Tax Returns

Smaller then who's? 
And how did you know?

I haven't done mine yet.  But double dipping with a retirement and a full-time job with now dependents or sizable deductions, I shudder to think about it.  LOL

@"ArizonaViking" said: I haven't done mine yet.  But double dipping with a retirement and a full-time job with now dependents or sizable deductions, I shudder to think about it.  LOL

First world problem lol!

Gotta stay on top of those withholdings. We check how that's trending in May and September to make sure we aren't going to be writing any checks we're not prepared to do. 

@"suncoastvike" said: Smaller then who's?  And how did you know?

Uhm, you know we're talking taxes right? Not something else. 

My accountant had me increase my payroll payment in anticipation of loosing my deductions.  Fall in that group that the new STD deduction won't cover what I had been claiming and not wealthy enough to hit the caps.  ( STD is what I meant, something about getting screwed without a kiss)

@"BarrNone55" said: Wondering how everyone fared. Mine was slightly smaller.

This was the first time I've done my taxes myself in probably 15 years. Always used HR Block in the past due to rental property and a freelance business complicating things. But grew weary of how much they charged me (typically around $600), and getting set up with a retiree who moved around his computer with the speed of a turtle in mud.

This year I used Turbotax. It was magic. Asked me all the questions I needed to answer in an extremely simple and conversational manner. In 90 minutes I was finished. After having to pay a few thousand the last few years, this year I'm getting a few thousand back. Has nothing to do with Turbotax or the new tax policy. It's due mostly to the fact that I totally changed my federal tax picture: claimed 0 withholdings, took extra out, etc. 

Anyway, there are certain products that surprise you with their convenience and value--what you get for the money and how much better they are than the alternative: Amazon, Netflix, Roku, ridesharing, Apple products....I'm ready to put Turbotax on that list. 

Add Intuit's Mint product to the mix MB...

Helps us budget, track spending $$ in an easy to use interface. Was eye opening when we started to really look at where the $$ goes - and where it doesn't. 

Information is power and peace of mind too. 

@"purplefaithful" said: Add Intuit's Mint product to the mix MB...

Helps us budget, track spending $$ in an easy to use interface. Was eye opening when we started to really look at where the $$ goes - and where it doesn't. 

Information is power and peace of mind too. 

Intuit is the group behind Turbotax as well, so maybe it's them that deserve the credit. I'll check it out. I definitely need help figuring out where my money goes. 

Thanks to my two kids i'm able to buy a Lamborghini this year

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

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. 

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.

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

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 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.

@"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?

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

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...

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.

Don't know if its true, but just read that tax returns are about 8% less than last year with the new tax laws. 

But the goal really is to not have much money at all coming back. Its not like its free money, its YOUR money that the government has had all year long and then returns some of it as a refund if you've overpaid without interest. I hear from a few friends that go, 'wow, got a great refund on my taxes this year!' Well, that really means you aren't doing your taxes right from a withholding aspect.