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-   -   Taxes...How did you make out? (http://www.striped-bass.com/Stripertalk/showthread.php?t=94980)

nightfighter 04-05-2019 06:04 PM

Taxes...How did you make out?
 
The new tax regs did next to nothing for my bottom line. About the same as last year. How did you make out?

spence 04-05-2019 06:24 PM

I paid more.
Posted from my iPhone/Mobile device

JohnR 04-05-2019 08:33 PM

Quote:

Originally Posted by nightfighter (Post 1165265)
The new tax regs did next to nothing for my bottom line. About the same as last year. How did you make out?


Did you pay out less taxes during the year?

piemma 04-06-2019 05:38 AM

I ended up paying more to the feds but got more back from the State. Of course, I sent in the State on 3/3 and still have not received the check.

Duke41 04-06-2019 08:21 AM

Much less to state and a little less to feds.Not sure why to be frank.

afterhours 04-07-2019 06:36 AM

I'll learn the answer on the 10th when I meet with tax guy - not sure what to expect.

Sea Dangles 04-07-2019 08:52 AM

Generally speaking, if you made the appropriate adjustments to your withholdings then you will certainly benefit from the new policy. This isn’t rocket science.
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PaulS 04-08-2019 07:01 AM

Income increased $1,478 and taxes went up $1,586.

Sea Dangles 04-08-2019 08:05 AM

Maybe if you had been proactive regarding your withholdings this could have been avoided as your tax rate went down. Congrats on the raise.
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PaulS 04-08-2019 08:50 AM

That has absolutely nothing to do with my withholdings. It is the increase in the amount of taxes I had to pay for 2018.

Sea Dangles 04-08-2019 09:02 AM

Did you make adjustments to your withholdings? This is where most average earners get confused. Deductions for home interest or individuals with larger families also have been impacted. If you didn’t make changes then you could be disappointed.
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Nebe 04-08-2019 09:02 AM

Quote:

Originally Posted by PaulS (Post 1165322)
That has absolutely nothing to do with my withholdings. It is the increase in the amount of taxes I had to pay for 2018.

You should have taken a cue from our president and cheated on them. Devalue your assets and claim a loss for the year and then inflate them to seek loans to fund your corrupt stack of cards... oh wait... sorry. :hihi:
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PaulS 04-08-2019 09:13 AM

Quote:

Originally Posted by Sea Dangles (Post 1165323)
Did you make adjustments to your withholdings? This is where most average earners get confused. Deductions for home interest or individuals with larger families also have been impacted. If you didn’t make changes then you could be disappointed.
Posted from my iPhone/Mobile device

That increase had nothing to do w/withholdings. If I had increased my withholdings, I still would have had to pay the gov. the same amount overall for taxes for 2018. Paying them during the year through withholdings or cutting a check this week doesn't make a difference in the overall amount of my taxes for 2018 (other than a small penalty for not withholding enough).

Sea Dangles 04-08-2019 10:56 AM

It hurts that you can no longer get a break on mortgage interest also. This is a good time to throw some money on the principle.
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spence 04-08-2019 01:15 PM

Quote:

Originally Posted by Sea Dangles (Post 1165342)
It hurts that you can no longer get a break on mortgage interest also. This is a good time to throw some money on the principle.
Posted from my iPhone/Mobile device

Huh? I'd get a new accountant.

nightfighter 04-08-2019 03:27 PM

Home equity interest deduction was cut. Not the mortgage deduction.

Mortgage interest deduction was modified, though.

Katie 04-09-2019 08:54 AM

Took a hit on my state taxes but my Federal came out just fine. I'll try not to spend my $2 state refund in 1 place.

beamie 04-09-2019 09:55 AM

Quote:

Originally Posted by nightfighter (Post 1165350)
Home equity interest deduction was cut. Not the mortgage deduction.

Mortgage interest deduction was modified, though.

However. If that heloc loan was used for home improvement and not a new center console I believe the interest is deductible.
Posted from my iPhone/Mobile device

Sea Dangles 04-09-2019 01:22 PM

Quote:

Originally Posted by spence (Post 1165347)
Huh? I'd get a new accountant.

You may want to become informed of the new tax laws before commenting.
Posted from my iPhone/Mobile device

FishermanTim 04-09-2019 02:21 PM

Quote:

Originally Posted by Katie (Post 1165380)
Took a hit on my state taxes but my Federal came out just fine. I'll try not to spend my $2 state refund in 1 place.


I can let you have a few of my OLD refund checks for $1.00
I couldn't be bothered to cash a check for much and hold my head high.

Now I just keep them as mementos....

PaulS 04-09-2019 02:49 PM

Chris has a $1,000,000 mortgage.

spence 04-09-2019 02:55 PM

Quote:

Originally Posted by Sea Dangles (Post 1165396)
You may want to become informed of the new tax laws before commenting.
Posted from my iPhone/Mobile device

That didn’t sound like an apology.
Posted from my iPhone/Mobile device

Moses 04-18-2019 08:15 AM

I approached it this way;

1. Comparing my earnings in 2017 to 2018 - My earnings were higher in 2018
2. Comparing my tax penalty for both Fed & state - My penalty was lower in 2018
3. Comparing tax returns - My return amount was lower this year

Net result - I kept more of my hard earned $$$$ during each pay period because I adjusted my with-holdings and overall made more $$/paid less taxes.

Liv2Fish 04-18-2019 07:48 PM

Quote:

Originally Posted by Moses (Post 1165779)
I approached it this way;

1. Comparing my earnings in 2017 to 2018 - My earnings were higher in 2018
2. Comparing my tax penalty for both Fed & state - My penalty was lower in 2018
3. Comparing tax returns - My return amount was lower this year

Net result - I kept more of my hard earned $$$$ during each pay period because I adjusted my with-holdings and overall made more $$/paid less taxes.

same. Paid less got back slightly less but net more in my pocket.

JohnR 04-19-2019 07:46 AM

It was roughly a wash for me. Took more home personally, owed more family. With the standard deduction doubled to 24k I did not have enough I could deduct to clear that.

detbuch 04-20-2019 05:12 PM

I did very well. Got about twice as much in a refund. And paid a lot less income tax during the year. But I'm probably in a lower income bracket than most of you who itemize your deductions. I just take the standard deduction which was doubled.

Cool Beans 04-20-2019 08:38 PM

Quote:

Originally Posted by detbuch (Post 1165977)
I did very well. Got about twice as much in a refund. And paid a lot less income tax during the year. But I'm probably in a lower income bracket than most of you who itemize your deductions. I just take the standard deduction which was doubled.

Same for me....

piemma 04-23-2019 10:33 AM

So listen to this you guys from RI:
If you are owed a refund and filed electronically AND HAVEN'T GOTTEN YOUR CHECK, here's why!
According to the tax folks I spoke to at the RI State house this AM, my accountant filed my RI return electronically and the State will not send me my $3K until I provide them with PHYSICAL W-2 and 1099Rs.
They will not call, email or text you about this. They just will keep your refund until you call them and then they will tell you to send the actual docs to them.
What if I OWED them money? Think they'd get in touch. *&%^**(()*&

fishbones 04-23-2019 01:06 PM

I made more in 2018 and am getting a refund this year, which hasn’t happened in few years. I was concerned that I would have to pay again, but was pleasantly surprised.
Posted from my iPhone/Mobile device

rphud 04-24-2019 08:02 AM

made less and paid less, but withholdings were totally f'd up by the Feds. Had to cut a very big check and pending a penalty according to TurboTax. Home office said I am not the only one. Changed my W4 form significantly needless to say.

Accounting said the IRS is going to fix the withholdings schedule in 2020. That's right, 2020.

TheSpecialist 05-12-2019 08:40 AM

Quote:

Originally Posted by Moses (Post 1165779)
I approached it this way;

1. Comparing my earnings in 2017 to 2018 - My earnings were higher in 2018
2. Comparing my tax penalty for both Fed & state - My penalty was lower in 2018
3. Comparing tax returns - My return amount was lower this year

Net result - I kept more of my hard earned $$$$ during each pay period because I adjusted my with-holdings and overall made more $$/paid less taxes.

Same here

Its amazing that people make statements without looking at all of the evidence in total and doing some arithmetic. According to my tax pro most all companies with held way too little, they gave you more every week than they should have. This year a little homework should help you avoid paying, adjust you withholding accordingly. The goal is to break even or as close too it as possible. Too many people use their returns as a savings account, stupid IMO You let the government borrow your hard earned money all year long, then get a chubby when they give you back the money you already earned.. You wouldn't bank at a bank that didn't give you interest over the course of a year would you?

rphud 05-23-2019 07:18 PM

my goal is to owe as much as is allowed without a penalty


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