Taxes...How did you make out? - Striper Talk Striped Bass Fishing, Surfcasting, Boating

nightfighter · 04-05-2019, 06:04 PM

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.
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JohnR · 04-05-2019, 08:33 PM

Quote:

Originally Posted by nightfighter

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

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.

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PaulS · 04-08-2019, 09:13 AM

Quote:

Originally Posted by Sea Dangles

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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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

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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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

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.
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Sea Dangles · 04-09-2019, 01:22 PM

Quote:

Originally Posted by spence

Huh? I'd get a new accountant.

You may want to become informed of the new tax laws before commenting.
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FishermanTim · 04-09-2019, 02:21 PM

Quote:

Originally Posted by Katie

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

You may want to become informed of the new tax laws before commenting.
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That didn’t sound like an apology.
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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

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

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.
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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.