all getting a refund means is that instead of having my money working for me during the year I was letting the government have an interest free loan of my money - - why would I want to do that?
as a side note what really sucks are California's State tax - - they really like to bend us over,
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as a side note what really sucks are California's State tax - - they really like to bend us over,
I look at it this way; if we stay nothing changes however no matter where we go outside of Manhattan, should we decide to move, we will always pay Less. We do have a heck of a weather tax here. However being in this neck of the woods we get a chance at virtually 11 months of good riding. Planning a five-day 1700 miler as we speak 😎
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as a side note what really sucks are California's State tax - - they really like to bend us over,
I look at it this way; if we stay nothing changes however no matter where we go outside of Manhattan, should we decide to move, we will always pay Less. We do have a heck of a weather tax here. However being in this neck of the woods we get a chance at virtually 11 months of good riding. Planning a five-day 1700 miler as we speak 😎
“Weather Tax” - don’t give em any ideas
but that’s the best spin I’ve seen in a while - that’s funny -
Did the math and despite the higher income the percent we will pay in federal tax for 2018 is just a bit lower than 2017 so that’s a good thing
Sent from my iPhone using Polaris Slingshot Info
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“Weather Tax” - don’t give em any ideas
but that’s the best spin I’ve seen in a while - that’s funny Hah, Idea is already taken. New Jersey is working hard to compete and we don't have 11 months of good riding weather. Just to note, Jersey does have pollution issues that need to be addressed but come on. Taxes are ridicules and keep getting higher.
https://www.nj.com/news/2019/0…s-and-stop-pollution.html
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I get to ride 12 months a year. I live in one of the very few places in the country where I can actually get away with using my Slingshot as a daily driver - - I love it.
I love to complain about California's high income tax, but I also have to admit I love our very low property taxes in the end I am not planning on moving - - despite all thats wrong with California I still can't think of any other state I would rather live in
and as a side note at lease California isnt one of those dumb States that will tax my social security
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Hah, Idea is already taken. New Jersey is working hard to compete and we don't have 11 months of good riding weather. Just to note, Jersey does have pollution issues that need to be addressed but come on. Taxes are ridicules and keep getting higher.
https://www.nj.com/news/2019/0…s-and-stop-pollution.html
From what I hear New Jersey want to tax the rain that falls on property because it runs off into the streams and the Ocean. Get ready here comes the air tax..... Oh wait we already have that!
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All I can say is "wow"! I can not believe anyone actually thinks this would be a good idea - - - except of course 16 year olds
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All I can say is "wow"! I can not believe anyone actually thinks this would be a good idea - - - except of course 16 year olds
126 Yes votes? WTF. That should have only gotten one. The one from the person that proposed it.
