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Anyone else blindsided by taxes owed this year?

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Anyone else blindsided by taxes owed this year?

Old 03-13-2019, 04:44 PM
  #21  
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Yep it has been a VERY interesting year in the income tax business, I TRIED warning ALL clients. Problem was the damn lowering of Fed WH rates. I completely understand but I have seen this done a few times over the years and the average person does not notice UNTIL I tell them the next year

Not a Trump fan at all however IF he had left Fed WH alone and folks all of a sudden could really SEE their taxes lowered and larger refunds then he could bow his chest out and shut the media up. Trust me YOU CAN BUY FOLKS loyalty LOL

I can see it in black and white and try my best to explain it but still it is hard for some folks to comprehend


Now folks that are on W2 and have unreimbursed business expenses (sales/marketing reps, over the road truck drivers, Union Pipe welders etc) are NOT HAPPY at all. Some of them have taken some HUGE hits. This one i do not understand, so few actually benefit from that deduction but the ones that do it is normally a very big deduct . Example was Husband/Wife truck driving team in my office Total income around $175K and on the road around 230 days a yr and $59 a day x 2 was a huge loss for them, dropped their refund by $6K (however this couple listened to me last year and was expecting it. NOT happy but knew it was coming )

But it is what it is , tax law changes have been part of my life since I was 15 yrs old LOL.
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Old 03-13-2019, 04:59 PM
  #22  
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I did turbo tax this year. Owed federal for the first time since I went back to W2 worker. Got back a little bit in state refund, enough to offset the federal payment and then some. Wife didnít take out taxes on her bonus last year, thatís why we had the hit Iím guessing. We make too much to deduct a lot of things. Probably should have used an accountant. Oh well, started a new business for 2019, Iíll have my accountant next year review and refile my 2018 and see if they can do better.
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Old 03-13-2019, 05:10 PM
  #23  
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tprice, I agree word for word. The Republicans made a huge mistake by changing the withholding charts so dramatically. Left alone, Trump would have been a hero. I try to make a point of showing customers their effective tax rate. Most don't comprehend.
I have you beat by a year. I started running copies for my parent's tax business at 14 lol.
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Old 03-13-2019, 05:13 PM
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So far non political, keep it that way.
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Old 03-13-2019, 05:13 PM
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Work as a plumber, do not make a lot of money but do alright. Made about the same as I have the last few years, most of time I got a small refund, this year got boned by both state and feds a lot more than expected to pay in. The system a joke!
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Old 03-13-2019, 05:20 PM
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Got blindsided, but was my fault. Wife had went back to work in late 2017 and I forgot to adjust withholdings....no state income tax to help, property tax capped...so left holding the torch with a bill....a big bill!
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Old 03-13-2019, 05:29 PM
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Expected a huge hit. Was a nice surprise to actually get some tax money back.
Iím happy..
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Old 03-13-2019, 05:31 PM
  #28  
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Originally Posted by Tireless View Post
that doesnt make any sense at all.
X2. I live in Virginia as well and his numbers don't make sense. If he really did pay 100k in taxes for 175k earnings I feel pretty bad for him.
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Old 03-13-2019, 05:35 PM
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Made more in 2018 than 2017, paid less in taxes. Put a bigger chunk in kids’ 529 and my retirement. Thank you Mr. President.
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Old 03-13-2019, 05:41 PM
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Originally Posted by capt.holiday View Post
Um, yeah.
$175k in income, nearly $60k paid in state and fed, plus $25k in deductions (education and medical)... cpa said Iíll have to pay around $20k..

explain to me why why it costs nearly $100k to earn $175k, because the accountant couldnít. She response was that what Trump did..

to say im shocked is kind of an understatement.

im also not trusting the cpa... she is a 2nd year tax prep person, my last tax guy died on my in February.
You need to move because the Virginia state income tax must be higher than the federal taxes.
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Old 03-13-2019, 05:50 PM
  #31  
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I came out paying 3% less YOY same income

w2 working stiff, just shy of 100 k with almost no deductions

I’m tickled pink
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Old 03-13-2019, 05:56 PM
  #32  
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Weird year for me. Combined income went down, lost a job, total income less than prior year. Medical expenses higher, AZ has state income tax, withdrew from a 401k to make up lost income, but all came out better than expected. Feds are sending me back a whole fiddy dollars and AZ is sending back about 14 hundred. Previous years, what I got back from AZ would cover what I owed the Fed.

So it was a pleasant GOOD surprise!
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Old 03-13-2019, 06:11 PM
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Paying $1k more this year than last, no change in income. The new deductions suck. Might as well sell the house and start renting.
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Old 03-13-2019, 06:16 PM
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Paid Feds $2700 last year. Fed giving me back $100 this year AND my bi-weekly deduction was less.

I am middle class. So if they were aiming for us they got it.

I can see where those who had major deductions are screwed but I have none and the new tax really helped us.
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Old 03-13-2019, 06:34 PM
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Originally Posted by MercuryMan200 View Post
Nope. I actually got back more than I wanted.
Same here. I missed out on that 0.25% my bank would have given me. That was a #1 for me and a Happy Meal for my kid I lost out on.
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Old 03-13-2019, 06:35 PM
  #36  
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I do not understand this mindset. Bitching about one's tax refunds being too small! WTF? I have always planned to pay something when I filed my return. I am not interested in providing wasteful entities interest free loans.
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Old 03-13-2019, 06:42 PM
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I ran my 2018 taxes with 2017 forms just for a test and 2018 saved me a little over $500. It is the only honest way to evaluate the code change unless absolutely nothing changed in your income or taxable situation from last year.
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Old 03-13-2019, 06:53 PM
  #38  
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I see my guy tomorrow but probably won't know for a while. The worst thing about him is he isn't young and I don't ever want to be in business without him.
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Old 03-13-2019, 07:15 PM
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Accountant ran 2018 numbers through showing what we would of paid in 2017 vs what we will pay this year, and we will be paying $17k less this year! Winning...
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Old 03-14-2019, 05:18 AM
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Originally Posted by idylmoments View Post
tprice, I agree word for word. The Republicans made a huge mistake by changing the withholding charts so dramatically. Left alone, Trump would have been a hero. I try to make a point of showing customers their effective tax rate. Most don't comprehend.
I have you beat by a year. I started running copies for my parent's tax business at 14 lol.

LOL

Damn I forgot about the time running copies LOL. That started about 12 yrs old

Funny note, I actually have tax returns my Grandmother prepared in 1937 in my office
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