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If I have to pay taxes, then I think I made money during the year, which is so much better than not making money. If you were notified, and you were, that the tax brackets were changing and you noticed more $$ in your paychecks, and you DID NOT alter your deductions, then shame on you. You got the $$ and didn't adjust, now you have to pay The government is not your savings bank.
My 2017's effective tax rate was 8.05% and my 2018 would be 6.49%.
I enjoy paying the least amount of taxes as possible.
My refund dropped dramatically, but that's because I changed my exceptions from 2 to 5 to get a larger paycheck and a smaller refund. I also contributed some to my wife's spousal IRA to negate the Virginia tax owed.
Federal return $382
Va Tax Owed -$378
IRA Contribution -$260
Va additional refund in October $220
-$36 outlay
Possibly. But the problem is when most people would rather get $2k back than $100 per paycheck. In other words, they are worse off in the net. Dumb, dumb, dumb.
Employer had about $150 less withheld from each pay for each of us, which resulted in $3,000 more to us for the year (10 pays). Unfortunately we owe $6,100. We both claim zero, so we are now having an additional $200 withheld from each pay.
Employer had about $150 less withheld from each pay for each of us, which resulted in $3,000 more to us for the year (10 pays). Unfortunately we owe $6,100. We both claim zero, so we are now having an additional $200 withheld from each pay.
For 2017 we owed less than $200. I know we lost about $8k in SALT deductions. I thought we would be able to take ~$2k for a child who is a freshman in college, but we couldn’t.
my original point was that while it's OK to complain that the witholdings got messed up it makes no sense to complain that you did not get a tax cut like the people in the video are complaining when they clearly cashed a higher amount per pay period. You DID get the tax cut, you got it earlier...however I say these people are financially illiterate because they cannot tie the concept of their paycheck and their refund and how it all balances out. They can't seem to grasp that they either collect it upfront or they get it later. They still think they are owed the refund because last year they got one They make it seem like the refund mysteriously arrives as some kind of free gift from the government. Well, last year they collected a smaller paycheck as well.
I never understood why giving "uncle sam an interest-free loan" is so bad?
I'm not the most disciplined saver in the world, especially not in small increments. I'm not the kind of person that would take that extra $20 a month and put it into the 401k. Life got better for me and my family when I stopped obsessing about money down to the cent.
I save better when I get big chunks, e.g. a bonus check, take half of it & put it into savings/investments. So a big refund works well for me. If I get a crappy refund this year I'm going to be pissed. Haven't done taxes yet, but based on my estimates from the calculators when tax reform passed, it looked like we would break even.
I never understood why giving "uncle sam an interest-free loan" is so bad?
At current and recent interest rates and at the current inflation rate, it isn't a big deal for most people.
Back in the early 80s when inflation and interest rates were double-digit, it was a big deal for most people.
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They make it seem like the refund mysteriously arrives as some kind of free gift from the government. Well, last year they collected a smaller paycheck as well.
