It's Tax Time. How Did You Do?

Discussion in 'Political Opinions & Beliefs' started by Seth Bullock, Feb 3, 2019.

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How did the new federal income tax laws effect you?

Poll closed Jun 3, 2019.
  1. My federal income tax is higher than last year

    21.7%
  2. My federal income tax is lower than last year

    60.9%
  3. My federal income tax is about the same as last year

    17.4%
  1. Seth Bullock

    Seth Bullock Well-Known Member Past Donor

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    That large rise in income would explain why you paid more in taxes. An interesting comparison would be to use a tax calculator that compares what your taxes would be in 2017 vs 2018. I don't have a link handy, but they are on the web (not hard to find). Just plug in your numbers for last year, and you'll get that comparison.
     
  2. squidward

    squidward Well-Known Member

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    They're adults.
    They're supposed to use their brains
     
    Thought Criminal likes this.
  3. Thought Criminal

    Thought Criminal Well-Known Member Donor

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    I'm surprised. I would fill out 5 tax forms every year, to get all the deductions that I could. I guessed that, with the same income, my tax bill would be the same. I figured that I would be ahead just by not having to do all that work.

    Turns out my tax bill would have been $400 less, on top of the time savings.
     
  4. jcarlilesiu

    jcarlilesiu Well-Known Member Past Donor

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    You must live in a very high property tax state.
     
  5. jcarlilesiu

    jcarlilesiu Well-Known Member Past Donor

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    High property tax liberal state have been mooching off everybody else for decades by reducing their federal tax liabilities based on local property tax itemized deductions.

    You will hear liberals claim the majority of welfare goes to red states while ignoring this little welfare program that costed billions to be recovered from lower property tax states.

    Trump fixed that. Live in a liberal utopia with high property taxes, dont expect a break to the fed.
     
  6. Thought Criminal

    Thought Criminal Well-Known Member Donor

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    I couldn't figure my taxes under 2017 rules. I didn't keep the necessary records. I wouldn't go through all that trouble, anyway.
     
    Last edited: Apr 2, 2019
  7. ronv

    ronv Well-Known Member

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    Mine is $1500 higher. But it's my fault - kind of.
    I'm retired and manage my income from SS, 401Ks, IRA's, Roth's and long term gains.
    By managing where I made sales I hadn't paid taxes in 17 years, but when they raised the standard deduction I took some extra out of the 401K's and accidently ran over the maximum before SS became taxable. Pi$$ me off. :)
    So what I thought was going to be a good deal actually cost me money and broke my long record.
     
    Last edited: Apr 3, 2019
  8. Kode

    Kode Well-Known Member

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    Very interesting! In the first two pages, there were 4 righties with no tax at all to pay, and whom I've seen rant in the past about the "leeches" who are "too lazy and uneducated" to earn enough to owe any taxes and so leech off taxpayers. And then there was a 5th one who said his total federal tax bill was $150. He also has ranted against those lazy bums who leech off tax payers.

    Wow.
     
  9. Kode

    Kode Well-Known Member

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    And you? You said you made $19,000 last year.
     
    Last edited: Apr 3, 2019
  10. Kode

    Kode Well-Known Member

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    Who should pay for it?
     
  11. Kode

    Kode Well-Known Member

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    You didn't pay any federal income taxes for 2018, did you?
     
  12. Texas Republican

    Texas Republican Well-Known Member Past Donor

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    My refund was about $1,100 last year.

    This year it was over $4,600.

    Thanks President Trump!
     
  13. Kode

    Kode Well-Known Member

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    Refunds mean nothing. I had half as much withheld from my income, month-to-month, so now I get no refund for the first time in 22 years, and I owe $18,000 more in taxes. Now how much does that tell anyone? Zero.
     
    Last edited: Apr 3, 2019
  14. Daggdag

    Daggdag Well-Known Member

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    Actually, my property tax isn't bad for my home, though I can't legally deduct it now. It's worse for my business. I own a small business. I own a few pawn shop/antiques stores, and I often travel to make purchases. Before Trump, I was allowed to deduct all of my travel....gas, airfare, hotels, etc, off my taxes. Now I can't. I was also allowed to deduct state taxes (property, sales, etc) and local taxes as well. That's all gone too.
     
  15. Jimmy79

    Jimmy79 Banned

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    Actually I did. I have a great accountant and kept my effective tax rate at right about 12%.
     

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