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Old 01-30-2019, 06:51 AM
 
Location: Wooster, Ohio
1,026 posts, read 777,205 times
Reputation: 1479

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I downloaded my Vanguard tax form yesterday morning. This morning, I finished my taxes, but will wait a week or more before mailing them. Before I do that, I will check each document from start to finish.

The last withholding change I made to Deferred Comp resulted in an increase in federal withholding instead of the decrease that was supposed to happen. I called again and mailed back another form. I hope it's right this time. It would be much easier if I could adjust withholding online like I did with my OPERS retirement.
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Old 01-30-2019, 07:31 AM
 
659 posts, read 347,525 times
Reputation: 2428
Filed my return this week with Turbotax. Due to the tax law changes, I paid an additional $800(ish) in federal taxes this year. I had no changes in my situation other than the law change.


I definitely DID NOT benefit from the new tax reform. Pretty bitter about that.
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Old 01-30-2019, 09:23 AM
 
7,351 posts, read 4,182,782 times
Reputation: 5009
I filed them last night. We are paying 2% more this year. The new tax law is not a benefit to us. All our previous write offs are not available, mortgage interest, property tax, tools, uniforms, donations, etc
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Old 01-30-2019, 09:51 AM
 
8,688 posts, read 5,056,652 times
Reputation: 9806
Quote:
Originally Posted by LowonLuck View Post
I filed them last night. We are paying 2% more this year. The new tax law is not a benefit to us. All our previous write offs are not available, mortgage interest, property tax, tools, uniforms, donations, etc
The new tax law is only a benefit to the very wealthy. Brace yourself as parts of the new law already passed phase in gradually over 10 years.
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Old 01-30-2019, 10:02 AM
 
1,875 posts, read 629,326 times
Reputation: 4878
I think you'd classify me as very wealthy. Mine are up 20% on pretty much the same income. I'm still able to itemize deductions so the increased standard deduction did me no good at all.
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Old 01-30-2019, 11:16 AM
 
4,695 posts, read 10,274,081 times
Reputation: 2254
Being from a area of severely high home property taxes the changes have not benefited me at all.

Actually I was hit harder than what was originally expected.

Sucks!
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Old 01-30-2019, 11:51 AM
 
1,972 posts, read 565,544 times
Reputation: 2815
I am surprised a lot of you likely make more money than me and do not enlist the services of an accountant. It's sheer insanity to me that you'd venture out and try to DIY and figure out a complex system which employs hundreds of thousands of professionals annually.

I have no mortgage/property and no kids and I wouldn't go it alone. I think a lot of you are getting tripped up by the SALT change. I'm sure there are loopholes. But you actually need to stop trying to do your own taxes and pay a good CPA to find them. My taxes probably won't change much because I was likely paying more to begin with as I could never rely on the property or dependent deductions. However, I do have an S-Corp and likely there may be some added benefits for corporations seeing as Trump is Pro-Business. In general the government is Pro-Business and anti-individual.

If you don't have a corporation already you should be setting one up as well as a consultancy to take advantage of pass through losses. And that corporation should be used to manage some of your mutual funds, stocks etc to take advantage of the lower tax rate in investing that corps have over individuals. If you have a corporation you can deduct part of your housing expense, that includes primary residence whether it's mortgage or rent.

Turbo Tax isn't gonna cut it. My Wife used to use that and she could have been getting $1k more back per year (after the CPA fee) if she had been using my accountant (before we met)

Someone help me understand, why do people in this country think it's a good idea to try and play against the IRS on their own? I work with numbers every day and I can't back out how it works. There is no logic to it. Unless you're an Accounting major or Financial Analyst please don't try to play the game....You will lose every single time.
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Old 01-30-2019, 11:59 AM
 
76 posts, read 19,379 times
Reputation: 115
Quote:
Originally Posted by Tencent View Post
I am surprised a lot of you likely make more money than me and do not enlist the services of an accountant. It's sheer insanity to me that you'd venture out and try to DIY and figure out a complex system which employs hundreds of thousands of professionals annually.

I have no mortgage/property and no kids and I wouldn't go it alone. I think a lot of you are getting tripped up by the SALT change. I'm sure there are loopholes. But you actually need to stop trying to do your own taxes and pay a good CPA to find them. My taxes probably won't change much because I was likely paying more to begin with as I could never rely on the property or dependent deductions. However, I do have an S-Corp and likely there may be some added benefits for corporations seeing as Trump is Pro-Business. In general the government is Pro-Business and anti-individual.

If you don't have a corporation already you should be setting one up as well as a consultancy to take advantage of pass through losses. And that corporation should be used to manage some of your mutual funds, stocks etc to take advantage of the lower tax rate in investing that corps have over individuals. If you have a corporation you can deduct part of your housing expense, that includes primary residence whether it's mortgage or rent.

Turbo Tax isn't gonna cut it. My Wife used to use that and she could have been getting $1k more back per year (after the CPA fee) if she had been using my accountant (before we met)

Someone help me understand, why do people in this country think it's a good idea to try and play against the IRS on their own? I work with numbers every day and I can't back out how it works. There is no logic to it. Unless you're an Accounting major or Financial Analyst please don't try to play the game....You will lose every single time.
I agree with this, that is why I go to my CPA
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Old 01-30-2019, 12:24 PM
 
82 posts, read 39,596 times
Reputation: 70
Quote:
Originally Posted by Tencent View Post
I am surprised a lot of you likely make more money than me and do not enlist the services of an accountant. It's sheer insanity to me that you'd venture out and try to DIY and figure out a complex system which employs hundreds of thousands of professionals annually.

I have no mortgage/property and no kids and I wouldn't go it alone. I think a lot of you are getting tripped up by the SALT change. I'm sure there are loopholes. But you actually need to stop trying to do your own taxes and pay a good CPA to find them. My taxes probably won't change much because I was likely paying more to begin with as I could never rely on the property or dependent deductions. However, I do have an S-Corp and likely there may be some added benefits for corporations seeing as Trump is Pro-Business. In general the government is Pro-Business and anti-individual.

If you don't have a corporation already you should be setting one up as well as a consultancy to take advantage of pass through losses. And that corporation should be used to manage some of your mutual funds, stocks etc to take advantage of the lower tax rate in investing that corps have over individuals. If you have a corporation you can deduct part of your housing expense, that includes primary residence whether it's mortgage or rent.

Turbo Tax isn't gonna cut it. My Wife used to use that and she could have been getting $1k more back per year (after the CPA fee) if she had been using my accountant (before we met)

Someone help me understand, why do people in this country think it's a good idea to try and play against the IRS on their own? I work with numbers every day and I can't back out how it works. There is no logic to it. Unless you're an Accounting major or Financial Analyst please don't try to play the game....You will lose every single time.
When I run a tiny side LLC, I made sure to hire professionals. There is nothing the two of them in two years did that I wasn't able to accomplish myself in TurboTax. I may simply have been unlucky, but I found the second year that I used pros, I had to convince one how the full depreciation worked and allowed me to take loses against my regular W2 wage. He had started by letting me know that the previous year's tax pro had done things wrongly. He went off and called back a few days later saying I was right and everything was good. With egg on his face, he did my returns for free that year. He was the CPA for a number of businesses in the area.

Regardless of who you use, each person needs to be very knowledgeable about what is being done by them and for them and why the numbers work the way they work. Like many things, the only person that will care the most about your affairs is you.
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Old 01-30-2019, 12:58 PM
 
Location: Sugarland
13,740 posts, read 12,634,133 times
Reputation: 16579
Quote:
Originally Posted by Tencent View Post
I am surprised a lot of you likely make more money than me and do not enlist the services of an accountant. It's sheer insanity to me that you'd venture out and try to DIY and figure out a complex system which employs hundreds of thousands of professionals annually.

I have no mortgage/property and no kids and I wouldn't go it alone. I think a lot of you are getting tripped up by the SALT change. I'm sure there are loopholes. But you actually need to stop trying to do your own taxes and pay a good CPA to find them. My taxes probably won't change much because I was likely paying more to begin with as I could never rely on the property or dependent deductions. However, I do have an S-Corp and likely there may be some added benefits for corporations seeing as Trump is Pro-Business. In general the government is Pro-Business and anti-individual.

If you don't have a corporation already you should be setting one up as well as a consultancy to take advantage of pass through losses. And that corporation should be used to manage some of your mutual funds, stocks etc to take advantage of the lower tax rate in investing that corps have over individuals. If you have a corporation you can deduct part of your housing expense, that includes primary residence whether it's mortgage or rent.

Turbo Tax isn't gonna cut it. My Wife used to use that and she could have been getting $1k more back per year (after the CPA fee) if she had been using my accountant (before we met)

Someone help me understand, why do people in this country think it's a good idea to try and play against the IRS on their own? I work with numbers every day and I can't back out how it works. There is no logic to it. Unless you're an Accounting major or Financial Analyst please don't try to play the game....You will lose every single time.
Why? Because I feel comfortable doing it myself and donít feel like taking the time to hire someone. If I truly thought that they would do a better job than me, then I would.
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