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Anyone else blindsided by taxes owed this year?

Old 03-13-2019, 12:52 PM
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Default 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.
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Old 03-13-2019, 12:57 PM
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My apologies MOD's, I meant for this to go into The Bilge. Please move if appropriate.
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Old 03-13-2019, 01:00 PM
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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.
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Old 03-13-2019, 01:14 PM
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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.
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Old 03-13-2019, 01:21 PM
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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.
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Old 03-13-2019, 01:24 PM
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Originally Posted by tommyjones View Post
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.

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.
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Old 03-13-2019, 01:37 PM
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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
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Old 03-13-2019, 02:00 PM
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Nope. I actually got back more than I wanted.
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Old 03-13-2019, 02:07 PM
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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.
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Old 03-13-2019, 02:11 PM
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Originally Posted by Capt Grady 23 Gulfstream View Post

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.
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Old 03-13-2019, 02:14 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 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.
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.
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Old 03-13-2019, 02:37 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 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.
I have somewhat similar numbers and we getting a good chunk back.
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Old 03-13-2019, 03:26 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 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.
that doesnt make any sense at all. Get TurboTax and do it yourself since the tax prep moron is a moron.
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Old 03-13-2019, 03:33 PM
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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.
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Old 03-13-2019, 03:42 PM
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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.
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Old 03-13-2019, 04:02 PM
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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.
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Old 03-13-2019, 04:03 PM
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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.
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Old 03-13-2019, 04:20 PM
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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.
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Old 03-13-2019, 04:26 PM
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$23 Trillion national debt. We are lucky our tax bills aren't 10X what they are.
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Old 03-13-2019, 05:35 PM
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The math has been out for a long time

Do it

I'm shocked

Why
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