2018 TAXES

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Gil Dobie
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Re: 2018 TAXES

Postby Gil Dobie » Mon Jan 28, 2019 6:50 am

Why am I getting more back this year?
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Re: 2018 TAXES

Postby ASUG8 » Mon Jan 28, 2019 6:51 am

I don't have either of our W2's yet. :ohno:

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Re: 2018 TAXES

Postby Gil Dobie » Mon Jan 28, 2019 6:55 am

I am paying more sales tax, as sales were way up this year on my sports memorabilia.
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Re: 2018 TAXES

Postby Ibanez » Mon Jan 28, 2019 7:24 am

I'm getting some money back..enough to pay off my tax bill from 2017.
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Re: 2018 TAXES

Postby mainejeff » Mon Jan 28, 2019 7:25 am

Gil Dobie wrote:I am paying more sales tax, as sales were way up this year on my sports memorabilia.


Wanna buy my collection of sports cards and Kenner Starting Line-Up figures?
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Re: 2018 TAXES

Postby Gil Dobie » Mon Jan 28, 2019 8:03 am

mainejeff wrote:
Gil Dobie wrote:I am paying more sales tax, as sales were way up this year on my sports memorabilia.


Wanna buy my collection of sports cards and Kenner Starting Line-Up figures?


Depends on the era of the cards and the price, the Kenner statues are pretty soft right now, except for a few. PM me the details.
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Re: 2018 TAXES

Postby bluehenbillk » Tue Jan 29, 2019 8:39 am

I did mine over the weekend. Went from a refund last year between $250-300 to a $900 refund this year, which is around what I shoot for every year. I've never been one of those let's get a big refund kinda people - I like my $$ now versus later.
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Re: 2018 TAXES

Postby HI54UNI » Tue Jan 29, 2019 8:51 am

bluehenbillk wrote:I did mine over the weekend. Went from a refund last year between $250-300 to a $900 refund this year, which is around what I shoot for every year. I've never been one of those let's get a big refund kinda people - I like my $$ now versus later.


Agreed on not getting a big refund.

How much are your withholdings down compared to last year? I'm getting a refund plus our withholdings are way down. I think a lot of people will miss that part this year.
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Re: 2018 TAXES

Postby ASUG8 » Wed Jan 30, 2019 7:54 am

I just did a first pass in TaxAct and we're getting whacked badly :shock: I may end up getting H&R Block or someone to give it a second set of eyes.

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Re: 2018 TAXES

Postby Ibanez » Wed Jan 30, 2019 7:57 am

ASUG8 wrote:I just did a first pass in TaxAct and we're getting whacked badly :shock: I may end up getting H&R Block or someone to give it a second set of eyes.

The TurboTax UI has been easier to use. I used H&R Block last year but it's hasn't been too friendly with non-resident income (Work in NC but live in SC).
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Re: 2018 TAXES

Postby 93henfan » Wed Jan 30, 2019 3:10 pm

bluehenbillk wrote:I did mine over the weekend. Went from a refund last year between $250-300 to a $900 refund this year, which is around what I shoot for every year. I've never been one of those let's get a big refund kinda people - I like my $$ now versus later.


Man, this is much more subdued than the post you made and deleted a few days ago where you said you owned tens of thousands. :lol:
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Re: 2018 TAXES

Postby AZGrizFan » Wed Jan 30, 2019 3:13 pm

First pass through my taxes....

UP by about $23,000 over last year. $11,000 of that is mortgage interest that I can no longer deduct, $12,000 of that is the impact of property taxes being capped at $10,000.

Fuck Trump. This left-wing media lie that his tax plan was a gift to the 1%'ers is bullshit. Maybe to the .001%'ers, but not us damned middle-class 1%'ers....
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Re: 2018 TAXES

Postby 93henfan » Wed Jan 30, 2019 3:16 pm

I had mine done in TurboTax for over a week and just had to wait on the Passive Activity Loss Limitations (8582) form. Once that was released by IRS on Monday, I hit the e-file button on TT.

My federal return was "accepted" by IRS later the same day, and Delaware accepted my state return a day later. They say three weeks, but I'm willing to bet I get my returns in two or less.

The Trump cut lowered by effective rate 2.1% last year, so that was sweet. Delaware actually got worse.
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Re: 2018 TAXES

Postby ASUG8 » Thu Jan 31, 2019 6:21 am

Ibanez wrote:
ASUG8 wrote:I just did a first pass in TaxAct and we're getting whacked badly :shock: I may end up getting H&R Block or someone to give it a second set of eyes.

The TurboTax UI has been easier to use. I used H&R Block last year but it's hasn't been too friendly with non-resident income (Work in NC but live in SC).


I ran my numbers through TurboTax yesterday for a sanity check and got basically the same answer as TaxAct:evil: . This tax reform hosed me - I didn't change my witholdings from last year and yet I'm paying the Feds double what I did last year. :ohno:

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Re: 2018 TAXES

Postby bluehenbillk » Thu Jan 31, 2019 6:25 am

93henfan wrote:
bluehenbillk wrote:I did mine over the weekend. Went from a refund last year between $250-300 to a $900 refund this year, which is around what I shoot for every year. I've never been one of those let's get a big refund kinda people - I like my $$ now versus later.


Man, this is much more subdued than the post you made and deleted a few days ago where you said you owned tens of thousands. :lol:


oh yea, you saw that? I was in a complete state of panic for 20 minutes until I figured out an error I made....
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Re: 2018 TAXES

Postby bluehenbillk » Thu Jan 31, 2019 6:28 am

HI54UNI wrote:
bluehenbillk wrote:I did mine over the weekend. Went from a refund last year between $250-300 to a $900 refund this year, which is around what I shoot for every year. I've never been one of those let's get a big refund kinda people - I like my $$ now versus later.


Agreed on not getting a big refund.

How much are your withholdings down compared to last year? I'm getting a refund plus our withholdings are way down. I think a lot of people will miss that part this year.


You're correct that withholdings are down. I think generally speaking if you didn't change anything year over year you saw about a 2% raise in your normal paycheck from less withholdings.
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Re: 2018 TAXES

Postby Ibanez » Thu Jan 31, 2019 7:05 am

ASUG8 wrote:
Ibanez wrote:The TurboTax UI has been easier to use. I used H&R Block last year but it's hasn't been too friendly with non-resident income (Work in NC but live in SC).


I ran my numbers through TurboTax yesterday for a sanity check and got basically the same answer as TaxAct:evil: . This tax reform hosed me - I didn't change my witholdings from last year and yet I'm paying the Feds double what I did last year. :ohno:

I'm getting enough back to pay what I still owe the Feds from 2017 and to pay off a small loan. I hve to change my withholdings this year, between a bonus and a raise i'm afraid it's going to cost me.


I'm looking forward to the $400 extra dollars a month
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Re: 2018 TAXES

Postby Winterborn » Thu Jan 31, 2019 7:08 am

Should be receiving the last of my documents today and then it will be off to the tax accountant.
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Re: 2018 TAXES

Postby 93henfan » Thu Jan 31, 2019 7:59 am

Ibanez wrote:
ASUG8 wrote:
I ran my numbers through TurboTax yesterday for a sanity check and got basically the same answer as TaxAct:evil: . This tax reform hosed me - I didn't change my witholdings from last year and yet I'm paying the Feds double what I did last year. :ohno:

I'm getting enough back to pay what I still owe the Feds from 2017 and to pay off a small loan. I hve to change my withholdings this year, between a bonus and a raise i'm afraid it's going to cost me.


I'm looking forward to the $400 extra dollars a month


I have the absolute max withheld: zero or whatever the lowest possible exemptions are on the W4. Works well for me. I love getting $5k or $6k in a lump every winter.
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Re: 2018 TAXES

Postby AZGrizFan » Thu Jan 31, 2019 8:49 am

93henfan wrote:
Ibanez wrote:I'm getting enough back to pay what I still owe the Feds from 2017 and to pay off a small loan. I hve to change my withholdings this year, between a bonus and a raise i'm afraid it's going to cost me.


I'm looking forward to the $400 extra dollars a month


I have the absolute max withheld: zero or whatever the lowest possible exemptions are on the W4. Works well for me. I love getting $5k or $6k in a lump every winter.


Just think how much longer you could have survived the shutdown if you had that extra $500/month stuffed into a savings account instead of letting your benevolent government hold it for you at 0% interest...
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Re: 2018 TAXES

Postby ASUG8 » Thu Jan 31, 2019 9:16 am

AZGrizFan wrote:
93henfan wrote:
I have the absolute max withheld: zero or whatever the lowest possible exemptions are on the W4. Works well for me. I love getting $5k or $6k in a lump every winter.


Just think how much longer you could have survived the shutdown if you had that extra $500/month stuffed into a savings account instead of letting your benevolent government hold it for you at 0% interest...


If you underwithhold, you get an IRS interest penalty. If you overwithhold, you get your money back sans interest.

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Re: 2018 TAXES

Postby 93henfan » Thu Jan 31, 2019 9:26 am

AZGrizFan wrote:
93henfan wrote:
I have the absolute max withheld: zero or whatever the lowest possible exemptions are on the W4. Works well for me. I love getting $5k or $6k in a lump every winter.


Just think how much longer you could have survived the shutdown if you had that extra $500/month stuffed into a savings account instead of letting your benevolent government hold it for you at 0% interest...


That extra $5 in interest would have been a lifesaver!
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Re: 2018 TAXES

Postby JoltinJoe » Thu Jan 31, 2019 10:50 am

AZGrizFan wrote:First pass through my taxes....

UP by about $23,000 over last year. $11,000 of that is mortgage interest that I can no longer deduct, $12,000 of that is the impact of property taxes being capped at $10,000.

**** Trump. This left-wing media lie that his tax plan was a gift to the 1%'ers is bullshit. Maybe to the .001%'ers, but not us damned middle-class 1%'ers....


Some yeas ago, I pulled equity out of a second residence to perform improvements on the first residence. It worked, because I frequently engaged in short-term rentals of property no. 2, so the increased interest costs on the second mortgage caused the rental to operate at a loss. Therefore, I was able to use rental proceeds to pay a share of the rental property mortgages without incurring additional net income.

Then my HOA banned short-term rentals for the whole facility. Well, that sucked, but at least I still had the mortgage interest deduction. But wait, under the new tax law, because the home equity loan proceeds were not used to improve that premise, I can't write off that interest. If I had pulled the money out of my first residence, I would be able to still take the home equity loan interest as a write-off, since the money was used for improvements to that residence.

Wow. It seemed like a great idea back then.
The interest rate on that home equity loan is high, given current rates, so I guess it's time to just pay that loan off. It's doing nothing for me.

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Re: 2018 TAXES

Postby Ibanez » Thu Jan 31, 2019 12:19 pm

AZGrizFan wrote:First pass through my taxes....

UP by about $23,000 over last year. $11,000 of that is mortgage interest that I can no longer deduct, $12,000 of that is the impact of property taxes being capped at $10,000.

Fuck Trump. This left-wing media lie that his tax plan was a gift to the 1%'ers is bullshit. Maybe to the .001%'ers, but not us damned middle-class 1%'ers....


Something doesn't seem right about that...is it the tax law that's screwing you or is a combination of the tax law, your income, etc...?


Is there a tax advantage to having your other homes in separate LLCs and figure out a way to always run a loss?
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Re: 2018 TAXES

Postby Ibanez » Thu Jan 31, 2019 12:23 pm

93henfan wrote:I had mine done in TurboTax for over a week and just had to wait on the Passive Activity Loss Limitations (8582) form. Once that was released by IRS on Monday, I hit the e-file button on TT.

My federal return was "accepted" by IRS later the same day, and Delaware accepted my state return a day later. They say three weeks, but I'm willing to bet I get my returns in two or less.

The Trump cut lowered by effective rate 2.1% last year, so that was sweet. Delaware actually got worse.

Submitted mine yesterday and they were "accepted" by the Feds, North Carolina and South Carolina in an hour. They estimated a refund by Feb 22. We'll see.

Effective Tax Rate
2017- 14%
2018- 6.09%
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