Trump tax cuts
Be prepared to be disappointed...with the tax changes I lost $2500 in deductions compared to last year. Based on things I've read from others it seems to be a common experience.
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Because our NJ commie SALT taxes we'll get corn holed.
$10k property tax on Nana's typical 3-2-1 house in N.NJ
demoncrap failure 101 - Like most dnc dumps.
What say about that barfster? [}:)]0 -
Look at your over all effective tax rate on your gross salary to see what the difference is. 0 -
It looks like I'll be paying $400 less on my 2018 return. Not much, but unlike CA there is no state income tax here in Florida, property taxes are about half of what I had been paying in CA and I own this shack outright, which means no mortgage interest deduction. The increase in the standard deduction along with a slight cut in my tax bracket kept me in good shape, otherwise it would be frightening to imagine how much I'd owe this year (and every year).
Thanks for the assist, Mr. President.0 -
The 20% deduction for pass through businesses is going to save me a good chunk of change. (If people understand it and use it not just me a lot of small businesses)
Accountant showed me a comparison from last year to this year and while my revenue was up a little this year my tax obligation is lower.0 -
I'm benefiting greatly this year. MAGA! 0 -
It looks like I may have overpaid by about $200 this year, instead of paying in several hundred.
Works for me!0 -
It remains to be seen for us. We pre-paid a gruzundel in quarterlies, but may get to claim significant stock market losses. We let a guy with an abacus figure it all out. 0 -
Just write a large check to Uncle Sam every yr. 0 -
quote:Originally posted by mogley98
The 20% deduction for pass through businesses is going to save me a good chunk of change. (If people understand it and use it not just me a lot of small businesses)
Accountant showed me a comparison from last year to this year and while my revenue was up a little this year my tax obligation is lower.
Should save us a bit. They were fairly smart about it's implementation. There is a restriction on the deduction based upon wages paid to employees to eliminate a windfall for mom and pop operations.0 -
quote:Originally posted by mjrfd99
Because our NJ commie SALT taxes we'll get corn holed.
$10k property tax on Nana's typical 3-2-1 house in N.NJ
demoncrap failure 101 - Like most dnc dumps.
What say about that barfster? [}:)]
Yep, I have several friends who used to live in NJ. One has a 1500 sqft house and he pays in one month what I pay in one year over $12000.00 a year!. Unbelievable.
The rest of the people I know tell me their taxes are more than their house payments and insurance. Wow.0 -
Me and my wife have seen a combined tax taxings of about $140 a month...and our tax refund was about $1,500 higher than the previous year.
It was a big win for me.0 -
I've taken the standard deduction for many years. For the last 6 I had no earned income and have to file "married filing seperately". I feel the increased deduction will benefit me. 0 -
quote:Originally posted by Rack Ops
Me and my wife have seen a combined tax taxings of about $140 a month...and our tax refund was about $1,500 higher than the previous year.
It was a big win for me.
We gained just under $50/month on our income. I'm still scared to see what happens with our tax "refund." We have always gotten a small amount back, so I'm a little scared of having to pay some in this year.
Jon0 -
Not happy. Paying about $200. more than last year. Income about the same 0 -
quote:Originally posted by Sig220_Ruger77
quote:Originally posted by Rack Ops
Me and my wife have seen a combined tax taxings of about $140 a month...and our tax refund was about $1,500 higher than the previous year.
It was a big win for me.
We gained just under $50/month on our income. I'm still scared to see what happens with our tax "refund." We have always gotten a small amount back, so I'm a little scared of having to pay some in this year.
Jon
Ours dropped significantly.0 -
https://www.investors.com/politics/editorials/trump-tax-cuts-federal-revenues-deficits/
A reasonably even-handed assessment, IMO.
Revenues grew at a small rate. Spending grew at a (sadly) normal rate.
Individual income taxes collected were up, directly attributable to the increase in employment, wage growth, etc.
Corporate income taxes collected were substantially down, as was expected.
Now we need to see if this results in the same long term growth that was realized 1982 and 2008.0 -
quote:Originally posted by Barzillia
quote:Originally posted by Don McManus
https://www.investors.com/politics/editorials/trump-tax-cuts-federal-revenues-deficits/
A reasonably even-handed assessment, IMO.
Revenues grew at a small rate. Spending grew at a (sadly) normal rate.
Individual income taxes collected were up, directly attributable to the increase in employment, wage growth, etc.
Corporate income taxes collected were substantially down, as was expected.
Now we need to see if this results in the same long term growth that was realized 1982 and 2008.
I think you should probably wait until individual federal revenues are tabulated for FFY 2018, instead of counting individual tax collections, as of 09/30/18.
Two entirely different things.
FY 2018 ended on 30 September, 2018, but thanks for contributing.0 -
quote:Originally posted by Barzillia
quote:Originally posted by Don McManus
quote:Originally posted by Barzillia
quote:Originally posted by Don McManus
https://www.investors.com/politics/editorials/trump-tax-cuts-federal-revenues-deficits/
A reasonably even-handed assessment, IMO.
Revenues grew at a small rate. Spending grew at a (sadly) normal rate.
Individual income taxes collected were up, directly attributable to the increase in employment, wage growth, etc.
Corporate income taxes collected were substantially down, as was expected.
Now we need to see if this results in the same long term growth that was realized 1982 and 2008.
I think you should probably wait until individual federal revenues are tabulated for FFY 2018, instead of counting individual tax collections, as of 09/30/18.
Two entirely different things.
FY 2018 ended on 30 September, 2018, but thanks for contributing.
Totals for individual income tax revenues for that time have neither been received , nor tabulated.
Think before you speak.
Tax year and fiscal year are two different things.
One starts on January 1. One starts on October 1.
Think before you type.
The article is fairly clear about the time frame it is examining. There is no reason to make it difficult.0 -
quote:Originally posted by Barzillia
quote:Originally posted by Don McManus
quote:Originally posted by Barzillia
quote:Originally posted by Don McManus
quote:Originally posted by Barzillia
quote:Originally posted by Don McManus
https://www.investors.com/politics/editorials/trump-tax-cuts-federal-revenues-deficits/
A reasonably even-handed assessment, IMO.
Revenues grew at a small rate. Spending grew at a (sadly) normal rate.
Individual income taxes collected were up, directly attributable to the increase in employment, wage growth, etc.
Corporate income taxes collected were substantially down, as was expected.
Now we need to see if this results in the same long term growth that was realized 1982 and 2008.
I think you should probably wait until individual federal revenues are tabulated for FFY 2018, instead of counting individual tax collections, as of 09/30/18.
Two entirely different things.
FY 2018 ended on 30 September, 2018, but thanks for contributing.
Totals for individual income tax revenues for that time have neither been received , nor tabulated.
Think before you speak.
Tax year and fiscal year are two different things.
One starts on January 1. One starts on October 1.
Think before you type.
The article is fairly clear about the time frame it is examining. There is no reason to make it difficult.
This is from the article that you selected to post :
"The Treasury Department reported this week that individual income tax collections for FY 2018 totaled $1.7 trillion. That's up $14 billion from fiscal 2017, and an all-time high."
Apparently someone is using the FFY as a basis for comparing collections.
Did you not read your own article ?
You either completely do not understand the article are just being difficult.
The article is dated 16 October 2018, two weeks after the end of the fiscal year.
It references collections during the 2018 fiscal year. Collections for FY 2018 were received up until 30 September, 2018. Not a difficult concept to grasp.0 -
Whether someone has to pay in or getting a refund really has no bearing if their taxes went up or down. People need to compare their withholding in 2018 to 2017. What I have been seeing so far is that there has been quite a bit less withheld during the year. Each year the IRS tweaks the withholding charts for the employers to use and it appears that they might have over-tweaked it this year with the tax changes.
Very few situations would one's taxes increase unless they are in a sales type career where there is a lot of travel expenses, company long-haul truck drivers or people with no children who already had a very large amount of itemized deductions.
But there is always someone who gets left out.0 -
Oh barfy.... The tax cuts work if your not in a demoncrap taxed to death state.
https://www.nytimes.com/2018/07/17/nyregion/salt-taxes-deduction-lawsuit-trump-cuomo.html
2 of the biggest dnc FAILUREs NY + NJ.
Don't let the door hit ya..................0 -
Gee, if there are more people working there will be higher tax revenues. How much simpler can that be.?
Individuals pay more or less, the tax table should give a clue.0 -
So, it seems that the changes were good for me.
I actually overpaid by about $1100 in 2018.
I am actually getting something back this year instead of having to pay a few hundred like I have been doing the last several years.0 -
My taxes were slightly less than last year, exactly as promised 0
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