What's your income tax rate?

[Darth One]

He also never wears pants when he posts, but yes, by all means, let’s focus on the fact that he rarely quotes

[PA135ii]

I got $684 more back this year than last. No changes to my status.

[JimVonBaden]

Originally Posted by 1MOREMOD

That doesnt work here I never quote unless its an accident

[bd307]

Got way less back due to loss of many write offs. Property tax is a big one for us.

[RickFLM4]

I don't think anyone can really assess whether tax reform worked in their favor or not without looking at their effective tax rate. Just looking at the refund is an incomplete picture unless deductions / tax payments and income were identical year over year as 1MOREMOD pointed out in a previous post.

[1MOREMOD]

Originally Posted by JimVonBaden

My IQ is really low so I forget things like that.

[1MOREMOD]

Originally Posted by RickFLM4

I don't think anyone can really assess whether tax reform worked in their favor or not without looking at their effective tax rate. Just looking at the refund is an incomplete picture unless deductions / tax payments and income were identical year over year as 1MOREMOD pointed out in a previous post.

Yeah wife was pissed until showed her we paid bit less

[Yugo]

Standard deduction was doubled, but most miss the fact that personal exemption is gone. This hurt people who itemized and generally have more than 2 people in the household (each examption was $6.5k in 2017. People w kids under 18, got the increased child credit at $2k a pop which now also doesn't get reduced starting at $110k of agi.

Reform worked for those in the very top bracket by marginal rate reduction and for the ones w a lot of little kids, and those who didn't rely on itemized deductions. Those who did and without any kids to claim on their taxes, didn't end up well.

[1MOREMOD]

Sounds right, no kids, standard deductions and I'm a baller.

[Flying Ace]

Originally Posted by 1MOREMOD

Yeah wife was pissed until showed her we paid bit less

Good thing women are discouraged to vote

[PA135ii]

I wonder if Trump will log in to tell us his .... ooops... wrong thread.

[1MOREMOD]

Originally Posted by Flying Ace

Good thing women are discouraged to vote

I heard they were revoking that right.

[Flying Ace]

Originally Posted by PA135ii

I wonder if Trump will log in to tell us his .... ooops... wrong thread.

tread lightly...

[Flying Ace]

Originally Posted by roastbeef

paid about $3k less overall, got about $5k less back than what i usually do... didn't really get a break anywhere. lost some write-offs.

that's pretty good. Now, don't spend all that $3k at one massage parlor or gentlemen's club!

[Jay440]

You guys have it easy. 40% in the UK plus 10% national insurance (NHS and other services)

[DETRoadster]

Originally Posted by Jay440

You guys have it easy. 40% in the UK plus 10% national insurance (NHS and other services)

So move here!

My folks are retired and paying $2,400 per month for supplemental health insurance. What do you pay?

[DETRoadster]

Personally, we are hoping for the best and bracing for the worst this year. Our tax situation changed significantly 2018 vs. 2017 so there's just no telling where we are going to land. My bet is it's going to be pretty bad.

[Flying Ace]

Originally Posted by DETRoadster

Personally, we are hoping for the best and bracing for the worst this year. Our tax situation changed significantly 2018 vs. 2017 so there's just no telling where we are going to land. My bet is it's going to be pretty bad.

same here. I took on an investment property and realized a ton of profits from asset sales. It's going to look like I made a ton of money on the 1040 when I'm definitely not any richer than last year. It's more of a shift of assets from financial to real estate. I'm trying to be more like Trump. So you know...I won't pay anything. My tax preparer is out of the country right now doing some laundry business in Macau, Cayman and the likes...when she's back we'll fire up the software and see where I'm at.

[Flying Ace]

Originally Posted by DETRoadster

So move here!

My folks are retired and paying $2,400 per month for supplemental health insurance. What do you pay?

haha! classic. Complain about taxes, take social benefits for granted.

[PA135ii]

Originally Posted by Flying Ace

tread lightly...

Nope.. I burn rubber... (when my car is not in the shop)

[JimVonBaden]

Originally Posted by Jay440

You guys have it easy. 40% in the UK plus 10% national insurance (NHS and other services)

So much for free health care. I hope it is really good for your 10%.

[jmg]

Just finished my corporate and personal taxes. I ended up owing much much much less even with our write-offs and business expenses remaining pretty much the same. I took a few months off, so while I took in more income while I was working, it balanced out with those two months off. I usually end up owing $15k corporate for Q4, but this time I was over. I guess that's a good thing right? I had a talk with my business manager about our tax schedule, but given there was a lot of new tax laws, I think it was acceptable that I overpaid the first few quarters (we kept the 2017 schedule to be safe). But I'd prefer not to do that again.