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Seems that last year's " tax cut" only applied to the one percenters.
Working stiffs who figured on a refund , instead, are finding out they have a huge tax debt..
Suckers.
You got played.
Again.
That's nonsense. My salaried paycheck went up $82 which means I take home another $164 a month in a two-check month. Everyone in my office experienced something similar. None of us make more than 75k a year so we're certainly not the "one-percenters"
If you don't deduct state income taxes and others like mortgages and alimony you might break even.
If you live in NY..CA... you are SOL.
MAGA!
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No alimony deduction...
Remember that ODD COUPLE ep where Felix saved Oscar a huge tax bill by telling him alimony was deductible?
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But the thing is most middle class and minimum wagers will get less back or have to pay. This is a fact, they took away key deductions.
My paycheck went up because after the "tax cut" the Feds weren't taking out enough (you have to change your W2 exemptions, if any). If you look online, there are warnings about a rude awakening at tax time for people this will effect.
I'm more concerned that the tax cuts "weren't paid for" - that is, will increase government debt unless they eliminate services we rely on. But I guess that was the ruling party's motivation
Just announced...
Biggest deficit ever...
Huge huge HUGE increase since tax cuts for the rich took affect.
MAGA!
T
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Posted: |
Feb 13, 2019 - 11:52 AM
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By: |
Last Child
(Member)
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But the thing is most middle class and minimum wagers will get less back or have to pay. This is a fact, they took away key deductions.
My paycheck went up because after the "tax cut" the Feds weren't taking out enough (you have to change your W2 exemptions, if any). If you look online, there are warnings about a rude awakening at tax time for people this will effect.
I'm more concerned that the tax cuts "weren't paid for" - that is, will increase government debt unless they eliminate services we rely on. But I guess that was the ruling party's motivation
This. If you don't get back the same amount in a refund, you were probably not paying attention when they adjusted the amount taken out of each check. Plus getting a lower refund is a good thing. It means you didn't give the government an interest free loan.
I am self-employed so I pay estimated taxes every quarter. This means I don't have to count on some government person adjusting the deductions, I do that myself (with some input from my husband).
Deductions were removed but the standard deduction was also doubled. This means less people will itemize which means my job as a divorce attorney is going to be more difficult. I will have much fewer clients itemizing their deductions and thus much less deductions they report to the IRS, forcing me to look elsewhere for the same information.
I'd rather have the Fed refund me a few hundred bucks than owe them (plus any penalties they might invent). As a low-wage earner, I used to break even (or get a small refund). But for the last few years, trying to use the tax credit scheme via Affordable Care Act means I always owe the IRS. So the addition of the "tax cut" will really kill me.
Btw, the standard deduction was not quite doubled. It's less than the old deduction plus the old exemption (now eliminated).
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BRM, stop. I don’t want any more reports on this thread.
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This thread is about preparing tax forms.
And no, even though I HAVE the forms, I'm still staring at them.
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Do you have circumstances that not allow this, or do you not trust it?
Partly yes, but also because I spend enough damned time on the computer.
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I files mine a few days later then normal, but I got it in earlier this week.
My refunds have been trimmed the past few years because of the fines from the Affordable Care Act. The fines were still less then the outrageous fees for the actual insurance.
But this year my refund was down 75% from what I would have probably gotten. I don't mind letting the govt withhold more then they need. I like the fat refund this time of year to apply to savings, CC bills, and upcoming property taxes.
A couple years ago I started setting aside 20% of any cash payment I received for work, In case I needed to pay out any extra in taxes. This year I have started setting aside 10% from my payroll checks in case withholding continues to be insufficient like it kind of is now. Assuming I continue to get any refund at all, this will give me the extra cash I expect.
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Got my refund around the beginning of the month.
First I write out my checks for charities...
Then it's time to storm the doors of Intrada's offices!!  (I hope they fixed that problem in The Green Room. I prefer domestic champagne to that foreign stuff!)
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Got my refund around the beginning of the month.
First I write out my checks for charities...
Then it's time to storm the doors of Intrada's offices!! (I hope they fixed that problem in The Green Room. I prefer domestic champagne to that foreign stuff!)
Just in time for the sale! http://store.intrada.com/s.nl?sc=16&category=67400
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REMEMBER: This thread is for people who DO THEIR TAXES THEMSELVES.*
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Well, I got one return in a few weeks ago, and one in on the 14th.
But, hey! There's no hurry because the deadline is extended to July 15 now.
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*Not for the people who have enough money to pay someone else to do it, and so can, while sitting by the pool, say into their diamond-encrusted phone,
"Surimi! Tell my accountant to do my taxes!" 
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*Not for the people who have enough money to pay someone else to do it, and so can, while sitting by the pool, say into their diamond-encrusted phone,
"Surimi! Tell my accountant to do my taxes!"
Nor the people who put down a martini to say to the butler: "Lukas, please tell my personal secretary to tell my accountant to do my taxes. There's a good lad..."
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