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Old 02-24-2019, 12:50 PM
 
5,128 posts, read 5,700,612 times
Reputation: 8396

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Quote:
Originally Posted by GotHereQuickAsICould View Post

Our taxes could drop in half and my opinion of Trump, the Republicans, and their Russian backers wouldn't change.
Wow! So Mueller is confiding in YOU?

Do tell.
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Old 02-24-2019, 06:17 PM
 
8,975 posts, read 4,239,533 times
Reputation: 11484
The left’s tax refund freakout exposes their ignorance on taxes
https://www.foxnews.com/opinion/the-...rance-on-taxes
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Old 02-25-2019, 03:07 AM
 
646 posts, read 190,430 times
Reputation: 1304
I've been claiming that we were going to save about $3000 under the new tax law. Well, I finally did our taxes last night and I have to admit that I was wrong.

We saved $4000! Woot woot - I love me the TCJA!
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Old 02-26-2019, 04:52 PM
 
3,358 posts, read 821,097 times
Reputation: 2697
Quote:
Originally Posted by mike1003 View Post
It works for some people

The average taxpayer would just **** the money away each month

We don't need the monthly bump. Getting 5k back, pays for our vacation.
Quote:
Originally Posted by ChessieMom View Post
Put that money away each paycheck and earn interest on it.
Quote:
Originally Posted by mike1003 View Post
I have the discipline But with interest so low, there is no incentive to put it into savings. For us, it is a painless and mindless way to cover our vacation. (We are lucky that we have saved enough that we don't need the extra money monthly and I don't want to pull cash out of investments to cover a recurring yearly expense)
Quote:
Originally Posted by cornsnicker3 View Post
I have yet to understand how the national conversation isn't about the change in net tax burden. If you want a higher refund, just add it to your W-4. Believe me, the IRS loves holding your money (although too much and they might audit you).
Quote:
Originally Posted by mike1003 View Post
I am financially savvy.

You show me how, with amortizing 416.67 a month over a one year period can return a worthwhile amount. Even a 1 year 5k minimum CD only returns 137.50. Except, since I am incrementally investing 417 a month, the best CD would be 0.6% APY for a 6 month CD. or much less for shorter periods.

The days of >10% CDs are long gone

Just not worth it!
Quote:
Originally Posted by mike1003 View Post
We are lucky enough that we have enough liquid assets to cover anything short of a major catastrophe. 5k won't help

We owe 0 dollars and have our future is funded

How about everyone managing heir money and our financial advisor and MrsM and I will manage ours

When interest goes up, I'll alter my strategy
At first I was going to say you should not do that but I agree with you. With interest rates so low, it's not a big deal on such a small amount.

Quote:
Originally Posted by oceangaia View Post
Just goes to show how people will always find a way to justify their brain-dead decisions.
See above.

Quote:
Originally Posted by GotHereQuickAsICould View Post
Why folks are so concerned about how others handle their withholding, refund, and savings is somewhat of a mystery.

MYOB.

We prefer to get money back instead of owing a chunk of change each spring. It's our business how we handle our finances.

I haven't checked to see if our total tax bill went down or up. Makes no difference to me. It is what it is.

Our taxes could drop in half and my opinion of Trump, the Republicans, and their Russian backers wouldn't change
.
Maybe because half of nothing is nothing? Let's call a spade a spade. 45% of the people on here are paying ZERO.




Quote:
Originally Posted by Lucy_C View Post
I've been claiming that we were going to save about $3000 under the new tax law. Well, I finally did our taxes last night and I have to admit that I was wrong.

We saved $4000! Woot woot - I love me the TCJA!
Congrats!
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Old 02-27-2019, 06:23 AM
 
Location: Central CT, sometimes NH.
3,349 posts, read 5,030,820 times
Reputation: 3233
I reviewed tax liability with my accountant. The overall tax was about the same as the previous year on a similar income. However, a family member with low income actually has to pay $300 this year as opposed to getting back $250 last year. Essentially the payroll tables reduced withholdings $10 a week but now has to pay back $6.00 a week. This is a problem for the low income earners. They spent the $10 and now have to find $6 to pay back the amount under withheld. Most people are not financial experts and with all the changes in the tax laws they are not in a position to question the automatic changes to their withholdings. Since in this case the reduction in payroll withholdings was coupled with an increase in healthcare deductions that was greater than payroll withholding reduction they didn't see the cut. It believe this was purposeful to get low income people to spend the money to stimulate the economy and pay the bill later just like the government.
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Old 02-27-2019, 10:07 AM
 
25,090 posts, read 32,149,656 times
Reputation: 30551
Quote:
Originally Posted by Lincolnian View Post
I reviewed tax liability with my accountant. The overall tax was about the same as the previous year on a similar income. However, a family member with low income actually has to pay $300 this year as opposed to getting back $250 last year. Essentially the payroll tables reduced withholdings $10 a week but now has to pay back $6.00 a week. This is a problem for the low income earners. They spent the $10 and now have to find $6 to pay back the amount under withheld. Most people are not financial experts and with all the changes in the tax laws they are not in a position to question the automatic changes to their withholdings. Since in this case the reduction in payroll withholdings was coupled with an increase in healthcare deductions that was greater than payroll withholding reduction they didn't see the cut. It believe this was purposeful to get low income people to spend the money to stimulate the economy and pay the bill later just like the government.
There were multiple articles about the change that was being implemented. They specifically stated that people needed to check their withholding amounts as less was going to be withheld. I don’t know how anyone could have missed that. I think many simply ignored it.
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Old 03-01-2019, 05:19 AM
 
Location: Boston
6,359 posts, read 1,887,191 times
Reputation: 4618
just another example of people blaming the government for their own victim mentality.
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Old 03-14-2019, 06:53 PM
 
7,600 posts, read 7,020,675 times
Reputation: 5847
Our taxable income rose by 5K if we held the income the same. We got hit with the loss of personal exemptions, resulting in a higher tax bill. The investment properties avoided the 10K SALT limitation since Sec. 212 real estate is not subject to the new rule.
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Old Today, 09:54 AM
 
7,600 posts, read 7,020,675 times
Reputation: 5847
The IRS is waiving penalties if you paid at least 80 percent of the required tax through withholding.

IRS giving millions a pass on penalties for 2018 underpayment
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Old Today, 10:22 AM
 
Location: Living rent free in your head
29,912 posts, read 12,718,955 times
Reputation: 21195
Quote:
Originally Posted by ChessieMom View Post
There were multiple articles about the change that was being implemented. They specifically stated that people needed to check their withholding amounts as less was going to be withheld. I don’t know how anyone could have missed that. I think many simply ignored it.
I can understand how a low income person could miss it. I knew that IRS was under withholding because I read it on sources like the NY Times & Washington Post. I don't know how many low income workers read any newspapers, let alone the ones that I mentioned. I never heard about it on TV or the radio and I don't recall seeing anything on facebook about it. And I'm not convinced that it was accidental, the head of the IRS is a partisan hack and this would not be the first time that the IRS was used to manipulate withholding to influence an election.

Quote:
There is a history of politicians trying to manipulate withholding, through obscure tables issued by the IRS, with an eye toward providing a short-term boost to the economy. President George H.W. Bush tried it ahead of the 1992 election, and the 1986 tax overhaul attempted, unsuccessfully, to quash refunds altogether.
https://www.politico.com/story/2018/...cks-irs-332183
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