TAX Return (1 Viewer)

[davin]

Has anyone filed there taxes yet, I’ve been contemplating hitting the finalize button because I thought wow 1500 less then last year, there’s got to be something wrong. I look online and there’s thousands of people noticing it as well. However I did notice on my gf end that claiming our child had increased a bit, however on my end where I claim our home ( we file sep not married ) I got a significant less amount then prev years.
I come to realize that the withholding changed and that’s why I saw a slight increase in my paychecks which prob affected my tax return.

 

[toynoob]

ya it is what i do too, and that adds up all year. I rather have the little in each paycheck then let the government use my money to study squirrel sex underwater for "science".

 

[RowdyRawhide]

Has anyone filed there taxes yet, I’ve been contemplating hitting the finalize button because I thought wow 1500 less then last year, there’s got to be something wrong. I look online and there’s thousands of people noticing it as well. However I did notice on my gf end that claiming our child had increased a bit, however on my end where I claim our home ( we file sep not married ) I got a significant less amount then prev years.
I come to realize that the withholding changed and that’s why I saw a slight increase in my paychecks which prob affected my tax return.

The extra in the pay check over the last year is what most people are probably missing.... I've been reading about everyone saying they are getting less in their returns but I'm guessing they are also overlooking the fact that they paid less in in the first place.

Obviously this won't be the case for everyone, the will be done losers...... is for example. My wife makes good money and that puts us in one of the highest tax brackets.... I'm self employed so I get fucked big time.... that won't change until the IRS goes away which will never happen.

 

[toynoob]

incase you are wondering about my comment:
Sen. Rand Paul Exposes $114 Million of Wasteful Government ...https://usareally.com/2368-sen-rand-paul-exposes-usd114-million-of-wasteful-govern...

 

[Chile85]

I believe that the tax changes made under Trump made the standard deduction the most applicable for a majority of tax filers. Standard deduction is $12,000 per person. Even with my property taxes at $5,000 year in Illinois, I wont be able to take advantage of itemizing. This goes to $24,000 for married couples. When the tax changes were made, withholding tables had to be adjusted as well. This article explains that well: https://www.patriotsoftware.com/payroll/training/blog/2018-income-tax-withholding-tables/. Everything in finance is different based on the person and scenario, but you likely saw a boost in pay when this happened in first or second quarter of 2018. I believe the intent of the changes are to make taxes less complex. Withholding tables can be closer to where they need to be with the assumption that most filers will be utilizing standard deductions at the higher amount. Hopefully this makes sense from an IT dork that tries to be a half-ass financial nerd too

 

[davin]

The extra in the pay check over the last year is what most people are probably missing.... I've been reading about everyone saying they are getting less in their returns but I'm guessing they are also overlooking the fact that they paid less in in the first place.

Obviously this won't be the case for everyone, the will be done losers...... is for example. My wife makes good money and that puts us in one of the highest tax brackets.... I'm self employed so I get fucked big time.... that won't change until the IRS goes away which will never happen.

Yeah totally makes sense, I fall under the lame tax bracket so I claim our home which I paid 17k In interest last year, and my gf claims our child, it’s kinda good not being married as I assume we wouldn’t get back as much if we were married, but after reading a lot it all has to do with the withholding and that’s true I got more back per paycheck in result getting less at the end of the year ,

 

[MrCatPants]

If you are at a solid+ income level in a high SALT state (and you have high SALT taxes), then you ended up behind. Otherwise agree on the withholding comments above.

 

[DavinciFox]

News is reporting that on average ppl are seeing about an 8% decrease in returns. Like you said many ppl may not notice the difference if they take home a little more throughout the year spread over the 26 pay periods but definitely notice the difference in returns. I didn’t do mine yet but I’m expecting around a $1600 difference based on the average but we’ll see.

 

[davin]

News is reporting that on average ppl are seeing about an 8% decrease in returns. Like you said many ppl may not notice the difference if they take home a little more throughout the year spread over the 26 pay periods but definitely notice the difference in returns. I didn’t do mine yet but I’m expecting around a $1600 difference based on the average but we’ll see.

i had a 30% difference

 

[Highli99]

I am a CPA and don’t even do my own taxes. comments above are consistent with my understanding of the changes though.

 

[K ALL IN 9]

Wife and I did taxes yesterday and I didn't notice a change. Then again I would say my situation is unique because according to NY law, military wages made while living outside NY are not taxable so I get everything I paid back.

 

[Darson]

The extra $120 per pay period did seem like a bump but not enough to be meaningful. BUT that adds up to $3k at the end of the year which is huge.

My itemized deduction last year was more than the standard deduction now so the refund has gone down loads. Capping the SALT is what has made the biggest impact.

 

[davin]

The extra $120 per pay period did seem like a bump but not enough to be meaningful. BUT that adds up to $3k at the end of the year which is huge.

My itemized deduction last year was more than the standard deduction now so the refund has gone down loads. Capping the SALT is what has made the biggest impact.

i totally agree

 

[davin]

I am a CPA and don’t even do my own taxes. comments above are consistent with my understanding of the changes though.

who does urs? i always thought i got the max back with turbotax

 

[ReallyGoodUsername]

I am a CPA and don’t even do my own taxes. comments above are consistent with my understanding of the changes though.

My lowest score was on the tax section. Also no longer do my own taxes

Still get friends and family asking me tax questions and when I say I’m busy they all say, oh tax season huh?

 

[ReallyGoodUsername]

Totally forgot about the whole SALT limit dang. Surprised I forgot given how big of a deal it was when it was argued as partisan given the highest SALT areas almost all lean blue.

 

[Highli99]

who does urs? i always thought i got the max back with turbotax

My employer does them for me. Kind of a job perk I guess for working at a CPA firm. The partner who does them is also my financial planner. That helps a lot in reducing taxes.