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Subject: Your 2018 Taxes. rss

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Carl Parsons
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I was unsure how my taxes for last year was going to shake out with pretty much everything I've relied on for relief removed from the tax laws. I had a lot of change in my career last year (Off work for a couple months and changing jobs twice) so I'm not sure if I'll ever really know the impact those changes have had. I did do my taxes this past weekend and have some results. Before I say what they are, however, there are some people who have experienced quite a surprise this year.

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A whole collection of them here: https://wokesloth.com/trump-voters-furious-tax-plan/jessi/?u...

So, now, on to mine.

I made approximately 20% less during the year and went from a 25% rate to a 22%. At a glance this appears to be better but, as stated above, I may never know for sure.

Now tell us how much the tax "cuts" have impacted you.
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Andre
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So, Trump voters that were told the tax cuts were for the wealthy, regretting their decision, when their taxes increased.

Color me surprised!

I suspect there will be a lot more stories out there like those referenced.

But they don't have to worry about the ACA either, they have Obamacare!

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Lola Granola
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I really like the "Stupid People" label on that page. But now I'm afraid to do my taxes. yuk
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Michael Carter
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I'm not sure how different mine are. Between changing jobs, plus doing a tiny amount of contracting, and racing winnings I think I'm just barely in the next tax bracket this year. I'm waiting for eTrade to finish up their tax documents for the RSUs I received and sold last year.
 
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I see you...
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I'm still waiting for my W-2s.
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Josh
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Since my wife's employer is paying for it we are running our taxes through an accountant again this year so I won't know for a while. Anyone know if mortgage interest still matters?
 
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C Bazler
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Our return almost doubled from last year. I take it as proof that the people who are the least in need are getting the most out of this tax break.

America is Officially Great Again.

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Bill Cook
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One issue is that lots of people who used to itemize are just getting the (admittedly) higher standard deduction. The higher standard deduction is factored in the withholding tables, so they have been taking a bit less out of most people's paychecks.

When people talk about paying taxes, they often focus on what they pay/get back when filing. Not the total amount they paid. So even if they end up paying a few bucks less than last year, it feels worse since they owe at tax time.

Of course, they real issue is that Trump borrowed hundreds of billions from future taxpayers to give the richest Americans and corporation big tax cuts now. We all are going to have to pay more taxes in the future to pay that money back
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Michael Carter
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Shadrach wrote:
Since my wife's employer is paying for it we are running our taxes through an accountant again this year so I won't know for a while. Anyone know if mortgage interest still matters?
I file single and my mortgage isn't huge, but with the increased standard deduction I couldn't quite get high enough with my itemized deductions for the mortgage interest to matter.
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Carl Parsons
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A lot of the deductions that the lower tax brackets were given have an expiration date. The higher tax brackets not so much. In a few years taxes for the middle to lower classes are going to get even worse.
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Paul W
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My taxes were lower this year, and part of that was the tax cuts, but a lot is also due to other factors, so it's hard to measure precisely (new child, first full year of mortgage payments, etc.)
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Paul W
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Shadrach wrote:
Since my wife's employer is paying for it we are running our taxes through an accountant again this year so I won't know for a while. Anyone know if mortgage interest still matters?
Standard deduction for a married couple is $24k, so it depends on whether your total deductions will exceed that amount. I'm still itemizing, but I think something like 90%+ of filers will just end up taking the standard deduction now.
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rico
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fizzmore wrote:
blah blah blah new child, first full year of mortgage payments
Congrats!!!
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Paul W
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Thanks, he's pretty stinkin' cute

Daddy's little tax credit:

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Born To Lose, Live To Win
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I got the the triple whammy of the decreased withholding taking me by surprise, moving up a tax bracket with a raise that increased my taxes more than my raise gave me and my daughter no longer being able to be taken as a dependent. Barely broke even.
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Michael Kravetz
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We have always done standard deductible and still do.
I also always set withholdings to "break even" tax day. That included the new withholding calculator for the new tax laws.

We paid a little less taxes throughout the year and we have essentially broke even again. We're supposed to get $303 back which is pretty close to normal.
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C M
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Refund doubled this year.
 
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Cody
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batman wrote:
A lot of the deductions that the lower tax brackets were given have an expiration date. The higher tax brackets not so much. In a few years taxes for the middle to lower classes are going to get even worse.
Like what?

I'm interested. I've been itemizing the last few years (and will this last year) but my income/obligations will change next year so with the new standard deduction I might be better off.
 
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Cody
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TheChin! wrote:
I got the the triple whammy of the decreased withholding taking me by surprise, moving up a tax bracket with a raise that increased my taxes more than my raise gave me and my daughter no longer being able to be taken as a dependent. Barely broke even.
The tax brackets are graduated. Does your employer require larger contributions for benefits at certain levels? You also lose certain deductions (ie student loan interest) as your income increases. If so I've felt your pain myself, but your overall income doesn't get teaxed at any increased rate just because you break into the next federal tax rate tier... Did the new standard deduction not cover your prior deductions?
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Carl Parsons
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AHShole wrote:
batman wrote:
A lot of the deductions that the lower tax brackets were given have an expiration date. The higher tax brackets not so much. In a few years taxes for the middle to lower classes are going to get even worse.
Like what?

I'm interested. I've been itemizing the last few years (and will this last year) but my income/obligations will change next year so with the new standard deduction I might be better off.
Here's a link: https://taxfoundation.org/look-ahead-expiring-tax-provisions...

On December 31, 2025 the following will take place. So we've got some time to enjoy them and hope they get continued.

Quote:
Twenty-three provisions from the Tax Cuts and Jobs Act directly relating to individual income taxes will expire, meaning most taxpayers will see a tax hike unless some or all provisions are extended. Some of the most impactful provisions scheduled to expire include the TCJA’s reduction of individual income rates, increased child tax credit, the increased AMT exemption and phaseout threshold, and the increased standard deduction. The individual income tax code is effectively scheduled to return to what it was before the TCJA, meaning personal exemptions, the overall limitation on itemized deductions, uncapped state and local tax deductions, and many other miscellaneous itemized deductions will return.
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Paul W
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Of course, this was an intentional political maneuver in passing the tax bill: allowing the middle class tax cuts to lapse improved the budget score of the bill, and at the same time Republicans know that letting them lapse would be incredibly unpopular, so setting it up this way basically ensures that all the tax cuts will be permanent while disguising the true cost of the bill.
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Cody
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batman wrote:
AHShole wrote:
batman wrote:
A lot of the deductions that the lower tax brackets were given have an expiration date. The higher tax brackets not so much. In a few years taxes for the middle to lower classes are going to get even worse.
Like what?

I'm interested. I've been itemizing the last few years (and will this last year) but my income/obligations will change next year so with the new standard deduction I might be better off.
Here's a link: https://taxfoundation.org/look-ahead-expiring-tax-provisions...

On December 31, 2025 the following will take place. So we've got some time to enjoy them and hope they get continued.

Quote:
Twenty-three provisions from the Tax Cuts and Jobs Act directly relating to individual income taxes will expire, meaning most taxpayers will see a tax hike unless some or all provisions are extended. Some of the most impactful provisions scheduled to expire include the TCJA’s reduction of individual income rates, increased child tax credit, the increased AMT exemption and phaseout threshold, and the increased standard deduction. The individual income tax code is effectively scheduled to return to what it was before the TCJA, meaning personal exemptions, the overall limitation on itemized deductions, uncapped state and local tax deductions, and many other miscellaneous itemized deductions will return.
Thanks!

Thats funny the "cuts" (bigger standard deductions) go into effect, but the other provisions (that would pay for those cuts, and were used to pass the legislation) will probably never go into effect, because they will be altered sometime in the next 6 years.
 
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Paul W
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Just keep those geekgold tips coming, college isn't going to pay for itself! ninja
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Junior McSpiffy
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Taxes already filed. Large return, thanks to the leftover portion of the solar tax credit.

Dave Ramsey says I can't have any fun, though.
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Paul W
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GameCrossing wrote:
Taxes already filed. Large return, thanks to the leftover portion of the solar tax credit.

Dave Ramsey says I can't have any fun, though.
Are you on step 2? Paying off debt is no fun, but the payoff is worth it...keep up the good work!
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