|
Post by jamesod on Apr 11, 2019 9:56:41 GMT -5
How did you all come out as compared to 2017? The changes to the tax code hurt me. I pay a lot in property taxes and state income taxes and the $10k cap on deductions for those taxes fucked me. The increased standard deduction did not make up for that.
I'm about to write a big check to the Feds.
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Apr 11, 2019 11:50:08 GMT -5
Completely fucked me as well since I'm property heavy. The new deductions didn't do shit to off set it. Not a fan of the new taxes at all. I write a check ever year to the Feds, but this one is pretty fucking hefty.
I'm going to have to work on restructuring because this shit isn't going to fly every year.
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Apr 11, 2019 13:44:18 GMT -5
I came out slightly better than last year. The reduction in the federal brackets helped offset the lack of deductions.
|
|
|
Post by jamesod on Apr 11, 2019 15:31:41 GMT -5
I came out slightly better than last year. The reduction in the federal brackets helped offset the lack of deductions. No shit? I thought you'd get hammered by the 10k cap on state income and property tax deductions (SALT deductions). Maybe the way your income is structured you don't get hit so hard. But let's say you're filing as a single person (I know you're not) and you make 500k in California and your income is essentially W2 income (I suspect yours isn't). You might pay $50k-55k in state income taxes on that as they have a high personal income tax rate that would hit you at an overall rate of 10 or 11%. I would have thought your property tax would be really high too, but maybe I'm wrong. Let's say another 5k-10k in property taxes? So let's assume that's 60k in deductions In 2017, I think you'd have been able to use that full 60k in deductions. Now you're capped at 10k. So that's 50k in deductions you're missing. At a federal tax rate of, say, 30%, that's 15k less you'll get because of the cap on SALT deductions. So would the new tax rates have offset that? Well, for the first 150k of your income, you pay about 3% less under the 2018 tax rates. So that's about $4500 in savings due to the new tax rates. Nice. But for the 150k-500k, there's no real savings. You used to pay only 33% all the way up to 416k. Only after that did you pay 35%. Now you pay 35% starting at just 200k. So, for the 216k range of income between 200k and 416k, you're paying an additional 2% as compared to last year, which costs you about $4300. Your $4500 in savings just basically went away. So, for a single person in Cali who owns a home, makes 500k in W2 income, and has no weird/special deductions, by my calculations they're now paying 15k more in taxes for 2018 as compared to 2017. That would suck.
|
|
|
2018 taxes
Apr 11, 2019 19:18:20 GMT -5
via mobile
Post by andrewk1988 on Apr 11, 2019 19:18:20 GMT -5
I paid less in taxes in 2018, but not by much. And it was because I have a child now.
You'll never hear Kyle admit it, even if the new tax law fucked him royally. He's willing to die on the "tax cut" hill, even though it's bullshit.
|
|
|
Post by ocmmafan on Apr 11, 2019 20:01:36 GMT -5
Unskilled labor like dumb fuck andrew absolutely paid MUCH less. The fucking moron will literally argue with math like a common core child. A loser making 50K in the middle of a shitty neighborhood with 185K houses is paying less and that's a fact, and the kid has zero to do with it. The tax rate went down and a bum like liberal andrew is never going to itemize.
Nice to see somethings never change. Adnrew is a lying, punk-ass bitch.
We broke about even. The SALT hurts but we paid about 7K less in federal taxes due to the cut which offset my usually larger deduction.
|
|
|
Post by ocmmafan on Apr 11, 2019 20:12:48 GMT -5
www.sfchronicle.com/business/networth/article/New-data-shows-how-much-people-are-really-saving-13757828.phpFrom a liberal, Trump hating newspaper: With tax season drawing to a close, H&R Block reports that its average customer paid $1,200, or 25 percent, less in federal tax in 2018 than 2017, providing one of the first pieces of hard data on how the federal Tax Cuts and Jobs Act is affecting people in the real world. People in the high-tax states of New Jersey, Massachusetts and California got the biggest tax cuts, even though many lost some or all of their federal deduction for state and local taxes. This is yet another swift kick in the face to fake news cum swallowing andrew and his absolute hate for the truth.
|
|
|
2018 taxes
Apr 11, 2019 20:30:36 GMT -5
via mobile
Post by MMAJim on Apr 11, 2019 20:30:36 GMT -5
I’m A W-2 wanker, but my wife has her own business. I do our taxes and the changes in our deductible costs, mainly tied to property was about $15K.
I try to make things pretty close to even for the year, was glad we didn’t have to pay in (federal) or very much (state). I usually have a couple K cushion but it was about $900 this year.
|
|
|
2018 taxes
Apr 11, 2019 22:47:17 GMT -5
via mobile
Post by vegeta420z on Apr 11, 2019 22:47:17 GMT -5
www.sfchronicle.com/business/networth/article/New-data-shows-how-much-people-are-really-saving-13757828.phpFrom a liberal, Trump hating newspaper: With tax season drawing to a close, H&R Block reports that its average customer paid $1,200, or 25 percent, less in federal tax in 2018 than 2017, providing one of the first pieces of hard data on how the federal Tax Cuts and Jobs Act is affecting people in the real world. People in the high-tax states of New Jersey, Massachusetts and California got the biggest tax cuts, even though many lost some or all of their federal deduction for state and local taxes. This is yet another swift kick in the face to fake news cum swallowing andrew and his absolute hate for the truth. Haha ha fucks sake and you guys call me angry.
|
|
|
Post by HumanAgent on Apr 12, 2019 0:23:43 GMT -5
www.sfchronicle.com/business/networth/article/New-data-shows-how-much-people-are-really-saving-13757828.phpFrom a liberal, Trump hating newspaper: With tax season drawing to a close, H&R Block reports that its average customer paid $1,200, or 25 percent, less in federal tax in 2018 than 2017, providing one of the first pieces of hard data on how the federal Tax Cuts and Jobs Act is affecting people in the real world. People in the high-tax states of New Jersey, Massachusetts and California got the biggest tax cuts, even though many lost some or all of their federal deduction for state and local taxes. This is yet another swift kick in the face to fake news cum swallowing andrew and his absolute hate for the truth. Haha ha fucks sake and you guys call me angry. Well... did you see how annoying Andrew was during the Chiefs run?
|
|
|
Post by jamesod on Apr 12, 2019 8:50:23 GMT -5
www.sfchronicle.com/business/networth/article/New-data-shows-how-much-people-are-really-saving-13757828.phpFrom a liberal, Trump hating newspaper: With tax season drawing to a close, H&R Block reports that its average customer paid $1,200, or 25 percent, less in federal tax in 2018 than 2017, providing one of the first pieces of hard data on how the federal Tax Cuts and Jobs Act is affecting people in the real world. People in the high-tax states of New Jersey, Massachusetts and California got the biggest tax cuts, even though many lost some or all of their federal deduction for state and local taxes. This is yet another swift kick in the face to fake news cum swallowing andrew and his absolute hate for the truth. From that article: In late February last year, the Internal Revenue Service issued new withholding tables that reduced the federal tax withheld from employees’ paychecks, unless they filed a new W-4 form with their employers. Most did not.What does that mean? Well, most people don't really do much in the way of an overall analysis of their tax situation. So from Feb 2018 until they did their taxes in early 2019, most people probably saw a slight increase in take-home pay. And they went "yay, tax cuts!!!" So the trump admin got the initial "we like the tax cuts" response they were hoping for. But then when everyone did their taxes in early 2019, they got less of a refund, or owed more than they did the prior year and they went "WTF, this tax cut fucked me!" So I suspect that if you polled people today, many more would be upset about the tax cuts than if you polled people in mid 2018. Neither of those reactions really tell us much about how the tax cut actually affected people. The relevant question isn't "how much bigger was my weekly pay check?" or "how much smaller was my annual refund?" It's "did I pay more overall this year than I would have under 2017 tax law" and I doubt 1/10 people did that analysis. So, I'm guessing for 90% of people, their gut feeling about the tax reforms isn't necessarily tied to how those tax reforms actually affected them overall. But I'd still be interested in seeing a new poll on people's reactions to the new tax plan. Edit: Separate point... I didn't get a sense from that article whether they were talking about average or median. They said "average customer" and I don't know what that means. If super rich people got a 100k reduction in taxes, and middle class people paid on average $500 more in taxes, that might average out to a $1200 per customer reduction in taxes. But that would be a lot different than if they were talking about the median effect of the tax cut, in which case they'd be saying 1/2 of all H&R Block customers did better than a $1200 reduction and half did worse.
|
|
|
Post by ocmmafan on Apr 12, 2019 10:08:03 GMT -5
www.sfchronicle.com/business/networth/article/New-data-shows-how-much-people-are-really-saving-13757828.phpFrom a liberal, Trump hating newspaper: With tax season drawing to a close, H&R Block reports that its average customer paid $1,200, or 25 percent, less in federal tax in 2018 than 2017, providing one of the first pieces of hard data on how the federal Tax Cuts and Jobs Act is affecting people in the real world. People in the high-tax states of New Jersey, Massachusetts and California got the biggest tax cuts, even though many lost some or all of their federal deduction for state and local taxes. This is yet another swift kick in the face to fake news cum swallowing andrew and his absolute hate for the truth. From that article: In late February last year, the Internal Revenue Service issued new withholding tables that reduced the federal tax withheld from employees’ paychecks, unless they filed a new W-4 form with their employers. Most did not.What does that mean? Well, most people don't really do much in the way of an overall analysis of their tax situation. So from Feb 2018 until they did their taxes in early 2019, most people probably saw a slight increase in take-home pay. And they went "yay, tax cuts!!!" So the trump admin got the initial "we like the tax cuts" response they were hoping for. But then when everyone did their taxes in early 2019, they got less of a refund, or owed more than they did the prior year and they went "WTF, this tax cut fucked me!" So I suspect that if you polled people today, many more would be upset about the tax cuts than if you polled people in mid 2018. Neither of those reactions really tell us much about how the tax cut actually affected people. The relevant question isn't "how much bigger was my weekly pay check?" or "how much smaller was my annual refund?" It's "did I pay more overall this year than I would have under 2017 tax law" and I doubt 1/10 people did that analysis. So, I'm guessing for 90% of people, their gut feeling about the tax reforms isn't necessarily tied to how those tax reforms actually affected them overall. But I'd still be interested in seeing a new poll on people's reactions to the new tax plan. Edit: Separate point... I didn't get a sense from that article whether they were talking about average or median. They said "average customer" and I don't know what that means. If super rich people got a 100k reduction in taxes, and middle class people paid on average $500 more in taxes, that might average out to a $1200 per customer reduction in taxes. But that would be a lot different than if they were talking about the median effect of the tax cut, in which case they'd be saying 1/2 of all H&R Block customers did better than a $1200 reduction and half did worse. Most people didn't change their withholdings. This is purely a mathematical exercise which is why it is both extremely difficult for liberals to understand, and extremely difficult for liberals to believe. The bottom line is how much, after deductions, did you owe the government in federal taxes? The answer for the vast majority is LESS. A liberal is given a check for $50 at the end of the year in 2017. In 2018, the liberal is given $2 per week for the entire year but doesn't get his check at the end of the year. The liberal cries that he got fucked. Liberals are dumb.
|
|
|
Post by jamesod on Apr 12, 2019 11:09:54 GMT -5
From that article: In late February last year, the Internal Revenue Service issued new withholding tables that reduced the federal tax withheld from employees’ paychecks, unless they filed a new W-4 form with their employers. Most did not.What does that mean? Well, most people don't really do much in the way of an overall analysis of their tax situation. So from Feb 2018 until they did their taxes in early 2019, most people probably saw a slight increase in take-home pay. And they went "yay, tax cuts!!!" So the trump admin got the initial "we like the tax cuts" response they were hoping for. But then when everyone did their taxes in early 2019, they got less of a refund, or owed more than they did the prior year and they went "WTF, this tax cut fucked me!" So I suspect that if you polled people today, many more would be upset about the tax cuts than if you polled people in mid 2018. Neither of those reactions really tell us much about how the tax cut actually affected people. The relevant question isn't "how much bigger was my weekly pay check?" or "how much smaller was my annual refund?" It's "did I pay more overall this year than I would have under 2017 tax law" and I doubt 1/10 people did that analysis. So, I'm guessing for 90% of people, their gut feeling about the tax reforms isn't necessarily tied to how those tax reforms actually affected them overall. But I'd still be interested in seeing a new poll on people's reactions to the new tax plan. Edit: Separate point... I didn't get a sense from that article whether they were talking about average or median. They said "average customer" and I don't know what that means. If super rich people got a 100k reduction in taxes, and middle class people paid on average $500 more in taxes, that might average out to a $1200 per customer reduction in taxes. But that would be a lot different than if they were talking about the median effect of the tax cut, in which case they'd be saying 1/2 of all H&R Block customers did better than a $1200 reduction and half did worse. Most people didn't change their withholdings. This is purely a mathematical exercise which is why it is both extremely difficult for liberals to understand, and extremely difficult for liberals to believe. The bottom line is how much, after deductions, did you owe the government in federal taxes? The answer for the vast majority is LESS. A liberal is given a check for $50 at the end of the year in 2017. In 2018, the liberal is given $2 per week for the entire year but doesn't get his check at the end of the year. The liberal cries that he got fucked. Liberals are dumb. My question was rhetorical, but I see now that I didn't make that clear. As to the rest of your post, sounds like you repeated back to me essentially what I said, except where I said "90% of people won't do the actual relevant analysis to know whether the tax reform helped or hurt them" you said "liberals won't do the actual relevant analysis to know whether the tax reform helped or hurt them." Again, for me... I did the relevant analysis. I paid more under 2018 tax code than I would have under the 2017 tax code, and that was directly attributable to the new cap on SALT deductions.
|
|
|
Post by ocmmafan on Apr 12, 2019 12:34:37 GMT -5
so we agree liberals are dumb?
You don't have kids, right? The deductions for kids went up and that helps a LOT. The damage many thought the SALT limits would have are not as bad as originally thought, and that's good news. They also changed the marriage penalty and altered the tax rate for married couples, which is another beneficial change to the tax code. If you have a spouse that makes roughly the same as you, we ALWAYS had a substantial penalty. Now we have a far smaller marriage penalty. AMT was also changed which helps middle and upper middle class, and I will never have to worry about AMT again.
It does suck that some find themselves paying more and you fall into that group, but that group is smaller than what we envisioned when we all discussed this a year ago.
|
|
|
Post by jamesod on Apr 12, 2019 12:50:03 GMT -5
so we agree liberals are dumb? You don't have kids, right? The deductions for kids went up and that helps a LOT. The damage many thought the SALT limits would have are not as bad as originally thought, and that's good news. They also changed the marriage penalty and altered the tax rate for married couples, which is another beneficial change to the tax code. If you have a spouse that makes roughly the same as you, we ALWAYS had a substantial penalty. Now we have a far smaller marriage penalty. AMT was also changed which helps middle and upper middle class, and I will never have to worry about AMT again. It does suck that some find themselves paying more and you fall into that group, but that group is smaller than what we envisioned when we all discussed this a year ago. I think the majority of people are dumb, at least when it comes to this topic. I also think liberals are people. So, based on those two statements.... you do the math. Now, do you agree that the majority of people generally probably are too dumb and/or uninterested to have done the actual analysis required to determine whether they'd be better under the 2017 code versus the 2018 code? And thus, when you ask people it they were helped or hurt by Trump's tax reform, the majority of those people - regardless of political persuasion - will, much more often than not, answer that question based on something other than an objective analysis of the relevant facts?
|
|
|
Post by ocmmafan on Apr 12, 2019 13:51:02 GMT -5
so we agree liberals are dumb? You don't have kids, right? The deductions for kids went up and that helps a LOT. The damage many thought the SALT limits would have are not as bad as originally thought, and that's good news. They also changed the marriage penalty and altered the tax rate for married couples, which is another beneficial change to the tax code. If you have a spouse that makes roughly the same as you, we ALWAYS had a substantial penalty. Now we have a far smaller marriage penalty. AMT was also changed which helps middle and upper middle class, and I will never have to worry about AMT again. It does suck that some find themselves paying more and you fall into that group, but that group is smaller than what we envisioned when we all discussed this a year ago. I think the majority of people are dumb, at least when it comes to this topic. I also think liberals are people. So, based on those two statements.... you do the math. Now, do you agree that the majority of people generally probably are too dumb and/or uninterested to have done the actual analysis required to determine whether they'd be better under the 2017 code versus the 2018 code? And thus, when you ask people it they were helped or hurt by Trump's tax reform, the majority of those people - regardless of political persuasion - will, much more often than not, answer that question based on something other than an objective analysis of the relevant facts? I think the majority of people are dumb but that's because 100% of liberals are slobbering morons and they heavily influence the formula. Remove all liberals from the equation and the news would be explaining the benefits of the new tax system, people would not have any preconceived notion that adjusting tax rates is only to help the rich, etc. The simple explanation of the math essentials would be described in many channels and people would recognize this is a benefit. Objective analysis is near impossible because sources of information many use for analysis are not neutral. The heavy liberal bias cascading across the information paradigm is impossible to ignore in the context of this analysis. So no, I don't agree with you.
|
|
Deleted
Deleted Member
Posts: 0
|
2018 taxes
Apr 12, 2019 14:38:00 GMT -5
via mobile
Post by Deleted on Apr 12, 2019 14:38:00 GMT -5
I came out slightly better than last year. The reduction in the federal brackets helped offset the lack of deductions. No shit? I thought you'd get hammered by the 10k cap on state income and property tax deductions (SALT deductions). Maybe the way your income is structured you don't get hit so hard. But let's say you're filing as a single person (I know you're not) and you make 500k in California and your income is essentially W2 income (I suspect yours isn't). You might pay $50k-55k in state income taxes on that as they have a high personal income tax rate that would hit you at an overall rate of 10 or 11%. I would have thought your property tax would be really high too, but maybe I'm wrong. Let's say another 5k-10k in property taxes? So let's assume that's 60k in deductions In 2017, I think you'd have been able to use that full 60k in deductions. Now you're capped at 10k. So that's 50k in deductions you're missing. At a federal tax rate of, say, 30%, that's 15k less you'll get because of the cap on SALT deductions. So would the new tax rates have offset that? Well, for the first 150k of your income, you pay about 3% less under the 2018 tax rates. So that's about $4500 in savings due to the new tax rates. Nice. But for the 150k-500k, there's no real savings. You used to pay only 33% all the way up to 416k. Only after that did you pay 35%. Now you pay 35% starting at just 200k. So, for the 216k range of income between 200k and 416k, you're paying an additional 2% as compared to last year, which costs you about $4300. Your $4500 in savings just basically went away. So, for a single person in Cali who owns a home, makes 500k in W2 income, and has no weird/special deductions, by my calculations they're now paying 15k more in taxes for 2018 as compared to 2017. That would suck. I honestly don’t know the details and haven’t had a chance to look at where the add/subtract ended up. I have my personal taxes done by the same person that does my business. In talking to my accountant before tax season, she did say that her results were fairly mixed regarding if people were paying more or less. I guess it depends a lot on the source of your income and your lifestyle/assets. The corporate rate reduction affected me the most of all of the changes.... and most businesses owners I know are all happy about that change. Trumps tax cut or whatever you want to call it was more about promoting economic growth than taking less income tax. I believe income tax should be capped at 10-15% federal and 5% state. Anything more is bullshiit and I am certainly not happy with our current rates. Knowing that I work 6 months of the year to pay for other people who are worthless to survive is a joke. Andrew - I am guessing you have forgotten the word collusion and now you are all about tax returns???
|
|
Deleted
Deleted Member
Posts: 0
|
2018 taxes
Apr 12, 2019 21:51:00 GMT -5
via mobile
Post by Deleted on Apr 12, 2019 21:51:00 GMT -5
I looked at my returns and I paid 2.4% less this year compared to last. I made 18% more gross income, and I suspect the difference in rates is due to a large write off of home improvements I did to one of my rentals as well as a loss I took on some stocks that I sold last year and then rebought 30 days later. My broker really likes selling down stocks in November and buying back the same position in January.... which sometimes works.
Trumps tax cuts are not nearly enough of a bracket reduction and we are all being fucked by the rates we are paying. I also don’t agree with his cap on deductions but I get it considering California and New York hate him.
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Apr 14, 2019 22:34:32 GMT -5
I just continued to not pay taxes as always. I ain't Wesley Snipes, I'm not going to jail.
I keed I keed of course. But I've been so busy with school I did have to file an extension. I have no idea what my return will look like this year since I don't get to claim the American Education Credit or whatever the hell it's called that let's me write off $2500 in tuition. I tapped that puppy out last year ( you can claim it up to 4 years I think.)
Other than that, I have no idea. That's why I pay an accountant.
|
|
|
Post by vegeta420z on Apr 15, 2019 8:03:18 GMT -5
Fuck me I JUST NOW finished my taxes, need to walk the dogs and get some fucking sleep.
Ps Fuck you Kyle
|
|
Deleted
Deleted Member
Posts: 0
|
Post by Deleted on Apr 16, 2019 9:13:36 GMT -5
Fuck me I JUST NOW finished my taxes, need to walk the dogs and get some fucking sleep. Ps Fuck you Kyle By taxes do you mean your special ed class did an exercise pretending to actually file a tax return?
|
|
|
Post by vegeta420z on Apr 16, 2019 9:55:01 GMT -5
Fuck me I JUST NOW finished my taxes, need to walk the dogs and get some fucking sleep. Ps Fuck you Kyle By taxes do you mean your special ed class did an exercise pretending to actually file a tax return? Oh snap!!!!!!!!!!! I found a video of that time they let you run the ball in that football game Kyle nice run bro.
|
|