Anyone Do Their Taxes Yet?

"ESSSIX GmbH - Accountant/Wagon Thumper" (thedlo) 01/22/2019 at 14:59 • Filed to: None

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How’d you fair over last year?

This year we’re down 5k in refund monies, it hurts a little, we were going to use that to do a bathroom reno. We wont be making the dent we hoped I guess.

ETA: If you’re single, married, no kids, and you rent, you’ll probably come out ahead, or not much change at all.

But if you’re a homeowner with kids and you pay enough in property taxes, the new laws will affect you quite a bit.

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The Ghost of Oppo > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:10

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I just asked a bunch of friends this past weekend and none of us have seen our W2' s yet

Party-vi > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:13

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Yours went down? Ah shit. Mine will probably go down as well.

VajazzleMcDildertits - read carefully, respond politely > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:14

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I’m going to owe a lot, but I made some decisions late last year that’s going to leave me decently net positive, so overall it’s a win, at least with the rough numbers from the paperwork I have so far. 

Chuckles > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:17

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I would have a lot more motivation to do my taxes if I was looking at getting a refund. Hell, I'd be thrilled to not owe them for a change. 

ESSSIX GmbH - Accountant/Wagon Thumper > Party-vi 01/22/2019 at 15:18

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Yea, if you own a home (iirc you do) and pay enough in property taxes you’ll feel it.

We lost 8100, it dependent deductions, and about 12k in local and state income tax. T he cap is 10k combined now.

HFV has no HFV. But somehow has 2 motorcycles > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:18

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from what others have said I’ll be happy if we don’ t pay in. I just got my w2 today so I’ll be a while until I find out. In dream land, I’m hoping to get a big enough chunk back that I can use a bit of that chunk to start the Rabbit’s TDI swap. I want my little drop top runabout back, but this time with spool. 

AestheticsInMotion > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:18

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Mine went up substantially, but only because I mistakingly put down 0 withholdings when I got hired on with my new company

ESSSIX GmbH - Accountant/Wagon Thumper > Chuckles 01/22/2019 at 15:19

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You a contractor?

ESSSIX GmbH - Accountant/Wagon Thumper > AestheticsInMotion 01/22/2019 at 15:21

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OUCH! so no federal withheld for the year?

Chuckles > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:24

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Nope, just a chemist who doesn't own a home, have kids, or anything else worthy of a tax deduction. I've never gotten a refund in my 7 years of working full time.

lone_liberal > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:25

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My wife (who is an accountant) hasn’t run the numbers yet but she tries to make it so we have a small refund. For the first few years we were married we had to pay $1k-2k but she’s got it down pretty well now so that we don’t owe but we aren’t loaning the government money either. 

ESSSIX GmbH - Accountant/Wagon Thumper > Chuckles 01/22/2019 at 15:27

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Ah, yea no deductions to reduce that fatty, we in the business like to say there’s a blessing in that . LOL

ESSSIX GmbH - Accountant/Wagon Thumper > lone_liberal 01/22/2019 at 15:30

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What did she think when the new laws were originally announced?

We’re young , so our first fat refund was last year, but that was also the year we bought our house, so we had some extra to report, but this being our full first year as owners, and we’re getting a fraction of what we did over last year.

ESSSIX GmbH - Accountant/Wagon Thumper > The Ghost of Oppo 01/22/2019 at 15:32

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Yea, I got a jump on things this year, plus we didn’t have too many documents to wait on.

MasterMario - Keeper of the V8s > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:32

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No, but I’m expecting to finally not owe and maybe get something back . The last couple years for whatever reason the companies my wife has worked for both withheld way too little even though we only had 1 deduction claimed. We ended up owing over $2k both years. This year we changed her deduction and mine to zero.

Party-vi > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:33

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Welp, guess I’ll wait for the wife’s W-2 before I start booping and beeping into TurboTax.

Alfalfa > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:34

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Ours was about a third of what we usually get. Part of that was my wife working more but still not enough per paycheck for any federal withholding. We were planning to pay down a ton of debt and save the monthly payments for buying a house. We can still do that, but to much less impact on our credit and savings.  

ESSSIX GmbH - Accountant/Wagon Thumper > VajazzleMcDildertits - read carefully, respond politely 01/22/2019 at 15:34

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Let me know how you fair. Do you have a pass through entity? 1120s?

Dru > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:38

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Still haven’t gotten all our W2's yet.  I’ve gotten it down to getting a small refund as of last year, but I don’t know how the new tax law will affect things.  We had a kid in December, so that might push things in the right direction.  Of course any refund will be used to pay medical bills so...eh. 

ESSSIX GmbH - Accountant/Wagon Thumper > MasterMario - Keeper of the V8s 01/22/2019 at 15:38

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Ah, with incomes from multiple sources the each calculate withholding as if that is your only income. So the math doesn’t match up when you total it, it doesn’ t account for what bracket you’d be in in total, not that they would know.

Let me know if this didn’ t make sense.

lone_liberal > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:38

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Since we’re empty nesters she knew that we wouldn’t lose as much as people with kids and s o far the new rules have actually helped us but we’re the exceptions among the people we know . We bought a new house this year so we’ll see how that plays out.

RamblinRover Luxury-Yacht > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:38

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I am still waiting on one of my W2s, so can’t say.

ESSSIX GmbH - Accountant/Wagon Thumper > Alfalfa 01/22/2019 at 15:39

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Good luck! The dent would have been nice though.

Rusty Vandura - www.tinyurl.com/keepoppo > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:39

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Yes, but the Tax Cut and Jobs Act g ave you more of your own money throughout the year so you felt more well off. And any tax refund monies for the citizenry are being diverted to purchase infant formula for babies of young enlisted Coast Guardsmen who haven’t gotten paid in over a month.

415s30 W123TSXWaggoIIIIIIo ( •_•))°) > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:42

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Well I will get more back but I'd pay happily if Trump would disapear. 

ESSSIX GmbH - Accountant/Wagon Thumper > Rusty Vandura - www.tinyurl.com/keepoppo 01/22/2019 at 15:43

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We’ll thats how they tried to sell that idea, but if my tax rate went up 3%, it went up 3%, forget how the withholding tables affected your monthly take home.

Neil drives a beetle and a fancy beetle > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:43

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Bought a house in March; have one kid. Haven’t done my taxes yet though. I suspect we will be pretty much a wash.

It’s going to be a real pain though cause I need to see how the numbers work for filing joint and separate. So if I refinance my student loans privately my wife’s student loan payments can stay low since she can stay on IBR and  on track for public service loan forgiveness. Ughhhhh being an adult is awful.

VajazzleMcDildertits - read carefully, respond politely > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:43

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No actually my taxes are pretty simple overall. a few retirement accounts, a W-2 and few other supplementary forms, and my wife has a business she deducts (this will be interesting this year as the standard joint filing married deduction is super high.)

Nothing fancy, but I’m fortunate enough to bank a little company equity where I work.

AestheticsInMotion > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:44

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Maximum withheld for the year. I accidently c laimed zero allowances and only realized this about a month ago. But it’s fixed now and I’m looking at my biggest refund I’ve ever gotten, so... I can't really complain

ESSSIX GmbH - Accountant/Wagon Thumper > AestheticsInMotion 01/22/2019 at 15:45

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I clearly read your first comment wrong. Ha! good on you.

ESSSIX GmbH - Accountant/Wagon Thumper > 415s30 W123TSXWaggoIIIIIIo ( •_•))°) 01/22/2019 at 15:46

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omg right , where do I send THAT check.

BeaterGT > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:49

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I usually aim to get a refund of < $100. I earned more but had a lower AGI and I’m  s till waiting on forms to come in so we’ll see.

Highlander-Datsuns are Forever > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:55

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No but I’m not looking forward to it.

I have mortgage intrest...

I have two kids...

Our joint income is about 100k...

We are probably fucked...

Thanks Obama.

Supreme Chancellor and Glorious Leader SaveTheIntegras > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:57

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Waiting on my W2 from wholesale inc...should be dandy either way this year

Galileo Humpkins (aka MC Clap Yo Handz) > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:57

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Not sure, a sk me again late Feb/early March.

Distraxi's idea of perfection is a Jagroen > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 15:59

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Reasons to live in New Zealand, #153,845: 90 % of people don’t need to fill in a tax return.

Our tax system is simple enough that unless you have income that the IRD can’t directly tax (e.g. foreign stocks, rental prop erty, cash business), or have had a life cha n ge that year (e.g. new kid), it “ju st happens”. If you’re due a refund for some reason, IRD just work it out at year end and send it to you, but that’s pretty much only necessary  if something cha n ged during the year that they can’t adjust for in real time.

ESSSIX GmbH - Accountant/Wagon Thumper > Distraxi's idea of perfection is a Jagroen 01/22/2019 at 16:01

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If only I could pick up my house and move it out there. AND you guys dont get snow.

NKato > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 16:01

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I’m owing about 548n bucks because I didn’t update my W-4 shortly after starting my new job. Gonna do that this weekend.

As for the bill itself, I'm filing in March after I've done some overtime half day shifts to help pay for it. 

Rusty Vandura - www.tinyurl.com/keepoppo > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 16:01

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To your original question, I do not know yet. I earned a fair amount of 1099 income that’s going to need taxes paid on it.

KingT- 60% of the time, it works every time > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 16:04

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Still haven’t got my W2s

ESSSIX GmbH - Accountant/Wagon Thumper > Rusty Vandura - www.tinyurl.com/keepoppo 01/22/2019 at 16:05

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Oh man, so taxes are never fun for you. What percent do you set aside for self employment taxes?

Rusty Vandura - www.tinyurl.com/keepoppo > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 16:07

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This was the first year of a largish 1099. We’ll withhold accordingly for next year.

ESSSIX GmbH - Accountant/Wagon Thumper > Highlander-Datsuns are Forever 01/22/2019 at 16:11

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What are you paying in property tax?

nermal > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 16:12

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Remember, there’s a difference between your total tax liability and the amount of your tax refund.

Just because your refund is less, it doesn’t mean you paid more in taxes.

Highlander-Datsuns are Forever > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 16:15

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About $ 3,000/year.

ESSSIX GmbH - Accountant/Wagon Thumper > Rusty Vandura - www.tinyurl.com/keepoppo 01/22/2019 at 16:15

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Form a S ub S, and skip the employment taxes. Also with the new rules only 80% passes down to you.

TheTurbochargedSquirrel > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 16:15

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I still haven't got any of my stuff from either of my employers for last year. It should be interesting having worked in both MA and VT last year.

ESSSIX GmbH - Accountant/Wagon Thumper > Highlander-Datsuns are Forever 01/22/2019 at 16:18

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oh that’s not terrible, but loosing the dependent exemptions sucks, that’s ~ 16k right there, but you still have the mortgage insurance.

ESSSIX GmbH - Accountant/Wagon Thumper > nermal 01/22/2019 at 16:22

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Oh, I’m aware. This is what I do, cheers, tho.

Highlander-Datsuns are Forever > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 16:22

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16k? I’m fucked. I better buy my new bike before I do my taxes, ignorance is bliss .

MasterMario - Keeper of the V8s > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 16:23

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Hadn’t really thought about that way...makes sense though.

ESSSIX GmbH - Accountant/Wagon Thumper > MasterMario - Keeper of the V8s 01/22/2019 at 16:29

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Yea, had a client with the same issue. If you want to break even you need to do the with holding math for all her income, and then add the difference to her W4 of choice as additional withholding amount. If that was something you wanted to fix.

ESSSIX GmbH - Accountant/Wagon Thumper > Highlander-Datsuns are Forever 01/22/2019 at 16:32

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BAHA, sorry I ruined your day. Mine was already ruined and I always love company.

nermal > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 16:33

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It’s a key point that a lot of people miss. I reckon there are a large number of people that took home an extra $100 per paycheck in the past year, while whining about their tax refund being $2k less. 

BigBlock440 > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 16:35

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Haven’t got my w2 yet, would be more I but sold a house so I have no idea how it will end up working out yet.

Rusty Vandura - www.tinyurl.com/keepoppo > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 16:42

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I am about 90% having no idea what you are suggesting nor how to act upon it.

ESSSIX GmbH - Accountant/Wagon Thumper > nermal 01/22/2019 at 16:45

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Its true, most people feel all accountants do is witchcraft; when the math makes them “win” I am god, when it doesn’t I’m the devil.

I did a comparison between 2017 and 2018 tax laws, using 2018s numbers, and the results are a 3% increase in tax over 2017 based on the rule changes alone (10k cap, and no dependents)

ESSSIX GmbH - Accountant/Wagon Thumper > Rusty Vandura - www.tinyurl.com/keepoppo 01/22/2019 at 16:47

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I’ll explain it better if you want, but only if you want, and if you see yourself making more and more money as time goes on.

Rusty Vandura - www.tinyurl.com/keepoppo > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 16:51

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We’d be talking about roughly $9,000 of 1099 income in a household with a gross income of ~$130k. Would that be worth the effort ?

facw > Distraxi's idea of perfection is a Jagroen 01/22/2019 at 17:09

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There is of course no reason that the US couldn’t work like that. Pretty much everything other than cash income has to be reported to the IRS anyway, so it would be trivial to just do it automatically for most people, but instead we have this horrible mess (with tax preparers lobbying heavily against any simplification of the process, which is a wholly different issue from actually changing the tax code).  

facw > 415s30 W123TSXWaggoIIIIIIo ( •_•))°) 01/22/2019 at 17:14

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Honestly I bet we could buy him out. I bet he’d do it for a billion no problem. The real trick is getting him to take Pence with him. But yeah, I have no doubt you could find 10M people willing to pay him $ 100 to take a hike (not literally , Mr. drives his golf cart on the green  won’t walk more than a few dozen feet under his own power)

nermal > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 17:27

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The $10k limit on deductions for state & property tax will disproportionately affect high income individuals in areas with high property or state income taxes.

The other changes will benefit middle class individuals that are married w/ kids, with moderate incomes in low tax states.

Basically, if you look at the 2016 election map, the red states will fair much better. 

His Stigness > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 17:33

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You paid 3% more in taxes with the new “tax cut” vs 2017 rules?

His Stigness > Highlander-Datsuns are Forever 01/22/2019 at 17:34

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Buy my bike. Hopefully a 56 fits you.

His Stigness > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 17:38

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Can I fill in income information for one employer just using the final 2018 check stub, or do I absolutely need the W2?

Highlander-Datsuns are Forever > His Stigness 01/22/2019 at 17:40

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My BMC road bike is a 61. I’m shopping for a cross-country mountain bike, I usually buy an extra large.

Distraxi's idea of perfection is a Jagroen > facw 01/22/2019 at 18:04

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There’s a lot to be said for being small: makes both deciding to impleme n t somethi ng like that, and actually doing so, a lot easier.

It also helps that we have damn all in the way of credits, deductibles, rebates etc, and no state or special-purpose taxes : for most people you pays your headline income tax rate, you gets your childcare deductible per kid , and that’s it. IRD pretty much only need to know your wage r a te and how many kids you have.

Distraxi's idea of perfection is a Jagroen > ESSSIX GmbH - Accountant/Wagon Thumper 01/22/2019 at 18:06

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That would probably be cheaper than buying one here: high housing costs are #1 in the list of rea so ns NOT to live here.

And we do get snow:  we just keep it on the skifields where it should be.

His Stigness > Highlander-Datsuns are Forever 01/22/2019 at 19:16

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Damn it. 

ESSSIX GmbH - Accountant/Wagon Thumper > nermal 01/23/2019 at 10:34

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Oh totally! I t was a strategic attack, also older folks/empty nesters who dont have a mortgage also came out ahead, again, strategic.

Also I wouldn’t just tie it into high income earners , lots of places have high property taxes, while also having low home prices. For example when we first started looking for a house we almost pulled the trigger on a starter home that was selling for 145k, but paid over 11k in property taxes . O ur financial condition changed and t he house we eventually settled on was priced almost 3 times that one , but it was double the Sq/ ft, and the land was 13 times the size, however the property taxes were the same, so it’s all relative.

I really d oubt the new laws will stay in place long.

ESSSIX GmbH - Accountant/Wagon Thumper > His Stigness 01/23/2019 at 10:41

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yup. That is the effective tax rate difference.

Not much of a cut, but hey, pass through income got a 20% reduction....(thats how the rich get their money )

ESSSIX GmbH - Accountant/Wagon Thumper > His Stigness 01/23/2019 at 10:44

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You could, I did that with my wife’s info, her w2 hadn’t come in yet, but you need to make sure you take the right numbers, especially if you have pretax deductions like 401k, HSA, etc. Cause those items skip federal income tax, but not Social security of medicare.

ESSSIX GmbH - Accountant/Wagon Thumper > Rusty Vandura - www.tinyurl.com/keepoppo 01/23/2019 at 10:47

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Nah, not in that case, but you could substantially reduce that via expenses, how did you make that money?

Rusty Vandura - www.tinyurl.com/keepoppo > ESSSIX GmbH - Accountant/Wagon Thumper 01/23/2019 at 11:12

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I am a public school educator and I earn that money tutoring privately as a contractor.

ESSSIX GmbH - Accountant/Wagon Thumper > Rusty Vandura - www.tinyurl.com/keepoppo 01/23/2019 at 11:37

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G as and supplies then, or what ever else you use to provide this the service . Just match it to the bank statement purchases. You only pay self employment tax on the profit.