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I just had mine done this afternoon and I am not happy.
Before I didn't really have a major beef with the T-dog but it seems his "simplified tax laws" are not good for anyone other than, perhaps, the already well-off bunch!
T-dog figured out how to come up with the $$$ to build his yellow brick wall in the South.
Yea that elimination of the personal exemption with your itemization sucks.
I just had mine done this afternoon and I am not happy.
Before I didn't really have a major beef with the T-dog but it seems his "simplified tax laws" are not good for anyone other than, perhaps, the already well-off bunch!
I wonder if his middle class supporters still think he is all that?
If you are getting W2, you are basically SOL on claiming any deductions whatever, none. If it is true, the exclusion of MI and property tax will definitely increase the chance of pending crisis in the housing market.
My tax guy tells me many of his clients using W2 ended up owing to Federal government this year where they normally would be getting a decent amount back!
First time my CA tax return is actually quite a bit more than Federal where Federal return used to be like x3 what I got from the State.
T-dog figured out how to come up with the $$$ to build his yellow brick wall in the South.
It's not the W2 that's the issue, it's the state and local tax deduction that is capped that's causing the bigger issues (along with the loss of the personal exemptions).
Mortgage interest is still deductible, it's just the amount is restricted for new mortgages more than it used to be.
I've not been able to itemize for years, The 2018 standard deduction exceeds the previous standard deductions + my previous personal exemptions. I don't make $300k. I don't have a half million mortgage. The tax rate is lower. I don't see how my tax will be anything but less. However, I'm not thanking anybody for this temporary tax cut, that will expire when I need it more. Our retirement income doesn't change much year to year but 2 more sources kick in in 2025.
Now I did not get a larger return because I increased my withholdings. I ran the IRS Tax calculator and saw that the landscape had changed and rather getting a larger tax return, I increased my withholdings to get a larger pay check and get a smaller return. We enjoyed the larger paycheck through the year.
so many ignored that, now they're crying , go figure.
My effective rate dropped around 1.5%, no more AMT and we made a lot more than last year. This tax reform helped us significantly, in fact we are paying less total federal tax for 2018 than 2017.
Every tax situation is different, but this middle class income family certainly did better this year with the tax cuts. We paid less in taxes (over $3k less!) and our effective tax rate dropped to 6.5% from 8.2%.
Now I did not get a larger return because I increased my withholdings. I ran the IRS Tax calculator and saw that the landscape had changed and rather getting a larger tax return, I increased my withholdings to get a larger pay check and get a smaller return. We enjoyed the larger paycheck through the year.
Congrats!
Quote:
Originally Posted by TurcoLoco
I just had mine done this afternoon and I am not happy.
Before I didn't really have a major beef with the T-dog but it seems his "simplified tax laws" are not good for anyone other than, perhaps, the already well-off bunch!
I wonder if his middle class supporters still think he is all that?
If you are getting W2, you are basically SOL on claiming any deductions whatever, none. If it is true, the exclusion of MI and property tax will definitely increase the chance of pending crisis in the housing market.
My tax guy tells me many of his clients using W2 ended up owing to Federal government this year where they normally would be getting a decent amount back!
First time my CA tax return is actually quite a bit more than Federal where Federal return used to be like x3 what I got from the State.
T-dog figured out how to come up with the $$$ to build his yellow brick wall in the South.
You are blaming the wrong person. You should be blaming California for their sky high taxes.
Quote:
Originally Posted by SuiteLiving
It's not the W2 that's the issue, it's the state and local tax deduction that is capped that's causing the bigger issues (along with the loss of the personal exemptions).
Mortgage interest is still deductible, it's just the amount is restricted for new mortgages more than it used to be.
I just had mine done this afternoon and I am not happy.
Before I didn't really have a major beef with the T-dog but it seems his "simplified tax laws" are not good for anyone other than, perhaps, the already well-off bunch!
I wonder if his middle class supporters still think he is all that?
If you are getting W2, you are basically SOL on claiming any deductions whatever, none. If it is true, the exclusion of MI and property tax will definitely increase the chance of pending crisis in the housing market.
My tax guy tells me many of his clients using W2 ended up owing to Federal government this year where they normally would be getting a decent amount back!
First time my CA tax return is actually quite a bit more than Federal where Federal return used to be like x3 what I got from the State.
T-dog figured out how to come up with the $$$ to build his yellow brick wall in the South.
Well, we are pretty happy and are middle class. The percentage of taxes paid vs. income went down this year even though income was up. We are retired and are getting deferred income which is equivalent to the income we had working but with interest earned. We haven't reached full retirement age yet. Over the last several years even before Trump we could not take over the standard deduction + the personal deductions. Neither equals the current standard deduction which is way higher than we ever got and should be for most people.
You need to actually look at the total taxes (line 15) due vs income (line 6) and not the refund amount because you should have had less taken out in your paychecks. Refund means squat if the actual tax bill was percentage wise less. If you use a tax program it should tell you in the end what percentage you paid on income but a quick math is easy to figure it out.
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