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donkiez

donkiez

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How was everyone's bigly tax cut this year?

I just finished my taxes and I paid about $3k more this year than last year. My situation is almost identical as last year and I consider myself middle of the middle class. I can't wait for a few years when these great new cuts expire and I get to pay even more.
 
donkiez said:
How was everyone's bigly tax cut this year?

I just finished my taxes and I paid about $3k more this year than last year. My situation is almost identical as last year and I consider myself middle of the middle class. I can't wait for a few years when these great new cuts expire and I get to pay even more.
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I saved several thousand and God knows I need it. It's gonna go well with the Millions I've already saved. Thank you, Trump.
 
donkiez said:
How was everyone's bigly tax cut this year?

I just finished my taxes and I paid about $3k more this year than last year. My situation is almost identical as last year and I consider myself middle of the middle class. I can't wait for a few years when these great new cuts expire and I get to pay even more.
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Fuck!!!!! I owe the IRS 5000. (My taxes did go down though)...I just didn't pay enough this year. Will actually pay about 2000 less this year. Thanks Don
 
Lanny said:
I saved several thousand and God knows I need it. It's gonna go well with the Millions I've already saved. Thank you, Trump.
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We went form 25 & 28% bracket down to 12%, plus a bonus for being over 65.
 
donkiez said:
How was everyone's bigly tax cut this year?

I just finished my taxes and I paid about $3k more this year than last year. My situation is almost identical as last year and I consider myself middle of the middle class. I can't wait for a few years when these great new cuts expire and I get to pay even more.
Click to expand...

Middle of the middle class and you payed $3k more? I know you hate Trump but that definitely doesn’t add up. You’d have to be in the over $200k income range to see an increase, especially one of $3k. Unless you have massive itemizations or an unconventional income source.
 
jonnyboy said:
Middle of the middle class and you payed $3k more? I know you hate Trump but that definitely doesn’t add up. You’d have to be in the over $200k income range to see an increase, especially one of $3k. Unless you have massive itemizations or an unconventional income source.
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My hate for Trump is irrelevant, what are you suggesting with that comment? I was assuming I would at least make a few bucks on the guy. I'm pretty basic average filler. File single, less than $100k, standard steady income source, own a house and have a mortgage. Own stocks but didn't sell any last year or the year before. Its a pretty simple straight forward turbotax file for the last 6 years, I made slightly more overall but nothing has significantly changed. My state taxes are almost identical to last year. Im obviously dissatisfied by the results. I have co-workers who are seeing similar results.
 
Not gonna say what I make but its in the six figure range, with 3 kids, married, I ended up paying a lot less overall. My refund was about 10k.
Mostly the same last year and paid in more overall, so I guess for me it went in a good direction.

Honestly though... Our finances are more then fine, I am more concerned about how the lower middle class and lower classes fair. As someone who has been really poor, the stress of not knowing where the next meals are coming from, or how you’re going to pay the most basic bills thats HARD to deal with on a daily basis.
 
I think it is absolutely hilarious the withholding tables were changed this year. This tax act blew up in their face a little bit. So many people angry because they got more throughout the year (they wanted people to feel like they immediately felt relief) then owe money at the end of the year because they didn't withold enough.

Btw, my goodness. The tax forms are hideous this year. That postcard thing was so dumb. Delete half the page, create another page for the deleted stuff.
 
SlyPokerCat said:
Middle class homeowners that pay a decent amount of home mortgage interest in the west coast states (and generally higher cost of living states) have been paying more.

Tax rates went down, but they got rid of exemptions too.

I was unable to itemize this year, my wife and I ended up paying a couple hundred bucks less this year.

The people that really made out were the rich.
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My parents arent close to %ers but make considerably more then any two people need to make and have a lot of investments and all that. They told me their taxes doubled this year. I know part of that was from a business investment but both of them are really savvy finance people and have told me that the new laws were pretty bad for them.

Maybe the breaks are for the 1%ers, but the rich and our government officials scratching each others backs is just shocking...
 
I dunno will prob do at last minute. Fuck this shit, should just have a flat tax and we dont file shit.

My tax lady died or retired i think (phone disconnected) so i had to do turbotax last year.

Shit is boooooorrrrrring

I marked 0 exemptions, doing standard deduction, same as last year. Tax lady used to write everything off.
 
TorturedBlazerFan said:
My parents arent close to %ers but make considerably more then any two people need to make and have a lot of investments and all that. They told me their taxes doubled this year. I know part of that was from a business investment but both of them are really savvy finance people and have told me that the new laws were pretty bad for them.

Maybe the breaks are for the 1%ers, but the rich and our government officials scratching each others backs is just shocking...
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Not that i'm going to, but if i saw their tax returns i could tell you why. There are a lot of complexities to the tax code.

But generally, poor people made out, rich people made out, some middle class did OK, some middle class got fucked. Overall, the middle class now pays a higher percentage of overall tax than they did for 2017. Yay.
 
SlyPokerCat said:
Not that i'm going to, but if i saw their tax returns i could tell you why. There are a lot of complexities to the tax code.

But generally, poor people made out, rich people made out, some middle class did OK, some middle class got fucked. Overall, the middle class now pays a higher percentage of overall tax than they did for 2017. Yay.
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Im sure I could ask them. My Dad works as a CFO for 3 companies, and owns two businesses and is part of an ownership group that owns a few others. He told me that one of the businesses in particular really hurt them from a tax perspective. Im not into finance stuff at all. I dont even do my own. My wife does. As long as the bills are paid and her and the girls have what they need Im good. We go over finances every 3-4 weeks but Im a complete idiot with that stuff, anyways. Im just getting at even if he explained it Id be probably zone out lol.
 
TorturedBlazerFan said:
Im sure I could ask them. My Dad works as a CFO for 3 companies, and owns two businesses and is part of an ownership group that owns a few others. He told me that one of the businesses in particular really hurt them from a tax perspective. Im not into finance stuff at all. I dont even do my own. My wife does. As long as the bills are paid and her and the girls have what they need Im good. We go over finances every 3-4 weeks but Im a complete idiot with that stuff, anyways. Im just getting at even if he explained it Id be probably zone out lol.
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It can be boring but I was born to do it. Graduated with 2 bachelor degrees one in accounting. Hated taxes at first but it was the first job I could get during the recession. Now, I wouldn't do anything else.
 
donkiez said:
My hate for Trump is irrelevant, what are you suggesting with that comment? I was assuming I would at least make a few bucks on the guy. I'm pretty basic average filler. File single, less than $100k, standard steady income source, own a house and have a mortgage. Own stocks but didn't sell any last year or the year before. Its a pretty simple straight forward turbotax file for the last 6 years, I made slightly more overall but nothing has significantly changed. My state taxes are almost identical to last year. Im obviously dissatisfied by the results. I have co-workers who are seeing similar results.
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Well that definitely sucks. Sorry if I sounded like I was calling you out. A lot of people I’ve talked to were complaining about smaller tax returns but not taking into account they paid a lower percentage all year. I’m probably in the same income bracket as you, me and most people I know did a little better. Smaller tax returns but more take home out of every check. Did you ever figure out what factors caused you to to lose out so bad? Single filer or owning stocks maybe? Those were the only factors where you and I differ it sounds like.
 
SlyPokerCat said:
It can be boring but I was born to do it. Graduated with 2 bachelor degrees one in accounting. Hated taxes at first but it was the first job I could get during the recession. Now, I wouldn't do anything else.
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My parents are both like that, I sometimes wonder if it was one of the ways I was rebellious growing up. I mean, I understand the math ok, but they both live to talk finances and business stuff, and I just havent ever been all that interested in it.
Our dinner time conversations used to consist of them talking about all this business stuff and Id just be like so, basketball? Or look I made my electronics do something nifty.
 
We’re paying a bit more because our itemized deductions went down fairly significantly. Not really thrilled....
 
Looks like I am a big winner from the Trump tax cuts. My taxes went down enormously.

Thanks Trump voters! I didn't want it or need it, but I'll take it.

barfo
 
Hoopguru said:
Lanny, My grandson will be a senior in HS next year and he was just sworn in for the National Guard. Going to Fort Benning for bootcamp this summer.
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That's the State I was born in. I was born in an Army hospital in Atlanta.
Boot camp means he's either going into the Navy or the USMC. However, Ft. Benning is an Army base. So which is it the Army, Navy or Marines?
 
Lanny said:
That's the State I was born in. I was born in an Army hospital in Atlanta.
Boot camp means he's either going into the Navy or the USMC. However, Ft. Benning is an Army base. So which is it the Army, Navy or Marines?
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Army
 
Horrifying - I knew people were getting socked with huge tax bills but I stopped working in August when company closed and I retired. Tapped severance and savings so no income for four months. And I owe double what I did last year. Had a small salary increase but not huge. I have a really good tax preparer. Guess I'm not rich enough for a tax cut.
 
I owed less. Like $150 less on federal. Income was up too. woo woo.

Got a small state refund back. Did this shit on my phone in 10 minutes lol.
 
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