Taxes

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dorfami

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Mar 7, 2005
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#41
And all of those Binman posted except the last one reference refund and owe. None reference actual tax. Calling bs on the last one. Less than 65k income and SALT is over 20k? Only way to lose 10k is be 10k over the cap of 10k. I’d move if my SALT is over 30%, which many NYers are.
 
Jul 20, 2018
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#42
Those people are all morons. They have no clue about taxes. My company, as did most companies, changed withholding amounts based on the new law and my current W4. Withholdings went down. You have to compare the actual taxes paid instead of how much you're getting back.
 

Jonkr06

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Aug 18, 2007
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#45
https://twitter.com/sharpetax/status/1092831940095418371?s=19

Duh. They "lost" the deduction because the standard deduction doubled. Morons.
In places with high state and local taxes, the doubled standard deduction wasn't enough to offset the itemized deductions they were able to take in the past. Combine with with no personal exemptions and you get a higher tax bill.

I was fine because my home is not expensive enough to have a huge property tax bill and I have two child tax credits, due to higher phase out limits, to offset the loss of exemptions.

There are people paying higher taxes...I just doubt it's many of these schmucks complaining about 'lower refunds'.
 
Jul 20, 2018
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#46
In places with high state and local taxes, the doubled standard deduction wasn't enough to offset the itemized deductions they were able to take in the past. Combine with with no personal exemptions and you get a higher tax bill.

I was fine because my home is not expensive enough to have a huge property tax bill and I have two child tax credits, due to higher phase out limits, to offset the loss of exemptions.

There are people paying higher taxes...I just doubt it's many of these schmucks complaining about 'lower refunds'.
Not with a doubling of your standard deduction. This happened to me this year. My property taxes and sales taxes added up to $25000 and yet I paid less tax than last year.
 

Jonkr06

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#48
In places with high state and local taxes, the doubled standard deduction wasn't enough to offset the itemized deductions they were able to take in the past. Combine with with no personal exemptions and you get a higher tax bill.

I was fine because my home is not expensive enough to have a huge property tax bill and I have two child tax credits, due to higher phase out limits, to offset the loss of exemptions.

There are people paying higher taxes...I just doubt it's many of these schmucks complaining about 'lower refunds'.
Not with a doubling of your standard deduction. This happened to me this year. My property taxes and sales taxes added up to $25000 and yet I paid less tax than last year.
There are lots of moving parts and everyone's situation is unique. My point is that SOME people lost more deductions than the $24K standard deduction offset. Hence, higher taxes.

For example, someone who had $10K mortgage interest, $15K property taxes, $5K charitable donations could have deducted $30K in prior years. Now they can only deduct $25K ($10K interest, $10K taxes, $5K donations) resulting in $5K more in taxable income.
 

Jonkr06

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#50
And just to clarify, I don't know any of these people's personal tax situations. I only know my own. For the vast majority of people I'd expect all of the changes to be a wash at worst, but I have read about some that are worse off due to SALT being capped. That's the only legitimate complaint I've seen.
 

Binman4OSU

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Aug 31, 2007
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#51
And just to clarify, I don't know any of these people's personal tax situations. I only know my own. For the vast majority of people I'd expect all of the changes to be a wash at worst, but I have read about some that are worse off due to SALT being capped. That's the only legitimate complaint I've seen.
The SALT cap crushed some folks from what I've been reading
 
Jul 20, 2018
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#52
The SALT cap crushed some folks from what I've been reading
That's correct. The vast majority of these people live in high tax liberal states. Up until now, the federal government was subsidizing these high tax states because the deduction was unlimited. No longer. The liberals need to pay their fair share.
 

StillwaterTownie

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#53
https://twitter.com/Speciale3886/status/1089627517772881925?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1089627517772881925&ref_url=http%3A%2F%2Fwww.city-data.com%2Fforum%2Fpolitics-other-controversies%2F3013738-i-trusted-you-trump-voters-seethe.html
 

StillwaterTownie

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#54
Trump quite clearly said wages were too high before the election during a debate. Yet, many of you all were gullible enough to fall hook, line and sinker to vote for him, a shameless con man. So, now for your wages being too high, many of you have to pay higher taxes. I'm more glad than ever that I wasn't dumb and gullible enough to vote for Trump.

By the way, why should blue states have to pay higher federal taxes when Republicans there have to pay higher taxes as well?
 
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Jonkr06

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#55
And just to clarify, I don't know any of these people's personal tax situations. I only know my own. For the vast majority of people I'd expect all of the changes to be a wash at worst, but I have read about some that are worse off due to SALT being capped. That's the only legitimate complaint I've seen.
The SALT cap crushed some folks from what I've been reading
Reading comments from some CPAs regarding their clients and the vast majority paid the same or less overall, as expected. SALT impacted some in high tax states and losing out on miscellaneous deductions like brokerage fees hurt others.

In general though, the updated tax tables seem to have caused the most problems by causing people to withhold at different rates than they were used to resulting in varying degrees of refunds that they had not prepared for. So basically, exactly what was said early in this thread.

I've run a back of the envelope calculation for 2019 since I expect to make more this year. Right now my withholding has me coming in spot on what I'll owe. I'll check periodically throughout the year just to confirm.
 

Jonkr06

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#56
Trump quite clearly said wages were too high before the election during a debate. Yet, many of you all were gullible enough to fall hook, line and sinker to vote for him, a shameless con man. So, now for your wages being too high, many of you have to pay higher taxes. I'm more glad than ever that I wasn't dumb and gullible enough to vote for Trump.

By the way, why should blue states have to pay higher federal taxes when Republicans there have to pay higher taxes as well?
Read the thread. Very few are actually paying more in taxes. Simpletons see a smaller refund check and automatically assume they paid more, but that's not necessarily true.
 
Jul 20, 2018
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#58
I've run a back of the envelope calculation for 2019 since I expect to make more this year. Right now my withholding has me coming in spot on what I'll owe. I'll check periodically throughout the year just to confirm.
This!

Tax laws change all the time, but I always know where I stand by doing a small amount of research and planning. The end result is never far off my estimates.

Tax code probably should be simpler but in the end it's all about learning the rules and playing the game to benefit yourself.
 

steross

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#59
Tax code probably should be simpler but in the end it's all about learning the rules and playing the game to benefit yourself.
Well, by persistently voting in people who spend money on us, lower our taxes, and shuttle the problem on to the future citizen, we are definitely playing the game to benefit ourselves.

Haha, you suckers who do not yet have the right to vote, jokes on you!