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So, was your tax liability higher or lower this year?

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So, was your tax liability higher or lower this year?

 
Old 02-11-2019, 03:55 PM
  #121  
RandomTask
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My returns are still at a preliminary state, but appears our tax liability is about the same. We donít have an apples to apples comparison due to a bunch of life factors, (Having a kid, day care deduction, installed a geothermal system, pay increases, wife activated, etc).

Last edited by RandomTask; 02-11-2019 at 03:55 PM.
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Old 02-11-2019, 04:10 PM
  #122  
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Ours arenít done yet but itís not looking good. With the 10K limit between property tax and state tax we get screwed. I hit that with mine. Now the 9K my wife paid in doesnít count 😡
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Old 02-11-2019, 04:13 PM
  #123  
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Well, 70k gross, mortgage payments on a 45k home, no dependents, and nothing I do has ever been deductible. So it's safe to say my standard deduction getting doubled will save me money on all those gov services I don't use, need, or want.
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Old 02-11-2019, 04:17 PM
  #124  
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You gross 70k and you owe money on a 45k house?
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Old 02-11-2019, 04:24 PM
  #125  
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Time to join the taxpayers union: link here
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Old 02-11-2019, 04:31 PM
  #126  
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Originally Posted by Red99SS View Post
You gross 70k and you owe money on a 45k house?
For the time being, yes.
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Old 02-11-2019, 04:31 PM
  #127  
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Originally Posted by pdiddy972 View Post
In what way are the bolded statements in any way contradictory with wanting rich/high-income people to pay more in taxes?
You did not answer my question. What is rich or higher earning?

Next question, who gets to decide?

I'm sure that some Walmart greeter would think that I am rich, but to those who run the tech companies in my area they would probably consider my *** poor as dirt. Which one is right?

The medium home price in my town is $2,792,254. Does that mean everyone here in town is rich? How about the fact that Commyfornia considers people in my area making 100K per year are at the poverty level? Are they really poor?
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Old 02-11-2019, 05:52 PM
  #128  
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Looks like looking at some fast #s, I will end up paying less in tax for 2018 but will have to pay in(most likely) due to not adjusting during the year for the SALT reduction. That is my error, my CPA will give me the final impact in a few weeks.....
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Old 02-11-2019, 06:31 PM
  #129  
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Originally Posted by PeterK View Post
Is it? They are all middle class and that $10K SALT cap really hurts them. I think the only people who benefited from trump's tax is the wealthy citizens of TX and FL.
the wAmbulance is on its way

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Old 02-11-2019, 06:43 PM
  #130  
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Originally Posted by woodman300 View Post
if you are paying ten thousand in property tax, you wither live in a huge house or you live in a fucked up state that charges too much.
Itís the combined total of property tax and State income tax. We are getting screwed as well. Our property tax is almost 7k on an 8000 SQFT LOT. So combined with the State tax I pay we meet the limit. My wife paid in 14k for State tax. So we are middle class and paying more this year. This definitely didnít do what I thought it was supposed to do.

Last edited by saleen556; 02-11-2019 at 11:00 PM.
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Old 02-11-2019, 07:12 PM
  #131  
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Originally Posted by centuryoldracer View Post
It is sad that people would rather have the government keep their money all year instead of having it for themselves isn't it?
yes fools are born every minute. why would you want to get thousands of $ back or even hundreds? why give them your money tax-free for a year? wife and I have to pay taxes at our age 79&77. We pay capital gains and on our SS. And we expect to write a check to the IRS this year also.
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Old 02-11-2019, 07:24 PM
  #132  
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Originally Posted by pdiddy972 View Post
All things being equal they'd have been correct. IOW if they made the same amount and withholding was the same, a lower refund (or owing more) *would* be a negative indicator of how the tax cuts went. Why would anyone assume withholding changed? It's not common knowledge, I don't think.



Welcome to Texas, where our county's property and school taxes are about 2.27% of your home's value.
The 2.27% isn't that bad. When I lived in San Antonio, but combined RE tax was at as near 3% as making no difference
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Old 02-11-2019, 07:35 PM
  #133  
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Originally Posted by PeterK View Post
Inquiring mind wants to know. My taxes were completely screwed up by an unexpected sale of a company which required many hours of tax attorneys to resolve, so there is no way I can compare my taxes this year vs. other years. However, the hearsay around me is that people are about $2-10K in the hole because of the loss of deductions on taxes/mortgage/etc, I mean, my state tax is higher than the entire SALT deduction.
So, they forced you to liquidate your 401k? That is up to you, not them
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Old 02-11-2019, 08:28 PM
  #134  
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Originally Posted by ZumZum View Post
At that rate, you'd have to have a $450,000 home to break the $10,000 threshold. None of the Joe Averages' I know have homes worth that.
don't forget to add in the state income tax.....I blew past the 10k with that and my real estate tax(thanks Nova Liberals).....it is what it is...but in the end I paid less in taxes and forgot to adjust....
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Old 02-11-2019, 08:29 PM
  #135  
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Originally Posted by Axelrod View Post
So, they forced you to liquidate your 401k? That is up to you, not them
Don't try to explain it to him he wouldn't understand anyway. If you have another 401k account as long as you transfer this account it directly to that other account directly as long as you don't move it from your hands to the other account you don't pay any taxes on it until you retire. sounds like you worked for a jack leg co. Otherwise you have a hell of a personal problem..
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Old 02-11-2019, 08:38 PM
  #136  
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So a family with 4 kids that earns over $100k a year shouldn't pay any taxes? That is how it is now with the new law. If the parents are not married then they can even make more income and not pay crap and if they make less they will get everything they paid back plus money they didn't pay to begin with.

My tax liability dropped about $300 which buys me a lunch per paycheck, of course that is before the $300 is taxed. The only benefit of the tax act for me is that I don't need help filing my taxes now since I'm not itemizing. More people will probably eliminate their donations also since they can't itemize.

We need to go to a flat tax where everyone pays a certain percentage of ALL their income. That would save the govt money since that would eliminate the IRS. No reason to file taxes also so we might as well eliminate all the tax preparing businesses.
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Old 02-11-2019, 09:14 PM
  #137  
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Originally Posted by phileaglesfan View Post
So a family with 4 kids that earns over $100k a year shouldn't pay any taxes? That is how it is now with the new law. If the parents are not married then they can even make more income and not pay crap and if they make less they will get everything they paid back plus money they didn't pay to begin with.

My tax liability dropped about $300 which buys me a lunch per paycheck, of course that is before the $300 is taxed. The only benefit of the tax act for me is that I don't need help filing my taxes now since I'm not itemizing. More people will probably eliminate their donations also since they can't itemize.

We need to go to a flat tax where everyone pays a certain percentage of ALL their income. That would save the govt money since that would eliminate the IRS. No reason to file taxes also so we might as well eliminate all the tax preparing businesses.
I agree just have a national sales tax, and get rid of the whole mess. Just the time savings alone of not having to save every receipt, and prepare everything would be huge.
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Old 02-11-2019, 09:46 PM
  #138  
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Originally Posted by Ruz View Post
You would have to be complete ******* moron to not have known that Federal Withholding amounts changed last year. Jesus, there were stories all over the place with links to calculators to make sure you were still having enough withheld on a per-check basis to cover your yearly liability.

Anybody who didn't expect their refund (if they normally got one) to be smaller this year is an ******* (assuming they didn't make changes to their per-check withholding).
Isn't ******* a bit strong? Yes I didn't adjust and realized the fed adjsuted the withholding to less and with the $10,000 cap on SALT I had to pay $2800 more after doing taxes. No big deal I make plenty enough money. Bottom line though is these tax cuts were not all they were made out to be for the middle and upper middle class. Lesson learned. I've adjusted for 2019 but I'm ending up paying the same or more taxes I did in 2017
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Old 02-11-2019, 10:40 PM
  #139  
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My taxes went WAY down thanks to the Trump Tax Cuts. The left-wing media is all out talking about everyone getting smaller refunds, but conveniently forgets to mention that it's because their employers are withholding less. The vast majority of people are paying lower taxes this year!
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Old 02-11-2019, 10:49 PM
  #140  
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Originally Posted by xwing View Post
My taxes went WAY down thanks to the Trump Tax Cuts. The left-wing media is all out talking about everyone getting smaller refunds, but conveniently forgets to mention that it's because their employers are withholding less. The vast majority of people are paying lower taxes this year!
This isnít true. I got an extra $100 a month take home pay. However with the SALT deduction we get to pay on an extra 14k this year just because of the 10k limit. So yes itís not all it was supposed to be. Many others I work with are in the same position. So itís not really about the little take home pay. Itís the other tax benefits they eliminated for the working class.

Last edited by saleen556; 02-11-2019 at 10:59 PM.
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