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Taxes were easy this year. Thanks Trump

select-fire
Usually a bad time of the year to write a big check to Uncle Sam. Went today and had taxes done.
Ended up paying about 12K less than last year.
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Comments

22 comments

Date Votes
  • wpageabc
    Happy for you. Not so good for me,,,
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  • mogley98
    Made a little more than last year paid a little less I am cool with that
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  • select-fire
    +1
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  • Marc1301
    So far, it looks like I will owe less this year as well. Only partially done though, as I am still awaiting some corrected investment statements and K-1s.
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  • us55840
    I always try to plan accordingly so as not to pay in to much (give the government an interest free loan) nor to little so have to pay in a large amount at tax time.

    This year, with Trump revision of the taxable income, it worked out very well as my REFUND is around $1,000, slightly less than last year.

    I'm happy.

    :D
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  • Maalox
    Did our taxes today and was not able to itemize. Made about $2K more than last year and paid $3K less in taxes. With the change withholdings I actually have to pay $50 to the Feds and get back $1,400 from the state. Overall I am very happy with the tax cuts enacted by Trump.
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  • mjrfd99
    wpageabc wrote:
    Happy for you. Not so good for me,,,

    Same here. Because we live in a demoncrap ruined high SALT state.
    Cap on SALT deductions screwed us good.
    NJ screws us 24/7
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  • chiefr
    Getting to keep more of my money. Thanks GOP and POTUS Trump
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  • Cornflk1
    Have my account do mine, my first year of retirement. not sure what the outcome will be. ??????????>
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  • JasonV
    Last year our refund was close to zero which is perfect in my opinion.

    This year I made more money, paid more in taxes, got a hefty refund. WTF???

    This is no way to run a country
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  • select-fire
    Tax brackets...Read it and smile


    https://www.nerdwallet.com/blog/taxes/federal-income-tax-brackets/
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  • us55840
    Maalox wrote:
    Did our taxes today and was not able to itemize. Made about $2K more than last year and paid $3K less in taxes. With the change withholdings I actually have to pay $50 to the Feds and get back $1,400 from the state. Overall I am very happy with the tax cuts enacted by Trump.

    State income tax ... yea, have lived for a short time in a few states that had state income tax but no more.

    No state income tax here!

    :D:D:D
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  • Junkballer
    Well, I'm happy, getting back is always nice. The CPA I've used for 30+ yrs. is hurting though, said he's earning only 70% of what he was 3 yrs ago due to less people having to itemize and he's short-forming them more and many people are doing their own taxes now, seeing his pain I offered him cash under-the-table for his labor/knowledge, in return for my gesture he gave me a nice discount for his service ;)
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  • SW0320
    Individual taxes are easier this year but business taxes are a lot more complicated. With three businesses two for me and one for the wife it is going to cost more to get them prepared and not sure of what the outcome is going to be yet.

    I never give the government one red cent before I have to give it so we have to pay every year.
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  • WearyTraveler
    Well - no thanks...

    I tried using TT to do this year's taxes. Didn't look right, so I sucked it up and went to a tax prep service (a CPA, not H&R etc...).

    Being part of that 3% in another thread - no mortgage debt. My property taxes on 28 acres is about $500 per year.

    Starting this year, investment / money management fees ($13K) are no longer deductible, so I have to take the standard deduction. I'm still working with the CPA on the cost basis for my capital gains, but as it stands, I will be writing a check to Uncle Sam for around $13K and one to Auntie WV for about $7K.

    I guess I should be happy (and I am) that I had sizable capital gains this year, but the fees and taxes - ~$33K - really sux.

    The Trump tax plan might be doing great for some, but it's biting me in the arse.
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  • Ditch-Runner
    ours were about 8k less than last year
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  • SW0320
    Our taxes won't get done until October. Based on my estimates the new law will save me about 8-10K. However being self employed with three business between me and my wife we always get to pay.

    As usual will be sending a fat check on the 15th to the government so they can p*** it away.
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  • Sig220_Ruger77
    My take home pay went up ever so slightly. My tax bill increased a bunch. Yeah, thanks a lot. :roll:

    Jon
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  • sxsnuf
    The republicrat tax plan bit us right in the arse!
    Made a little more, paid a BUNCH more in taxes.
    I spose some have to pay more so others can pay less.
    To those who did well under the new plan,,,,,,,
    You're welcome!
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  • WearyTraveler
    sxsnuf wrote:
    The republicrat tax plan bit us right in the arse!
    Made a little more, paid a BUNCH more in taxes.
    I spose some have to pay more so others can pay less.
    To those who did well under the new plan,,,,,,,
    You're welcome!

    Exactly. I'm paying a boatload more. Part of me says - well, others are paying less. But that really doesn't make me feel much better.

    So - for those that benefited - you're welcome.
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  • Don McManus
    Those that are paying more are in general those who through their choice of location or lifestyle are not having the rest of us foot your bill.
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  • austin20
    We paid less this year in taxes, on about the same income, but still have to write SAM a $6900.00 check
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