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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 02-10-2019, 02:24 PM
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PeterK
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Default So, was your tax liability higher or lower this year?

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.

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Old 02-10-2019, 02:27 PM
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Originally Posted by PeterK View Post
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, .
You mean Trump made them pay their fair share?
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Old 02-10-2019, 02:29 PM
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Originally Posted by Red99SS View Post
You mean Trump made them pay their fair share?
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.
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Old 02-10-2019, 02:32 PM
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I'm seeing a few articles about angry middle class Trump supporters who, for example, got a modest $1200 tax return last year, earned the same money this year, and owed $3000. I'm certainly curious..... haven't done my taxes yet.

On the Yahoo crawl: https://www.yahoo.com/huffpost/avera...054836423.html

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Old 02-10-2019, 02:35 PM
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Originally Posted by Dr Bee View Post
I'm seeing a few articles about angry middle class Trump supporters who, for example, got a modest $1200 tax return last year, earned the same money this year, and owed $3000. I'm certainly curious..... haven't done my taxes yet.
Being in MD, I am screwed. My state and property tax are certainly higher than the SALT cap. I am very happy for rich floridians who are not rolling in stuff.

it took some real ingenuity to give tax cut to wealthy in specific geographic areas while fleecing the middle class elsewhere: #TrumpTaxScam indeed

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Old 02-10-2019, 02:38 PM
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You can't go by the size of the return, you have to go by the total liability like Pete points out. If you keep $3,000 more over the year but your return drops $1,000 you made out, didn't you. I haven't done my taxes either, but it won't be comparable either because both our employment situations changed dramatically and we are in a higher bracket.
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Old 02-10-2019, 02:40 PM
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Can't compare year-on-year, income went up 50% semi-unexpectedly...
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Old 02-10-2019, 02:40 PM
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I would certainly consider myself a middle class taxpayer and by no means a rich person. My earnings in 2018 were the same as 2017 and my taxes are $1200 higher this year than they were last year.
It's totally understandable to me since someone has to pay for the tax cuts that were given to big corporations and billionaires.
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Old 02-10-2019, 02:41 PM
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Originally Posted by Red99SS View Post
You can't go by the size of the return, you have to go by the total liability like Pete points out. If you keep $3,000 more over the year but your return drops $1,000 you made out, didn't you. I haven't done my taxes either, but it won't be comparable either because both our employment situations changed dramatically and we are in a higher bracket.

And living in NJ, you will be screwed
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Old 02-10-2019, 02:45 PM
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The easy way to compare apples to apples is to plug your 2018 scenario (income, deductions, etc.) into a 2017 tax form and see what you would have paid last year

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Old 02-10-2019, 02:47 PM
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Originally Posted by corvettezman View Post
I would certainly consider myself a middle class taxpayer and by no means a rich person. My earnings in 2018 were the same as 2017 and my taxes are $1200 higher this year than they were last year.
It's totally understandable to me since someone has to pay for the tax cuts that were given to big corporations and billionaires.
^^^^ This is what I'm seeing in the news.... a lot of middle class people who have a higher tax bill this yr vs. last and the common denominator is something similar to "my tax situation is unchanged and my tax bill is a lot higher".
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Old 02-10-2019, 02:47 PM
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Also, here is a Public Service Announcement for these of you who are divorced or divorcing with expectation of paying or receiving alimony. Your alimony payments or receipts will no longer be deductible/liability after 2018 - a huge win for these receiving alimony and extra tax liability for these who pay it.

P.S. If you plan to get married - make sure to sign a prenup to cover the alimony in case of divorce.

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Old 02-10-2019, 02:49 PM
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Originally Posted by PeterK View Post
And living in NJ, you will be screwed
6 percent state income tax bracket for sure this year.
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Old 02-10-2019, 02:51 PM
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Originally Posted by Red99SS View Post
6 percent state income tax bracket for sure this year.
Your NJ RE tax is going to put some hurting as well.
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Old 02-10-2019, 02:55 PM
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Interesting that it seems to be the Pussyhats most bothered by the paying of the higher taxes... ironical as ****, that is...
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Old 02-10-2019, 02:56 PM
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Originally Posted by corvettezman View Post
I would certainly consider myself a middle class taxpayer and by no means a rich person. My earnings in 2018 were the same as 2017 and my taxes are $1200 higher this year than they were last year.
It's totally understandable to me since someone has to pay for the tax cuts that were given to big corporations and billionaires.
How? Did you withhold differently?

If you're actually living in TN you're paying no state income tax and the prior SALT deduction amounts to less than 2% of AGI in that state.



Originally Posted by PeterK View Post
And living in NJ, you will be screwed
So will you.
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Old 02-10-2019, 02:58 PM
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Originally Posted by Over9K View Post
Interesting that it seems to be the Pussyhats most bothered by the paying of the higher taxes... ironical as ****, that is...
Rightly so. When Trump said "everyone" will be getting a tax cut we assumed his idea of tax cut wouldn't translate to paying more in taxes.

https://www.politifact.com/truth-o-m...ubjects/taxes/
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Old 02-10-2019, 02:59 PM
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Originally Posted by Dr Bee View Post
Rightly so. When Trump said "everyone" will be getting a tax cut we assumed his idea of tax cut wouldn't translate to paying more in taxes.

https://www.politifact.com/truth-o-m...ubjects/taxes/
The Pussyhats want the government to provide everything for everyone through higher taxes... they should be jazzed as **** to get a head start on paying them now...
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Old 02-10-2019, 03:00 PM
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I just filed yesterday and our return was way less than last year. However, both mine and my wife's salaries went up from last year. The accountant broke it down and showed us our salaries increased X% but our withholdings only increased Y%. So we had been taking more home per check. My wife realized this a few checks into the year. I didn't because I received different bumps in pay and some overtime. I honestly just didn't pay attention. But, even adding in the increase per check, our return was still low, just not as bad. I think people don't notice the increase when it's broken down into 12-24 checks, and unfortunately, a lot of people rely on their returns so it's a big shock and quite disappointing for them. Me personally, I wish there was a way to figure out the withholdings to the exact penny so I never have to file.

In NJ by the way.

Last edited by 5knives; 02-10-2019 at 03:18 PM.
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Old 02-10-2019, 03:02 PM
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Originally Posted by Over9K View Post
The Pussyhats want the government to provide everything for everyone through higher taxes... they should be jazzed as **** to get a head start on paying them now...
Or..... a president that tells the truth. "Many of you will get tax cuts and some, including middle class workers, will owe more in taxes next year". <--- not that difficult to tell the truth (although to be fair I have no confidence in Trumps understanding of the new tax code).
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