Taxes...How did you make out?

[spence]

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]

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

Mortgage interest deduction was modified, though.

[beamie]

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.
Posted from my iPhone/Mobile device

[Sea Dangles]

Originally Posted by spence

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

[spence]

Originally Posted by Sea Dangles

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.
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[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.

[Liv2Fish]

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]

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.

[TheSpecialist]

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 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]

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