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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 03-17-2019, 12:35 PM
  #101  
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Originally Posted by Joe View Post
Those of without kids should get a tax credit. I pay school and city taxes for things I could never possibly use.
And those with kids should pay per kid! SO crazy how everyone pays the same. I have 1 son, my neighbor has 6 kids. we pay the same taxes and he gets back $10,000 more then me in taxes. Makes no sense!
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Old 03-17-2019, 01:18 PM
  #102  
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Just did my taxes. No surprises here. The amount I owed is on the general ballpark of what I expected.
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Old 03-17-2019, 03:48 PM
  #103  
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Explain this to me. I pay health insurance full premium to all enploys. Now my accountant says my personal health insurance is added to my income. 12k and I I owe the income tax on it. Yet no one else. Seems it should be the other way around. I don't get it? Is this true. I'm the one taking the risk and spending the money on my staff yet I'm the only one taxed.
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Old 03-17-2019, 11:46 PM
  #104  
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I guess there are exceptions to every rule. Because of the tax cuts I received about $100 more per month from my sources of income, social security, pension and a part time job. I didn't change any of my withholding and let the tax cut do what it did. My refund this year is more than twice what I received last year. Looks like it all worked out well for me and my wife. I have no complaints with how things went.
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Old 03-18-2019, 04:04 AM
  #105  
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The rules ffor self employed individuals and their health insurance are ridiculously out of control it is a joke.
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Old 03-18-2019, 05:26 AM
  #106  
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Originally Posted by LongIslandFisherman View Post
The rules ffor self employed individuals and their health insurance are ridiculously out of control it is a joke.

How you figure that, if you are talking front page deduction it is no different than employees that get it taken out pre tax

Wife and I will pay over $24K for health insurance this year
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Old 03-18-2019, 05:45 AM
  #107  
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Originally Posted by AC View Post
Explain this to me. I pay health insurance full premium to all enploys. Now my accountant says my personal health insurance is added to my income. 12k and I I owe the income tax on it. Yet no one else. Seems it should be the other way around. I don't get it? Is this true. I'm the one taking the risk and spending the money on my staff yet I'm the only one taxed.
Would need to understand the facts but this does not sound correct.
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Old 03-18-2019, 05:48 AM
  #108  
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Originally Posted by tprice View Post
How you figure that, if you are talking front page deduction it is no different than employees that get it taken out pre tax

Wife and I will pay over $24K for health insurance this year
There are some limitations if you have a SE loss and can only take the deduction to the extent of SE income. Depends on if itís SE income or wages through an incorporated business, eligibility for group plan and you donít use it, etc.. Definately something that can be planned for though.
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Old 03-18-2019, 05:53 AM
  #109  
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Originally Posted by mnm99 View Post
And those with kids should pay per kid! SO crazy how everyone pays the same. I have 1 son, my neighbor has 6 kids. we pay the same taxes and he gets back $10,000 more then me in taxes. Makes no sense!
Simple, your neighbor is doing his duty to meet the 2.1 replacement birth rate needed to maintain a thriving economy (currently at a measly 1.81%). Would you rather have people receive tax incentives to have more children or be like Western Europe and now Japan and ramp up immigration to make up for the low birth rate?
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Old 03-18-2019, 06:54 AM
  #110  
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Originally Posted by BACKTOTHESEA View Post

There are some limitations if you have a SE loss and can only take the deduction to the extent of SE income. Depends on if itís SE income or wages through an incorporated business, eligibility for group plan and you donít use it, etc.. Definately something that can be planned for though.

Oh this I understand, TRUST ME

Part I did not understand was WHY other poster said it was an advantage. Still $24K out of our pockets this year
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Old 03-18-2019, 08:04 AM
  #111  
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Whether the wife and I filed married separate or married joint we always got something back, usually a little but something. This year we paid Uncle Sam $3,500!! Lost over 11K in deductions due to the SALT cap, we also made more money due to raises and bonuses but no way was I expecting to pay $3,500!!
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Old 03-18-2019, 08:09 AM
  #112  
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Seeing this thread go on and on and on and reading the comments it sure seems like not many people do tax planning with their CPA.
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Old 03-18-2019, 08:19 AM
  #113  
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Originally Posted by AC View Post
Explain this to me. I pay health insurance full premium to all enploys. Now my accountant says my personal health insurance is added to my income. 12k and I I owe the income tax on it. Yet no one else. Seems it should be the other way around. I don't get it? Is this true. I'm the one taking the risk and spending the money on my staff yet I'm the only one taxed.
I do the same thing but the health insurance premium gets deducted out so you actually do not owe taxes on it, but I think it only works for S-Corps. look up S-Corp 2% Owner health insurance
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