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 Posted:   Feb 13, 2019 - 8:10 AM   
 By:   Adam B.   (Member)

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"

 
 Posted:   Feb 13, 2019 - 8:24 AM   
 By:   solium   (Member)

Well I would call you upper middle class. Depending on where you live of course you could be middle class.

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.

Also the middle class "tax cut" is temporary and their taxes will actually go up over the next five years. The one-percenter's tax cut is permanent.

 
 Posted:   Feb 13, 2019 - 9:24 AM   
 By:   Mr. Marshall   (Member)

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!

 
 Posted:   Feb 13, 2019 - 9:30 AM   
 By:   Last Child   (Member)

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

 
 Posted:   Feb 13, 2019 - 9:46 AM   
 By:   Sirusjr   (Member)

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.

 
 Posted:   Feb 13, 2019 - 10:10 AM   
 By:   Mr. Marshall   (Member)

No alimony deduction...

Remember that ODD COUPLE ep where Felix saved Oscar a huge tax bill by telling him alimony was deductible?

 
 Posted:   Feb 13, 2019 - 10:12 AM   
 By:   Mr. Marshall   (Member)

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

 
 Posted:   Feb 13, 2019 - 10:52 AM   
 By:   Last Child   (Member)

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).

 
 Posted:   Feb 13, 2019 - 11:13 AM   
 By:   David Sones (Allardyce)   (Member)

BRM, stop. I don’t want any more reports on this thread.

 
 Posted:   Feb 13, 2019 - 11:21 AM   
 By:   Sirusjr   (Member)

Yes but it is doubled in that married couples may find very little reason to itemize with the new limits. My income was rarely high enough to care one way or another before I got married so I don't have much experience with differences. I haven't seen how things change yet for the 2018 tax year. Of course I still have itemized deductions that are deducted as business expenses before getting to the standard deduction so certain things aren't going away like deducting costs of rent and insurance before getting to the standard deduction.

 
 Posted:   Feb 14, 2019 - 7:46 PM   
 By:   DavidinBerkeley   (Member)

This thread is about preparing tax forms.

And no, even though I HAVE the forms, I'm still staring at them.

 
 Posted:   Feb 15, 2019 - 3:29 AM   
 By:   Last Child   (Member)

For several years I've used whatever free online software is offered from the IRS and my state, and it does the calculating (and hopefully will determine if I qualify for any "loopholes"). Do you have circumstances that not allow this, or do you not trust it?

 
 Posted:   Feb 21, 2019 - 6:59 PM   
 By:   DavidinBerkeley   (Member)

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.

 
 Posted:   Feb 21, 2019 - 9:20 PM   
 By:   Adm Naismith   (Member)

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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