New tax law worked well for me
Looks like we over paid quite a bit but due to the new 20% small business deduction it was hard to gauge where we would fall in that.
Now knowing how that would impact us caused me to over pay, for this year I can pay less in and get less back.
If you run a small business and meet the requirements the deduction is awesome. That along with the fact that we defer as much as we can using SEP, IRA, and HSA helps keep taxes reasonable.
Now knowing how that would impact us caused me to over pay, for this year I can pay less in and get less back.
If you run a small business and meet the requirements the deduction is awesome. That along with the fact that we defer as much as we can using SEP, IRA, and HSA helps keep taxes reasonable.
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Our tax guy recommended we make a whopping quarterly payment this year just in case the new laws affected our investments badly. With the wall street perturbations of December, there's no telling yet how that will work out. We shall see... 0 -
Filed our Federal taxes about a week ago using TurboTax. We've always tried to get a very small refund; don't want the Gov't to have significant funds of ours interest free for a year or more. Typically our refund has been about $100.00 or less. This year, having made no changes with our withholding or anything at all, our Federal refund is just over $1600.00! That's too much; we'll have to tweak things.
I've heard over and over again that middle class taxpayers will pay more under the GOP tax changes. Certainly not true in our case.0 -
My wife does our taxes and she filed them yesterday on line. This is the first time ever that the amount worked out to zero. We are not getting a refund but even better we're not having to pay any additional. 0 -
quote:Originally posted by firstharmonic
I've heard over and over again that middle class taxpayers will pay more under the GOP tax changes. Certainly not true in our case.
Most think so(and the democraps want you to think so)because they don't count or even know how much your paycheck increased last January from the tax rate decrease. Yes my refund might be less(I haven't filed yet)but when I consider my take home pay increased about $33 per week that extra $1716 that I will not see as a refund counts because I already have it. That's why most people think they're receiving less. They don't even know how much more they made from the lower tax rate.
Incompetence I guess....0 -
quote:Originally posted by Hunter Mag
quote:Originally posted by firstharmonic
I've heard over and over again that middle class taxpayers will pay more under the GOP tax changes. Certainly not true in our case.
Most think so(and the democraps want you to think so)because they don't count or even know how much your paycheck increased last January from the tax rate decrease. Yes my refund might be less(I haven't filed yet)but when I consider my take home pay increased about $33 per week that extra $1716 that I will not see as a refund counts because I already have it. That's why most people think they're receiving less. They don't even know how much more they made from the lower tax rate.
Incompetence I guess....
Exactly! Many received a significant pay raise from the TRUMP tax cuts. A great benefit for those making between 45K-200K.
Add the benefit of a larger pay check and it eclipses what one would get under the old plan with the refund.
Corrupt partisan liars in the media are not telling you this little factoid. As usual, they are playing class warfare and trying to justify DEMOCRATs plan to repeal Trumps tax cuts.0
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