greg1647545532 Posted January 29, 2019 Report Share Posted January 29, 2019 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? Quote Link to comment Share on other sites More sharing options...
iwashmycar Posted January 29, 2019 Report Share Posted January 29, 2019 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. Quote Link to comment Share on other sites More sharing options...
Geeto67 Posted January 29, 2019 Report Share Posted January 29, 2019 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. Quote Link to comment Share on other sites More sharing options...
LJ Posted January 29, 2019 Report Share Posted January 29, 2019 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. Quote Link to comment Share on other sites More sharing options...
oh8sti Posted January 29, 2019 Report Share Posted January 29, 2019 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. Quote Link to comment Share on other sites More sharing options...
B3NN3TT Posted January 29, 2019 Report Share Posted January 29, 2019 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. Quote Link to comment Share on other sites More sharing options...
Miller Posted January 29, 2019 Report Share Posted January 29, 2019 We made less this year than last, which was expected but we didn't adjust our withholding. We're going to get a small return. Quote Link to comment Share on other sites More sharing options...
iwashmycar Posted January 29, 2019 Report Share Posted January 29, 2019 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. Quote Link to comment Share on other sites More sharing options...
o0n8 Posted January 29, 2019 Report Share Posted January 29, 2019 If you were smart, you wouldn't pay them. Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted January 29, 2019 Report Share Posted January 29, 2019 I haven’t gotten a refund in years...now I just do everything I can do reduce the anal impact that I seem to take year after year. I’ll be curious what my girlfriend gets vs. the year before Quote Link to comment Share on other sites More sharing options...
Cordell Posted January 29, 2019 Report Share Posted January 29, 2019 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. Quote Link to comment Share on other sites More sharing options...
unfunnyryan Posted January 29, 2019 Report Share Posted January 29, 2019 I made more money and am getting more money back. neat. Quote Link to comment Share on other sites More sharing options...
Geeesammy Posted January 30, 2019 Report Share Posted January 30, 2019 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. Quote Link to comment Share on other sites More sharing options...
Orion Posted January 30, 2019 Report Share Posted January 30, 2019 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. Quote Link to comment Share on other sites More sharing options...
TimTaylor751647545500 Posted January 30, 2019 Report Share Posted January 30, 2019 Anyone recommend a good, TRUSTED accountant for taxes? The guy we've been using really hosed ours up last year and I've vowed to take my business elsewhere this year. Quote Link to comment Share on other sites More sharing options...
Wease Posted January 30, 2019 Report Share Posted January 30, 2019 I'm getting about the same amount back, just a few hundred dollars. I've got it pretty well dialed in and have for years. Quote Link to comment Share on other sites More sharing options...
10phone2 Posted January 30, 2019 Report Share Posted January 30, 2019 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. Quote Link to comment Share on other sites More sharing options...
Mensan Posted January 30, 2019 Report Share Posted January 30, 2019 Unfortunately we earned more this year so our overall tax payments went up 2 grand. This is absolutely the wrong way to look at things. http://www.columbusracing.com/forums/picture.php?albumid=695&pictureid=5585 Quote Link to comment Share on other sites More sharing options...
oh8sti Posted January 30, 2019 Report Share Posted January 30, 2019 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: Quote Link to comment Share on other sites More sharing options...
Mensan Posted January 30, 2019 Report Share Posted January 30, 2019 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. Quote Link to comment Share on other sites More sharing options...
Fiji ST Posted January 30, 2019 Report Share Posted January 30, 2019 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. Quote Link to comment Share on other sites More sharing options...
greg1647545532 Posted January 30, 2019 Author Report Share Posted January 30, 2019 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. Quote Link to comment Share on other sites More sharing options...
oh8sti Posted January 30, 2019 Report Share Posted January 30, 2019 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. Quote Link to comment Share on other sites More sharing options...
Mensan Posted January 30, 2019 Report Share Posted January 30, 2019 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". Quote Link to comment Share on other sites More sharing options...
Mensan Posted January 30, 2019 Report Share Posted January 30, 2019 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. Quote Link to comment Share on other sites More sharing options...
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