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Message started by T And T Garage on 02/25/19 at 10:02:13

Title: Tax Season
Post by T And T Garage on 02/25/19 at 10:02:13

Yep - tax season is upon us and guess what?... Returns are down by about 17% on average!

Like I said in another post, my return was half of what I usually get. But this year, I knew better than to plan for my same amount (thank you finance guy!).

Are we tired of all this winning yet?

SMH

http://www.yahoo.com/finance/news/tax-refunds-down-17-percent-160031259.html

Title: Re: Tax Season
Post by verslagen1 on 02/25/19 at 12:18:05

Yup, my refund is a bill now.
But my tax bill is less.
Who f'd up my with holding?
Tip of the iceberg, heads will roll.

Title: Re: Tax Season
Post by Trippah on 02/27/19 at 08:11:29

Unfortunately the withholding tables might have been good for single source of income, multi sources didn't compute so well.
Using AGI and total tax, my functional tax rate for 2018 is .0804 while for 2017 it was .1005 so it worked out well. (presuming I actually did it correctly - the tax form for 2018.) :D

Title: Re: Tax Season
Post by oldNslow on 02/27/19 at 08:57:13

Quote:

Who f'd up my with holding?

You. Having enough withheld so that you get a refund, or at least break even, is your responsibility.

I did the same thing. I didn't bother to check, and I didn't adjust my withholding when I became aware that things were going to change. I paid less tax, so, I got a "tax cut" but my refund was slightly smaller than 2017s. No big deal, but my fault.

What really pi*sed me off was the fast one they pulled with the standard deduction though. Increased it by around 9 thousand bucks in my case. "Goody!" I thought.

Then I downloaded the brand new 1040 and realized that the personal exemptions went away. Also around 9 thousand bucks in my case.

One hand giveith and the other hand taketh away.

Tricky Bast*rds !!

Title: Re: Tax Season
Post by T And T Garage on 02/27/19 at 09:27:23

But remember everyone... the 1% and corporations got HUGE tax breaks.

Make sure and address your letters of concern to your republican representatives.

Title: Re: Tax Season
Post by raydawg on 02/28/19 at 10:02:35

I found it to be easier this year.
I have 6 income streams, of which only 3 do we use for yearly income, the other 3 being deferred until later, or left to our estate.

The W-2's income was a slam dunk, straight forward.
My wife's home business was even more simplified, just working straight off the 1099's and then allotted deductions, etc.

1095's are already in the "system"

Next year I will have 2 more incomes to factor in, as I started my SS, and pension, as I will use my W-2 income less, I HOPE
If they ever let me retire for real ;D

I am thinking it might be more complex, however, if you use any of the tax platforms available on the internet, they already have the information built into their programs....
You just follow their prompts, and they do the math ;)

Getting more involved in taxes is smart, know where YOUR money goes, use the knowledge to better yourself, first.....you are in control of your own destiny, its not that hard with all the technologies available now...
Heck, it is easier than balancing a checkbook, if you are old enuff to remember them ;D ;D ;D

Have a HAPPY TAX day all, be thankful for the opportunity to even be taxed ;D