Tax Returns

[Guest]

For those of you who have rental properties that produce profit, there is new section 199a deduction you should check out

[Guest]

Higher deduction and removal of exemptions puts me in no man's land where the new tax plan actually is worse for me at this time in my life. I planned for it though. 

[Guest]

About the same as last year.  Little less back from the feds, but because Minnesota still allowed itemization I actually got more back at the state level.  And the (minimal) business losses I took for essentially skipping my December gig helped, too.

[Guest]

Don’t forget you can still deduct your expenses if you own your own plane...   

[Guest]

I'm reading that for those who get money back, it's about 8% less than last year.
Havent done ours yet but we have extra money taken out every year, and every year we owe on our taxes. We are middle class, so I'm sure our "best friend" has figured out a way to F us even harder with no KY.

[Guest]

I wouldnt mind paying more if it went to debt reduction,   but seeing the debt increase along with my tax bill isn't any more palatable now than it was under the last administration.

[Guest]

@"Vanguard83" said:
I'm reading that for those who get money back, it's about 8% less than last year.
Havent done ours yet but we have extra money taken out every year, and every year we owe on our taxes. We are middle class, so I'm sure our "best friend" has figured out a way to F us even harder with no KY.

I haven't done ours yet. 
So if the 8% is correct, wouldn't it be close to a wash from last year?
I never figured the % out, but I know my take home amount was more per week last year vs the year before.
(less taxes taken out each week) 

Example would be the bracket I'm in 3% lower vs 2017. So my weekly take home was $58.23 more. Or $3,028 
over the 2018 year.

So if I had a $4,000 return last year, and this tear I'm expected 8% less. 4k - 8% = 3,680. $320 less, sounds bad.
Yet I was taxed $3,028 less than the year before. So in the long run I had more spendable cash than in 2017.

So actually it is not a wash, I came out way ahead.

Or am I looking at this all wrong?

[Guest]

household gross income was up $8.905 this year over last. Federal tax refund was up $358 this year. good enough for me

[Guest]

Haven't done them yet. My wife handles getting them done. She goes to the local community center where retired CPA's volunteer. Income from last year virtually the same as 2017. One dependent child (grandson) to claim so we'll see shortly I guess. Money is something I never understood well enough. I been putting into 401-K for 30+ years now. House will be paid when we retire. The future is always uncertain. All I know about money is I've never had as much as I wanted but have been blessed to have as much as I've really needed to get by. So far...

[Guest]

with my primary income being off the farm it kind of screws with how much of my farm expenses I can take so I never really know until my acct tells me how it works out.  I  am kind of nervous this year with the new tax laws,  but next year will  really be interesting with 1 or both of my kids coming off as dependents.  maybe I should claim "0" and still send them a C note every month to be on the safe side.