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Anyone get slammed by taxes this year

 
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amother




Lavender
 

Post  Sun, Mar 03 2019, 8:03 pm
Now that the new tax plan is in effect, how did it affect you?
If you live in a high tax state did the lack of SALT ( state and local tax) deduction affect you? Sad Sad
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amother




Honeydew
 

Post  Sun, Mar 03 2019, 8:07 pm
amother wrote:
Now that the new tax plan is in effect, how did it affect you?
If you live in a high tax state did the lack of SALT ( state and local tax) deduction affect you? Sad Sad


There is still a SALT deduction, but it’s limited. The majority of people aren’t itemizing anyway.
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amother




Pewter
 

Post  Sun, Mar 03 2019, 8:09 pm
We did better this year not sure why.
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amother




Lavender
 

Post  Sun, Mar 03 2019, 8:13 pm
SALT deduction and property taxes are capped to $10000 combined so if you own a home you really can't deduct SALT. bh we increased our withholdings in advance so we don't have to send in a lot more $ but many people have to come up with thousands of dollars now.
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amother




Honeydew
 

Post  Sun, Mar 03 2019, 8:16 pm
amother wrote:
SALT deduction and property taxes are capped to $10000 combined so if you own a home you really can't deduct SALT. bh we increased our withholdings in advance so we don't have to send in a lot more $ but many people have to come up with thousands of dollars now.


Sounds like really poor planning.

Property tax is part of SALT.
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amother




Fuchsia
 

Post  Sun, Mar 03 2019, 8:23 pm
We lost out on the SALT deduction since we live in a high tax state and own a home. We would have had more in deductions had we itemized as in previous years. However, what we lost in that deduction we gained in the new 20% 199a federal deduction for small businesses since a lot of our income comes from that.
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amother




Yellow
 

Post  Sun, Mar 03 2019, 8:33 pm
I haven't filed yet but I've run the numbers through a calculator and it's more beneficial for us. We use the standard deduction plus have kids kah plus are both self employed. The extra refundable credits from child tax credits and 20% deduction work out in our favor.

Refundable credits are great if you need to pay self employment taxes.
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amother




Lavender
 

Post  Sun, Mar 03 2019, 8:35 pm
Was not poor planning. The new tax withholding tables did not with his enough. My accountant said many people messed up. People got larger pay checks but now owe in taxes even though withholding were done correctly.
We withheld extra because we werent sure how the new tax law would affect us so bh we just owe a little.
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OutATowner




 
 
 
 

Post  Sun, Mar 03 2019, 8:36 pm
I cannot follow all the laws, lingo, and numbers, but we got a nice federal refund (claimed 0 deductions) but for the first time a 0 state refund. We own a home if that makes a difference.
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amother




Olive
 

Post  Mon, Mar 04 2019, 12:58 am
Our situation is totally different. Husband went from w2 to 1099. First time itemizing so cannot compare.
But my paycheck went up each month, BH! (W2). If you plan right, you don't get a refund. You want to come out even or get a refund of $1. Otherwise you just are giving the government an interest free loan. Better to get the money in your paycheck to begin with and be responsible with it. Not rely on it for basic expenses...
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pesek zman




 
 
 
 

Post  Mon, Mar 04 2019, 6:21 am
amother wrote:
Our situation is totally different. Husband went from w2 to 1099. First time itemizing so cannot compare.
But my paycheck went up each month, BH! (W2). If you plan right, you don't get a refund. You want to come out even or get a refund of $1. Otherwise you just are giving the government an interest free loan. Better to get the money in your paycheck to begin with and be responsible with it. Not rely on it for basic expenses...


I certainly don’t rely on my refund but BH its a nice surprise these past few years when my itemized deductions have been very high (OOP medical expenses)
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amother




Olive
 

Post  Mon, Mar 04 2019, 9:46 am
pesek zman wrote:
I certainly don’t rely on my refund but BH its a nice surprise these past few years when my itemized deductions have been very high (OOP medical expenses)


I was just commenting on a common theme I have been hearing in both the news and around town: "my refund is lower and I was counting on it to pay my credit cards etc". People don't seem to understand that getting a refund isn't the goal. And you shouldn't rely on it.
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