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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 03-15-2019, 03:34 PM
  #81  
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Originally Posted by SOSC View Post
Truly curious, why isnt anyone comparing taxes to 2016, 2014, 2012, or anytime before 2017?
Because that's when the tax reform became effective??

Why compare prior years when there wasn't any substantial changes during those years?
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Old 03-15-2019, 04:00 PM
  #82  
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Originally Posted by psychocuda View Post
Have an S Corp so the 20% write off on pass through income was nice. Paid only 700 more in Fed taxes than I did in 2017 but earned 18,000 more this year. Raised standard deduction also helped. Thank you President Trump

Exactly. Raised standard deduction IS the change for low to middle income people, but they don't know how or why that helps.

FIRST $24,000 of income tax FREE, plus $6,000 double standard deduction I believe, is $30,000 tax free, may be off s little. Of course they don't know, and didn't listen to proposed tax plan, so they didn't expect their refund to go in favor of more paycheck.
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Old 03-15-2019, 04:49 PM
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$24k standard this year plus only $1500 in dependants. Last year my standard plus itemized was $35k. How is that better?

They screwed small business owners, home owners and those with business expenses.
On a positive note, one of my workers babies (5) momma got an $8k refund even though she paid nothing in and get foodstamps, WIC and free health care. Can't wait for the $15 hr min living wage.
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Old 03-15-2019, 04:57 PM
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Originally Posted by Jonesy23 View Post
$24k standard this year plus only $1500 in dependants. Last year my standard plus itemized was $35k. How is that better?

They screwed small business owners, home owners and those with business expenses.
On a positive note, one of my workers babies (5) momma got an $8k refund even though she paid nothing in and get foodstamps, WIC and free health care. Can't wait for the $15 hr min living wage.

I don't remember ever having an automatic amount of income tax free for anyone other than poverty level workers.

How did you get $35,000 tax free BEFORE deduction taken?

Poverty level was automatic $14,000 single, 17,000 married as I remember until the new tax rebate plan.
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Old 03-15-2019, 05:21 PM
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Originally Posted by Capt Grady 23 Gulfstream View Post
I don't remember ever having an automatic amount of income tax free for anyone other than poverty level workers.

How did you get $35,000 tax free BEFORE deduction taken?

Poverty level was automatic $14,000 single, 17,000 married as I remember until the new tax rebate plan.
2017 standard deduction : myself, wife, 3 kids x $4050 = $20259.
Plus Itemized = $15740: morgage interest and taxes.

The guy that works for me is not married, has 5 kids with the same woman. He claims 5 on his W-4. Baby momma works here and there part time and claims 5, no taxes taken.

Health care for a family of 7 would easily run $1200 a month = free for them. Food stamps and WIC = about $500 month according to my employee. I'm not sure if they get section 8 or not.
So the tax payers gave them about $20k in "benefits" and then stroked a bonus check for another $8k for ????. My employee is a good worker and makes around $38k a year.
Seems pretty easy to understand to me.
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Old 03-15-2019, 05:55 PM
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Originally Posted by Jonesy23 View Post
2017 standard deduction : myself, wife, 3 kids x $4050 = $20259.
Plus Itemized = $15740: morgage interest and taxes.
So your taxable income rose $12,000, but your child tax credit increased $3000.

Unless you are in the top tax bracket (>$315k), you didn't lose anything.

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Old 03-15-2019, 06:16 PM
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Originally Posted by Crabpot Man View Post
So your taxable income rose $12,000, but your child tax credit increased $3000.

Unless you are in the top tax bracket (>$315k), you didn't lose anything.
Nope. Kids are 17, 18 and 20.
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Old 03-15-2019, 06:47 PM
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Originally Posted by Jonesy23 View Post
Nope. Kids are 17, 18 and 20.
So instead of the youngest aging out and you losing $1000 credit, you gained $1500 with the new credit.

Don't forget, the marginal rates dropped across the board.
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Old 03-16-2019, 06:36 AM
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The marginal rates may have dropped, but so have allowable deductions, so your AGI goes up. More income to be taxed. The lowered withholding was the icing on the cake for many.
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Old 03-16-2019, 06:41 AM
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Originally Posted by Commocean View Post
The marginal rates may have dropped, but so have allowable deductions, so your AGI goes up. More income to be taxed. The lowered withholding was the icing on the cake for many.
it in a nutshell!!
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Old 03-16-2019, 06:49 AM
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Originally Posted by Commocean View Post
The marginal rates may have dropped, but so have allowable deductions, so your AGI goes up. More income to be taxed. The lowered withholding was the icing on the cake for many.

Yep, have seen quite a bit of this

Lot of those over 65 not helped either by changes
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Old 03-16-2019, 06:50 AM
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The crowd who complains about this is also the crowd shouts I have kids give me more of a refund.
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Old 03-16-2019, 06:52 AM
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Originally Posted by Bob1957 View Post
$23 Trillion national debt. We are lucky our tax bills aren't 10X what they are.
Few people on either side of the political spectrum pay attention to that figure. When's the last time you heard Trump mention it? What about your congressional reps? The media sometimes does, but only with the intent to weaponize.
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Old 03-16-2019, 06:55 AM
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Originally Posted by WPBTH View Post
The crowd who complains about this is also the crowd shouts I have kids give me more of a refund.
Exactly. There should be no credits for having kids.
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Old 03-16-2019, 06:57 AM
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Originally Posted by Esuomm1 View Post
Exactly. There should be no credits for having kids.
agreed they use more resources
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Old 03-16-2019, 07:30 AM
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Originally Posted by Jonesy23 View Post
$24k standard this year plus only $1500 in dependants. Last year my standard plus itemized was $35k. How is that better?

They screwed small business owners, home owners and those with business expenses.
On a positive note, one of my workers babies (5) momma got an $8k refund even though she paid nothing in and get foodstamps, WIC and free health care. Can't wait for the $15 hr min living wage.
Did you really get screwed or are you now paying what you should be and not getting deductions for things that have nothing to do with work. Big difference. Not saying you do that but we all know it goes on.
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Old 03-16-2019, 09:02 AM
  #97  
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I know I'll have to pay; there's no reason in even looking at it until sometime in April

Originally Posted by Reel 007 View Post
Hope to make it to the middle class some day, because the new tax rate sure is not helping me, have to pay the Feds, will wait 'till the last day possible before dropping the check in the mail.
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Old 03-16-2019, 09:04 AM
  #98  
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Those of without kids should get a tax credit. I pay school and city taxes for things I could never possibly use.

Originally Posted by Esuomm1 View Post
Exactly. There should be no credits for having kids.
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Old 03-16-2019, 09:21 AM
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Originally Posted by tprice View Post
Yep, have seen quite a bit of this

Lot of those over 65 not helped either by changes
They must be pretty rich not to be helped by the new code. I would think most are making a modest pension, SS and no mortgage, living in a state like Florida with no income tax. If they make less than $77,000 LT cap gains and qualified dividends are free too.
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Old 03-16-2019, 03:31 PM
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My income was very close to the same. My taxes went from 25% to 22%.
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