Anyone else blindsided by taxes owed this year?
03-13-2019, 11:52 AM
#1
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Thread Starter
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. 
03-13-2019, 12:00 PM
#3
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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.
03-13-2019, 12:14 PM
#4
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.
techically my federal tax rate went down but my adjusted gross went up, a lot.
03-13-2019, 12:21 PM
#5
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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.
03-13-2019, 12:24 PM
#6
Senior Member
Originally Posted by tommyjones
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.
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.
03-13-2019, 12:37 PM
#7
Member
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
03-13-2019, 01:00 PM
#8
Senior Member
Nope. I actually got back more than I wanted.
03-13-2019, 01:07 PM
#9
Senior Member
Um, yeah.
$175k in income, nearly $60k paid in state and fed, plus $25k in deductions (education and medical)... cpa said I’ll have to pay around $20k..
explain to me why why it costs nearly $100k to earn $175k, because the accountant couldn’t. 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.
$175k in income, nearly $60k paid in state and fed, plus $25k in deductions (education and medical)... cpa said I’ll have to pay around $20k..
explain to me why why it costs nearly $100k to earn $175k, because the accountant couldn’t. 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.
03-13-2019, 01:11 PM
#10
Senior Member
Originally Posted by Capt Grady 23 Gulfstream
This administration TRULY is aiding the middle class as promised.
03-13-2019, 01:14 PM
#11
Admirals Club
Originally Posted by capt.holiday
Um, yeah.
$175k in income, nearly $60k paid in state and fed, plus $25k in deductions (education and medical)... cpa said I’ll have to pay around $20k..
explain to me why why it costs nearly $100k to earn $175k, because the accountant couldn’t. 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.
$175k in income, nearly $60k paid in state and fed, plus $25k in deductions (education and medical)... cpa said I’ll have to pay around $20k..
explain to me why why it costs nearly $100k to earn $175k, because the accountant couldn’t. 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.
03-13-2019, 01:37 PM
#12
Admirals Club
Originally Posted by capt.holiday
Um, yeah.
$175k in income, nearly $60k paid in state and fed, plus $25k in deductions (education and medical)... cpa said I’ll have to pay around $20k..
explain to me why why it costs nearly $100k to earn $175k, because the accountant couldn’t. 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.
$175k in income, nearly $60k paid in state and fed, plus $25k in deductions (education and medical)... cpa said I’ll have to pay around $20k..
explain to me why why it costs nearly $100k to earn $175k, because the accountant couldn’t. 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.
03-13-2019, 02:26 PM
#13
Senior Member
Originally Posted by capt.holiday
Um, yeah.
$175k in income, nearly $60k paid in state and fed, plus $25k in deductions (education and medical)... cpa said I’ll have to pay around $20k..
explain to me why why it costs nearly $100k to earn $175k, because the accountant couldn’t. 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.
$175k in income, nearly $60k paid in state and fed, plus $25k in deductions (education and medical)... cpa said I’ll have to pay around $20k..
explain to me why why it costs nearly $100k to earn $175k, because the accountant couldn’t. 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.
03-13-2019, 03:03 PM
#17
Senior Member
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.
03-13-2019, 03:20 PM
#18
Admirals Club
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.
