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Taxes


greg1647545532

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I've been struggling to get my withholding right since my wife went back to work, we owe big again this year and we're actually getting hit with a small penalty for not withholding enough.

 

Nowhere close to being able to itemize this year with the change to the standard deduction and the reduced mortgage deduction.

 

It looks like my effective federal tax rate did go down, though, from 12.8% last year to 12.3% this year. Unfortunately we earned more this year so our overall tax payments went up 2 grand. Thanks Trump!

 

How'd everyone else make out under the new tax rules?

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Seems fine as always. We only ever had deductions for kid, daycare, and loan interest...all of which are always capped pointlessly low.

 

We actually filed separately this year so to lower the Mrs' income-driven student loan payments. Banking on the couple-thousand-dollar loss in return, in favor of substantially lower monthly payments (because fuck $730/month on one loan)

 

We will still get back a few grand anyway.

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I am actually more worried about something I heard on the radio this AM that said the IRS is looking at a year backup and hasn't even started processing this years returns. And something that could be made worse in 3 weeks.
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Seems fine as always. We only ever had deductions for kid, daycare, and loan interest...all of which are always capped pointlessly low.

 

We actually filed separately this year so to lower the Mrs' income-driven student loan payments. Banking on the couple-thousand-dollar loss in return, in favor of substantially lower monthly payments (because fuck $730/month on one loan)

 

We will still get back a few grand anyway.

 

 

We used to file seperate to get lower payments on my wife's IBR. We switched to the REPAYE and her payments are only $80 more per month, and we get to file a joint return, which in the end we save a few thousand per year.

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I dont get refunds unfortunately. If I happen to overpay on estimates it just rolls over to the next years 1st quarter est. I will end up paying less this year even being in the top MFJ tax bracket. But I also paid almost nothing last year. Mainly due to being a small business owner and socking away the max for our SEP's, wifes Roth, Charitable givings and buying a heavy enough expensive truck for work among many other deductions.

 

I think this year ill end up pay just under 20% in taxes once I factor all the 2018 deductions. Im happy with it. I wish the Sec 179 trade in weren't changed, but at the end of the day it wont really matter to me.

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Same withholdings, but this year's refund is less than half the amount of last year's. And as mentioned before, this is the first time in YEARS that the standard deduction has given me a better result than itemizing.
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We used to file seperate to get lower payments on my wife's IBR. We switched to the REPAYE and her payments are only $80 more per month, and we get to file a joint return, which in the end we save a few thousand per year.

 

She is on track for loan forgiveness, which is scary enough...so as far as we were told, our 'cheapest' option was still astronomical, since I had paid off my federal loans....I guess they just thought they'd take that amount and then some.

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Same withholdings, but this year's refund is less than half the amount of last year's. And as mentioned before, this is the first time in YEARS that the standard deduction has given me a better result than itemizing.

 

Same here. About half the refund as the last few years. Kind of annoying to feel like my wife and I aren’t benefiting from home ownership anymore, and they cut the child credit in half. Definitely cost us more in taxes for 2018.

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Same with the common trend for us normal folk.

 

I made more, got half the return I did last year. Home ownership has no gain to me now, which was a big draw to buying a home for me.

 

This year (2019) im really gonna make out better, I just put an order in for a brand new Snap-On Epiq box at work that will get me pretty close to the standard deduction by itself, plus I'll have paid off my new scanner within the next 8 months, as well as whatever else I will spend on tools.

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Before I was married, I never got a refund. Married a pastor, started getting pretty legit refunds. It hurts quite a bit, not being able to deduct unreimbursed expenses, though.

 

I get the feeling that a LOT of people are going to find that they did not withhold enough this year.

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Same here. About half the refund as the last few years. Kind of annoying to feel like my wife and I aren’t benefiting from home ownership anymore, and they cut the child credit in half. Definitely cost us more in taxes for 2018.

 

parents are going through that right now and will sell within two years max since they are close to retiring. The only home they will keep is in Hawaii because property taxes there are a fraction of what they are in Ohio.

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This is absolutely the wrong way to look at things. http://www.columbusracing.com/forums/picture.php?albumid=695&pictureid=5585

 

wait making more requires you pay more in taxes? CNN and Cortez told me the rich paid less taxes?!!

 

:lolguy:

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wait making more requires you pay more in taxes? CNN and Cortez told me the rich paid less taxes?!!

 

:lolguy:

 

I'm not even sure why your tax rate is 20% if you own your own business. It should be a max of 21%, and you have a shit ton of write offs. You should be writing off more.

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This is absolutely the wrong way to look at things. http://www.columbusracing.com/forums/picture.php?albumid=695&pictureid=5585

 

If you're saying I shouldn't be the type of person who remains intentionally ignorant of my tax burden until it all comes slapping me in the face sometime in late January, my only response is: I know my foibles, leave me alone.

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I'm not even sure why your tax rate is 20% if you own your own business. It should be a max of 21%, and you have a shit ton of write offs. You should be writing off more.

 

im switching accountants for 2020. Mine current guy is far to conservative. I, on the other hand tend to be more conservative in my estimates, just because I know it goes to the following years Q1. But I agree, it needs to be lower.

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If you're saying I shouldn't be the type of person who remains intentionally ignorant of my tax burden until it all comes slapping me in the face sometime in late January, my only response is: I know my foibles, leave me alone.

 

Nah, it's because you said "Unfortunately we made more money". :)

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Should get a couple grand back this year again. Thank god for the kid. Kinda nervous about filing in 2020 though as our household income will jump up quite a bit with my wife's job.

 

Everyone's tax rate in this thread is around 13%, mine included. That means you can have your household income go up $15k with no additional money taken out of your checks and still break even. Even in a higher bracket you can go up $10k and still be safe.

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