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-   -   Anyone else blindsided by taxes owed this year? (https://www.thehulltruth.com/dockside-chat/993921-anyone-else-blindsided-taxes-owed-year.html)

Commocean 03-13-2019 12:52 PM

Anyone else blindsided by taxes owed this year?
 
My accountant warned me last year, but it wasn't until friends did their taxes this year and called crying on the phone that I realized I too might in for a shock. Now I know why they were crying. :grin:

Commocean 03-13-2019 12:57 PM

My apologies MOD's, I meant for this to go into The Bilge. Please move if appropriate.

mouse4x4 03-13-2019 01:00 PM

Yup got me pretty good to. My accountant said that everything should have stayed about the same as previous years and boy was she wrong. So now I have a new accountant and they advised me to buy rentals or start a business in crabbing or fishing. Well guess what I have a boat and I have a Capt license already so now there is a new charter in town.

tommyjones 03-13-2019 01:14 PM

Yeah, the max deduction on state taxes killed us this year. The stupid thing is that if ‘they’ hadn’t changed my withholding I would have been dead even, just like last year.
techically my federal tax rate went down but my adjusted gross went up, a lot.

Retiredearly 03-13-2019 01:21 PM

Yup, MUCH bigger number than I expected. We made more this year, so I was expecting to owe some, but got an unpleasant wallop primarily due to the SALT limit. Oddly enough, though, the overall effective tax rate (federal only) is down almost a full point compared to last year, but given what we owe to the bottomless pit in DC (aka the US Treasury), it sure doesn’t feel like it.

Capt Grady 23 Gulfstream 03-13-2019 01:24 PM


Originally Posted by tommyjones (Post 12331388)
Yeah, the max deduction on state taxes killed us this year. The stupid thing is that if Ďtheyí hadnít changed my withholding I would have been dead even, just like last year.
techically my federal tax rate went down but my adjusted gross went up, a lot.


You also got the first 24,000 of income tax free, and less taken out weekly, BUT that was explained from the beginning ie more in the paycheck rather than refund, which is what middle class asked for, not necessarily upper class incomes.

This administration TRULY is aiding the middle class as promised.

RockportFisher 03-13-2019 01:37 PM

I am assuming most of you who took the big hit this year live in states with income tax. Before you would pay the state tax and the feds wouldn't get to tax that share. States went nuts with high taxes. Now you are paying most of your share of the fed taxes minus the cap on state tax. In Texas most of the people I've talked to refunds are down. Little but paychecks went up so it is a push

MercuryMan200 03-13-2019 02:00 PM

Nope. I actually got back more than I wanted.

capt.holiday 03-13-2019 02:07 PM

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.

Reel 007 03-13-2019 02:11 PM


Originally Posted by Capt Grady 23 Gulfstream (Post 12331428)

This administration TRULY is aiding the middle class as promised.

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.

Lorne Greene 03-13-2019 02:14 PM


Originally Posted by capt.holiday (Post 12331593)
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.

I would keep looking for another CPA. tere is a huge difference between someone who shoves numbers into a program and someone whith the expearence to know how tax code applies to you. Someting is realy off if 45% of your income is going to taxes.

Dufrsp31 03-13-2019 02:37 PM


Originally Posted by capt.holiday (Post 12331593)
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.

I have somewhat similar numbers and we getting a good chunk back.

Tireless 03-13-2019 03:26 PM


Originally Posted by capt.holiday (Post 12331593)
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.

that doesnt make any sense at all. Get TurboTax and do it yourself since the tax prep moron is a moron.

PMaine 03-13-2019 03:33 PM

I made more and sold an investment property and got back about $4000 compared to last years $1000. I guess I have a great accountant.

wdemo 03-13-2019 03:42 PM

Essentially same income as last year (I am retired and don't have mortgage or car payments) and 2018 tax bill is almost $3K less than 2017.

Danny33486 03-13-2019 04:02 PM

I made about 15% more and my effective take rate went down by about 1/2 % I paid a little more over all on more income.

Tireless 03-13-2019 04:03 PM

The fact of the matter is the vast majority of the taxpayers realized a reduction in their tax liabilities. Those with high incomes in states with high income and/or high property taxes did not.

TorFed 03-13-2019 04:20 PM

What's a tax return? I have to guess and set aside cash. Made about the same as last year. Had to pay a decent bit more this year.

Bob1957 03-13-2019 04:26 PM

$23 Trillion national debt. We are lucky our tax bills aren't 10X what they are.

loverofshells 03-13-2019 05:35 PM

The math has been out for a long time

Do it

I'm shocked

Why

tprice 03-13-2019 05:44 PM

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.

ponyboy96 03-13-2019 05:59 PM

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.

idylmoments 03-13-2019 06:10 PM

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.

THT MOD 14 03-13-2019 06:13 PM

So far non political, keep it that way. :tht_rulez:

Captinlon 03-13-2019 06:13 PM

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!

Omarf4 03-13-2019 06:20 PM

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!

Moondoggie 03-13-2019 06:29 PM

Expected a huge hit. Was a nice surprise to actually get some tax money back.
Iím happy..

KJS 03-13-2019 06:31 PM


Originally Posted by Tireless (Post 12331896)
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.

Eye8atoad 03-13-2019 06:35 PM

Made more in 2018 than 2017, paid less in taxes. Put a bigger chunk in kids’ 529 and my retirement. Thank you Mr. President.

unleashed 03-13-2019 06:41 PM


Originally Posted by capt.holiday (Post 12331593)
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.

nat 03-13-2019 06:50 PM

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

Dulcecita Lures 03-13-2019 06:56 PM

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!

Jonesy23 03-13-2019 07:11 PM

Paying $1k more this year than last, no change in income. The new deductions suck. Might as well sell the house and start renting.

1976K204x4 03-13-2019 07:16 PM

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.

gfretwell 03-13-2019 07:34 PM


Originally Posted by MercuryMan200 (Post 12331571)
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.

Tireless 03-13-2019 07:35 PM

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.

gfretwell 03-13-2019 07:42 PM

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.

fijon 03-13-2019 07:53 PM

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.

ericinmich 03-13-2019 08:15 PM

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...

tprice 03-14-2019 06:18 AM


Originally Posted by idylmoments (Post 12332462)
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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