fledonfoot wrote: ↑Sun Feb 17, 2019 5:13 pm
Just did my taxes. Owe $4800, which is $1900 more than last year...
Why the big change?
I’m not entirely sure, but I didn’t update my W4 with the new tax law so obviously under withheld. That said, in my first few checks of the year, a little bit more was being pulled out ($20 biweekly) than the previous year so I figured that with the “new lower brackets for everyone!” spiel I should have been good, or close to it.
I’ve typically owed $2500-3200 in the last several years but plan for it. Our combined income is only up about $2k over previous years, so there’s no other real changes than the tax laws. This year we were back to the standard deduction - even in NJ the property taxes and mortgage interest on a 4 year old mortgage didn’t break that threshold.
I have friend and a coworker in similar boats... no drastic income changes but owing a bunch more. I’m not happy.
I’m not entirely sure, but I didn’t update my W4 with the new tax law so obviously under withheld. That said, in my first few checks of the year, a little bit more was being pulled out ($20 biweekly) than the previous year so I figured that with the “new lower brackets for everyone!” spiel I should have been good, or close to it.
I’ve typically owed $2500-3200 in the last several years but plan for it. Our combined income is only up about $2k over previous years, so there’s no other real changes than the tax laws. This year we were back to the standard deduction - even in NJ the property taxes and mortgage interest on a 4 year old mortgage didn’t break that threshold.
I have friend and a coworker in similar boats... no drastic income changes but owing a bunch more. I’m not happy.
dang man sorry. That really sucks. I don't ever break the standard deduction, no home or anything like that.
I like snow and it's a bit of a workout to shovel so
Just be careful and pace yourself. Heart attacks happen with snow shoveling.
Sent from the Beer Depository
Yea, I know. And being a "heart patient" myself I am careful and pay attention to how I'm feeling. But I gotta say that I've never not felt right while shoveling.*knocks wood*
Where are these mangos?
Detroit wrote: ↑Fri Apr 16, 2021 1:19 pm
I don't understand anything anymore.
fledonfoot wrote: ↑Sun Feb 17, 2019 5:13 pm
Just did my taxes. Owe $4800, which is $1900 more than last year...
I don't even want to know. I made a lot more last year than 2017 and paid a boatload last time. I really miss the days of 2002 or so, paying an effective rate under 10% when deducting interest and everything.
MexicanYarisTK wrote: ↑Sun Feb 17, 2019 7:53 pm
So i just dropped my dad off at the airport since he was visiting Greece, and this guy that sits on the same row, took off his pants and sits with his boxers on the seat, and puts his pants on overhead bin
Johnny_P wrote: ↑Sun Feb 17, 2019 7:50 pm
Why the big change?
I’m not entirely sure, but I didn’t update my W4 with the new tax law so obviously under withheld. That said, in my first few checks of the year, a little bit more was being pulled out ($20 biweekly) than the previous year so I figured that with the “new lower brackets for everyone!” spiel I should have been good, or close to it.
I’ve typically owed $2500-3200 in the last several years but plan for it. Our combined income is only up about $2k over previous years, so there’s no other real changes than the tax laws. This year we were back to the standard deduction - even in NJ the property taxes and mortgage interest on a 4 year old mortgage didn’t break that threshold.
I have friend and a coworker in similar boats... no drastic income changes but owing a bunch more. I’m not happy.
That sucks dude. I have a buddy who ended up owing $7k this year and never had previously, it seems like a lot of employers got the chances
Funny enough, everyone I know who has stories like this is married, personally I brought home over $1k extra in 2018 than 2017 with the same income/tax situation.
razr390 wrote: ↑Sun Feb 17, 2019 5:47 pm
I’m getting back about $1,000. Thanks, privilege!
shit
I'm getting back 3500
1. new kid. no deduction but there is a credit
2. Child care credit
3. wife worked less
4. Wife and I did not change withholding when we joined breeder class
5. I don't think my company actually adjusted my withholding on my pay when the tax law changed.
5a. std deduction is significantly higher then it was when I should have itemized last year, like 10k more.
Anywho, now on to state, where I'm sure I will give some of that back to (Fuck) John Bel Edwards
CaleDeRoo wrote: ↑Sun Feb 17, 2019 9:36 am
Is 9:30 AM too early to eat the pulled pork I made for today? Just add some eggs and it's ok right?
dude. I had some really good smoked pull pork n' eggs grillades, covered in a duck fat hollendaise sauce. The food truck also made a similar version and served it over some rosemary grits.
was pretty damn good. Came with a raspberry vinaigrette salad too.
Everyone blaming the employers for fucking up withholding...
it wasn't that huge of a change people. You wouldnt go from getting a small refund to owing over $1k with this tax law changes unless you had a large change in your financials from 2017 to 2018...
dubshow wrote: ↑Mon Feb 18, 2019 9:19 am
Oh and now our stupid dog might have a hurt solder and might require surgery. yay $3-4k. all because he runs too fast.
dubshow wrote:Everyone blaming the employers for fucking up withholding...
it wasn't that huge of a change people. You wouldnt go from getting a small refund to owing over $1k with this tax law changes unless you had a large change in your financials from 2017 to 2018...
Our tax liability went down by about $3000 for 2018 with no change in income/status. Effective federal tax rate went from 13 to 10%. Dat flyover standard deduction lyfe.
dubshow wrote: ↑Mon Feb 18, 2019 9:09 am
Everyone blaming the employers for fucking up withholding...
it wasn't that huge of a change people. You wouldnt go from getting a small refund to owing over $1k with this tax law changes unless you had a large change in your financials from 2017 to 2018...
I actually manually withheld more last year after owing about $1300 in 2017. However, I wasn’t expecting the following:
1) New tax code
2) Lower withholding from employer basically washed out my extra withholding
3) Wife made nearly double what she made last year, and she’s 1099.
4) I personally made about $25k less than I did in 2017, which means my withholdings were less capable of covering the wife’s tax liability.
Need to up my withholding this year and get the wife LLC’d to minimize the tax time pain next year.
x100. She has got to be able to easily expense things. you know what you must do.
dubshow wrote: ↑Mon Feb 18, 2019 9:19 am
Oh and now our stupid dog might have a hurt solder and might require surgery. yay $3-4k. all because he runs too fast.
dags are stupid. But they clearly have a value in our life.
dubshow wrote: ↑Mon Feb 18, 2019 9:19 am
Oh and now our stupid dog might have a hurt solder and might require surgery. yay $3-4k. all because he runs too fast.
dags are stupid. But they clearly have a value in our life.
As the only published author in a well-known motorcycle publication in the room...
dubshow wrote: ↑Mon Feb 18, 2019 9:09 am
Everyone blaming the employers for fucking up withholding...
it wasn't that huge of a change people. You wouldnt go from getting a small refund to owing over $1k with this tax law changes unless you had a large change in your financials from 2017 to 2018...
I'm not blaming employers... there were changes to the withholding tables the IRS supplied and some people are getting a nasty surprise right now for not revisiting W4s... enough that I read the IRS is considering waiving underpayment penalties this year.
There were literally no other changes to our tax situation over previous years, and our combined income only went up approx $2100 over 2017. I have a very simple return - two W2's, mortgage interest, PMI, property taxes, no kids. That's it. Standard deduction all the way this year and somehow we owe a significant chunk more than expected. Double checked by doing everything manually and also using TurboTax.
Only thing that sucked for me this year on taxes are that the state refund moneys that I got last year added to my taxable income. Dat government double dip doe. I got a sizable state income tax refund last year because when I sold my house in 2017 I had them hold money for state taxes from the sale, then I had my work put 100% of my last two months worth of paychecks into my 401k to lower my taxable income. Think I got like $6500 back from the state, which helped offset the $8000 or whatever I owed to the feds that year. But then this year I had to pay taxes on that $6500