Tax bill

[TheMalcolmConnection]

So I trust my tax person, but my biggest concern is possibly OWING next year. She said that even though we get around $3,000 back each year (we take zero deductions), next year we might have to pay in. That would seriously chap my ass considering we're not getting THAT much extra to cover that in our paychecks. Anyone else hear this from their tax person (or notice it when preparing your own)?

[Giantone]

Originally Posted by TheMalcolmConnection

So I trust my tax person, but my biggest concern is possibly OWING next year. She said that even though we get around $3,000 back each year (we take zero deductions), next year we might have to pay in. That would seriously chap my ass considering we're not getting THAT much extra to cover that in our paychecks. Anyone else hear this from their tax person (or notice it when preparing your own)?

...........yes ,my Tax man is a professional and has been doing this for years.

[TheMalcolmConnection]

Originally Posted by Giantone

...........yes ,my Tax man is a professional and has been doing this for years.

So he's saying the same thing? You don't have to answer if you don't want, but do you typically get a pretty large return and now he's saying you might have to pay in?

[MTK]

I find it hard to believe there would be that drastic of a swing from getting 3k back to owing $. My tax guy hasn’t mentioned anything yet

[TheMalcolmConnection]

I agree. I think combined my wife and I get an extra $200 per paycheck... Just really worries me because that pays for our vacation each year.

[Giantone]

Not a tax man so I am repeating and I could be wrong! We got around 1200/1500 on good years back. This year he has a print out of out taxes as we did for this year and then if we leave everything as is for next year and it's in the deductions ,we itemize the Mrs spends about 2700 out of pocket on school supply's .He says we will be hit on those things on our Federal , he says our state should still be the same.



...........live in Maryland .

[Giantone]

Originally Posted by TheMalcolmConnection

I agree. I think combined my wife and I get an extra $200 per paycheck... Just really worries me because that pays for our vacation each year.

I admit I thought it would be worse ,I adjust my federal withholding so we will be fine . My brother up in NJ has property taxes of over $23,000(ocean front) and will only be able to claim 10 grand that's all.

[MTK]

You can always check with the IRS, everyone has different situations

[mooby]

Here's a follow up report on the savings from the tax bill.

Personally my paycheck went up, but it's hard to tell how much is from the tax cut and how much is from the salary bump due to my promotion that went into effect right around the same time. My tax return was higher than last year's, but not by much.

Tax cut savings flow to company stockholders, trickle to hourly workers

[Giantone]

And now the other side of Trump and Ryan's tax bill.................
https://www.yahoo.com/huffpost/avera...054836423.html


Average Tax Refunds Down 8.4 Percent As Angry Taxpayers Vent On Twitter
HuffPost Mary Papenfuss,HuffPost Sat, Feb 9 12:48 AM EST
Reactions Reblog on Tumblr Share Tweet Email
Average tax refunds were down last week 8.4 percent for the first week of the tax season over the same time last year, according to the Internal Revenue Service. Dipping refunds are inflaming a growing army of taxpayers stunned by the consequences of the Trump administration’s tax law — and the effects of the partial government shutdown.

The average refund check paid out so far has been $1,865, down from $2,035 at the same point in 2018, according to IRS data. Low-income taxpayers often file early to pocket the money as soon as possible. Many taxpayers count on the refunds to make important payments, or spend the money on things like home repairs, a vacation or a car.

The IRS had estimated it would issue about 2.3 percent fewer refunds this year as a result of the changes in the federal tax law, according to Bloomberg. MSNBC reports that 30 million Americans will owe the IRS money this year — 3 million more than before Trump’s tax law.


chico this is an OPINION piece...........


https://www.fatherly.com/love-money/...arents-refund/

I am a father of two in a dual-earner household, sitting smack-dab in the middle of the middle-class. It’s February and I am terrified to do my 2018 taxes. It’s not because taxes are hard. It’s not because I’m seeing middle-class Trump supporters become apoplectic on Twitter as they calculate their tax bill. It’s because for the last three years I’ve been a remote worker itemizing my tax returns and, in 2017, House Republicans and President Trump stripped me of crucial deductions. So I hesitate to file. Because I know it’s going to be bad and I don’t want to find out just how bad.

I have, for the last three years enjoyed a refund. And the money I received from that refund often went back to my community. One year my wife and I bought a couch from a local business. The next we bought a bed from a local business. Other times, of course, we’ve used the refund to pay down debt. Either way, I am not expecting a refund this year. I’m expecting to write a check.

[Back2RFK]

Originally Posted by Giantone

And now the other side of Trump and Ryan's tax bill.................
https://www.yahoo.com/huffpost/avera...054836423.html


Average Tax Refunds Down 8.4 Percent As Angry Taxpayers Vent On Twitter
HuffPost Mary Papenfuss,HuffPost Sat, Feb 9 12:48 AM EST
Reactions Reblog on Tumblr Share Tweet Email
Average tax refunds were down last week 8.4 percent for the first week of the tax season over the same time last year, according to the Internal Revenue Service. Dipping refunds are inflaming a growing army of taxpayers stunned by the consequences of the Trump administration’s tax law — and the effects of the partial government shutdown.

The average refund check paid out so far has been $1,865, down from $2,035 at the same point in 2018, according to IRS data. Low-income taxpayers often file early to pocket the money as soon as possible. Many taxpayers count on the refunds to make important payments, or spend the money on things like home repairs, a vacation or a car.

The IRS had estimated it would issue about 2.3 percent fewer refunds this year as a result of the changes in the federal tax law, according to Bloomberg. MSNBC reports that 30 million Americans will owe the IRS money this year — 3 million more than before Trump’s tax law.


chico this is an OPINION piece...........


https://www.fatherly.com/love-money/...arents-refund/

I am a father of two in a dual-earner household, sitting smack-dab in the middle of the middle-class. It’s February and I am terrified to do my 2018 taxes. It’s not because taxes are hard. It’s not because I’m seeing middle-class Trump supporters become apoplectic on Twitter as they calculate their tax bill. It’s because for the last three years I’ve been a remote worker itemizing my tax returns and, in 2017, House Republicans and President Trump stripped me of crucial deductions. So I hesitate to file. Because I know it’s going to be bad and I don’t want to find out just how bad.

I have, for the last three years enjoyed a refund. And the money I received from that refund often went back to my community. One year my wife and I bought a couch from a local business. The next we bought a bed from a local business. Other times, of course, we’ve used the refund to pay down debt. Either way, I am not expecting a refund this year. I’m expecting to write a check.

How many of those people saw a bigger pay check over the past year because of the new tax laws? They seem to leave that out of the equation.

[Giantone]

Originally Posted by Back2RFK

How many of those people saw a bigger pay check over the past year because of the new tax laws? They seem to leave that out of the equation.

If you read the link they don't.

[Schneed10]

Originally Posted by mooby

Here's a follow up report on the savings from the tax bill.

Personally my paycheck went up, but it's hard to tell how much is from the tax cut and how much is from the salary bump due to my promotion that went into effect right around the same time. My tax return was higher than last year's, but not by much.

Tax cut savings flow to company stockholders, trickle to hourly workers

Just saw this. It is actually extremely easy to tell that if you can handle basic algebra, come on mooby.

[sdskinsfan2001]

Originally Posted by Schneed10

Just saw this. It is actually extremely easy to tell that if you can handle basic algebra, come on mooby.

Algebra? Never heard of her.

[jamf]

Originally Posted by sdskinsfan2001

Algebra? Never heard of her.

I'll introduce you if you want to watch a game in TJ with me.

Bring $100, more if you're into freaky stuff.