Striper Talk Striped Bass Fishing, Surfcasting, Boating

     

Left Nav S-B Home Register FAQ Members List S-B on Facebook Arcade WEAX Tides Buoys Calendar Search Today's Posts Mark Forums Read Right Nav

Left Container Right Container
 

Go Back   Striper Talk Striped Bass Fishing, Surfcasting, Boating » Striper Chat - Discuss stuff other than fishing ~ The Scuppers and Political talk » The Scuppers

The Scuppers This is a new forum for the not necessarily fishing related topics...

Reply
 
Thread Tools Rate Thread Display Modes
Old 04-05-2019, 06:04 PM   #1
nightfighter
Seldom Seen
iTrader: (0)
 
nightfighter's Avatar
 
Join Date: May 2001
Posts: 8,837
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?

“Americans have the right and advantage of being armed, unlike the people of other countries, whose leaders are afraid to trust them with arms.” – James Madison.
nightfighter is online now   Reply With Quote
Old 04-05-2019, 06:24 PM   #2
spence
Registered User
iTrader: (0)
 
spence's Avatar
 
Join Date: Nov 2003
Location: RI
Posts: 19,196
I paid more.
Posted from my iPhone/Mobile device
spence is offline   Reply With Quote
Old 04-05-2019, 08:33 PM   #3
JohnR
Certifiable Intertidal Anguiologist
iTrader: (1)
 
JohnR's Avatar
 
Join Date: Feb 2000
Location: Somewhere between OOB & west of Watch Hill
Posts: 33,318
Blog Entries: 1
Quote:
Originally Posted by nightfighter View Post
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?

~Fix the Bait~ ~Pogies Forever~

Striped Bass Fishing - All Stripers


Kobayashi Maru Election - there is no way to win.


Apocalypse is Coming:
JohnR is offline   Reply With Quote
Old 04-06-2019, 05:38 AM   #4
piemma
Very Grumpy bay man
iTrader: (0)
 
piemma's Avatar
 
Join Date: Nov 2003
Location: Rhode Island
Posts: 9,011
Blog Entries: 2
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.

No boat, back in the suds.
piemma is offline   Reply With Quote
Old 04-06-2019, 08:21 AM   #5
Duke41
got gas?
iTrader: (0)
 
Duke41's Avatar
 
Join Date: Mar 2002
Posts: 1,707
Much less to state and a little less to feds.Not sure why to be frank.
Duke41 is offline   Reply With Quote
Old 04-07-2019, 06:36 AM   #6
afterhours
Afterhours Custom Plugs
iTrader: (0)
 
afterhours's Avatar
 
Join Date: Mar 2004
Location: R.I.
Posts: 8,164
I'll learn the answer on the 10th when I meet with tax guy - not sure what to expect.

www.afterhoursplugs.com

http://www.facebook.com/pages/Afterh...428173?created

Instagram - afterhourscustom

Official S-B.com Sponsor

GAMEFISH NOW

"A GAMEFISH (WHICH STRIPED BASS SHOULD BE) IS TOO VALUABLE TO BE CAUGHT ONLY ONCE"...LEE WULFF
afterhours is online now   Reply With Quote
Old 04-07-2019, 08:52 AM   #7
Sea Dangles
Registered User
iTrader: (0)
 
Sea Dangles's Avatar
 
Join Date: Dec 2002
Posts: 6,805
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.
Posted from my iPhone/Mobile device
Sea Dangles is offline   Reply With Quote
Old 04-08-2019, 07:01 AM   #8
PaulS
Registered User
iTrader: (0)
 
PaulS's Avatar
 
Join Date: Jul 2004
Posts: 7,320
Income increased $1,478 and taxes went up $1,586.
PaulS is offline   Reply With Quote
Old 04-08-2019, 08:05 AM   #9
Sea Dangles
Registered User
iTrader: (0)
 
Sea Dangles's Avatar
 
Join Date: Dec 2002
Posts: 6,805
Maybe if you had been proactive regarding your withholdings this could have been avoided as your tax rate went down. Congrats on the raise.
Posted from my iPhone/Mobile device
Sea Dangles is offline   Reply With Quote
Old 04-08-2019, 08:50 AM   #10
PaulS
Registered User
iTrader: (0)
 
PaulS's Avatar
 
Join Date: Jul 2004
Posts: 7,320
That has absolutely nothing to do with my withholdings. It is the increase in the amount of taxes I had to pay for 2018.
PaulS is offline   Reply With Quote
Old 04-08-2019, 09:02 AM   #11
Sea Dangles
Registered User
iTrader: (0)
 
Sea Dangles's Avatar
 
Join Date: Dec 2002
Posts: 6,805
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
Sea Dangles is offline   Reply With Quote
Old 04-08-2019, 09:02 AM   #12
Nebe
Registered User
iTrader: (0)
 
Nebe's Avatar
 
Join Date: Sep 2003
Location: Libtardia
Posts: 20,766
Quote:
Originally Posted by PaulS View Post
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.
Posted from my iPhone/Mobile device
Nebe is offline   Reply With Quote
Old 04-08-2019, 09:13 AM   #13
PaulS
Registered User
iTrader: (0)
 
PaulS's Avatar
 
Join Date: Jul 2004
Posts: 7,320
Quote:
Originally Posted by Sea Dangles View Post
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).
PaulS is offline   Reply With Quote
Old 04-08-2019, 10:56 AM   #14
Sea Dangles
Registered User
iTrader: (0)
 
Sea Dangles's Avatar
 
Join Date: Dec 2002
Posts: 6,805
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
Sea Dangles is offline   Reply With Quote
Old 04-08-2019, 01:15 PM   #15
spence
Registered User
iTrader: (0)
 
spence's Avatar
 
Join Date: Nov 2003
Location: RI
Posts: 19,196
Quote:
Originally Posted by Sea Dangles View Post
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.
spence is offline   Reply With Quote
Old 04-08-2019, 03:27 PM   #16
nightfighter
Seldom Seen
iTrader: (0)
 
nightfighter's Avatar
 
Join Date: May 2001
Posts: 8,837
Home equity interest deduction was cut. Not the mortgage deduction.

Mortgage interest deduction was modified, though.

“Americans have the right and advantage of being armed, unlike the people of other countries, whose leaders are afraid to trust them with arms.” – James Madison.
nightfighter is online now   Reply With Quote
Old 04-09-2019, 08:54 AM   #17
Katie
Scuttlebutt
iTrader: (0)
 
Katie's Avatar
 
Join Date: Aug 2002
Location: Westport,MA
Posts: 2,401
Send a message via AIM to Katie Send a message via MSN to Katie Send a message via Skype™ to 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.


Wasajigifying -[ was - a - jig-i-fy-ing] - the concept of not knowing what the hell your saying.


My Photography Page!
Katie is offline   Reply With Quote
Old 04-09-2019, 09:55 AM   #18
beamie
Registered User
iTrader: (0)
 
beamie's Avatar
 
Join Date: Mar 2004
Location: Marshfield, MA
Posts: 1,558
Quote:
Originally Posted by nightfighter View Post
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

Jon, 24' Nauset-Green Topsides, Beamie, North River. Channel 68/69. MSBA, NIBA
beamie is offline   Reply With Quote
Old 04-09-2019, 01:22 PM   #19
Sea Dangles
Registered User
iTrader: (0)
 
Sea Dangles's Avatar
 
Join Date: Dec 2002
Posts: 6,805
Quote:
Originally Posted by spence View Post
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

PRO CHOICE REPUBLICAN
Sea Dangles is offline   Reply With Quote
Old 04-09-2019, 02:21 PM   #20
FishermanTim
Registered User
iTrader: (0)
 
FishermanTim's Avatar
 
Join Date: Feb 2003
Location: Hyde Park, MA
Posts: 4,134
Quote:
Originally Posted by Katie View Post
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....

I am a legend in my own mind!
FishermanTim is offline   Reply With Quote
Old 04-09-2019, 02:49 PM   #21
PaulS
Registered User
iTrader: (0)
 
PaulS's Avatar
 
Join Date: Jul 2004
Posts: 7,320
Chris has a $1,000,000 mortgage.
PaulS is offline   Reply With Quote
Old 04-09-2019, 02:55 PM   #22
spence
Registered User
iTrader: (0)
 
spence's Avatar
 
Join Date: Nov 2003
Location: RI
Posts: 19,196
Quote:
Originally Posted by Sea Dangles View Post
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
spence is offline   Reply With Quote
Old 04-18-2019, 08:15 AM   #23
Moses
Registered User
iTrader: (0)
 
Moses's Avatar
 
Join Date: Nov 2003
Location: Bridgewater, MA
Posts: 2,012
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.

Mike Malone
2012 Sea Hunt
Moses is offline   Reply With Quote
Old 04-18-2019, 07:48 PM   #24
Liv2Fish
Registered User
iTrader: (0)
 
Liv2Fish's Avatar
 
Join Date: May 2008
Location: Chasing fat girls in the dark
Posts: 961
Quote:
Originally Posted by Moses View Post
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.

"We do not inherit the earth from our ancestors, we borrow it from our children"
Liv2Fish is offline   Reply With Quote
Old 04-19-2019, 07:46 AM   #25
JohnR
Certifiable Intertidal Anguiologist
iTrader: (1)
 
JohnR's Avatar
 
Join Date: Feb 2000
Location: Somewhere between OOB & west of Watch Hill
Posts: 33,318
Blog Entries: 1
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.

~Fix the Bait~ ~Pogies Forever~

Striped Bass Fishing - All Stripers


Kobayashi Maru Election - there is no way to win.


Apocalypse is Coming:
JohnR is offline   Reply With Quote
Old 04-20-2019, 05:12 PM   #26
detbuch
Registered User
 
Join Date: Feb 2009
Posts: 4,723
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.
detbuch is offline   Reply With Quote
Old 04-20-2019, 08:38 PM   #27
Cool Beans
Registered User
iTrader: (0)
 
Cool Beans's Avatar
 
Join Date: Jan 2009
Posts: 1,043
Quote:
Originally Posted by detbuch View Post
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....
Cool Beans is offline   Reply With Quote
Old 04-23-2019, 10:33 AM   #28
piemma
Very Grumpy bay man
iTrader: (0)
 
piemma's Avatar
 
Join Date: Nov 2003
Location: Rhode Island
Posts: 9,011
Blog Entries: 2
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. *&%^**(()*&

No boat, back in the suds.
piemma is offline   Reply With Quote
Old 04-23-2019, 01:06 PM   #29
fishbones
Registered User
iTrader: (2)
 
fishbones's Avatar
 
Join Date: May 2003
Location: Easton, MA
Posts: 5,619
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
fishbones is offline   Reply With Quote
Old 04-24-2019, 08:02 AM   #30
rphud
Registered User
 
Join Date: Apr 2001
Posts: 3,104
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.
rphud is offline   Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 07:54 AM.


Powered by vBulletin. Copyright ©2000 - 2008, Jelsoft Enterprises Ltd.
Please use all necessary and proper safety precautions. STAY SAFE Striper Talk Forums
Copyright 1998-20012 Striped-Bass.com