Any Of Youz Done Your Taxes?

"Dru" (therealkennyd) 02/11/2019 at 16:21 • Filed to: None

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Ours are done, and filed with federal return already deposited. It probably works out roughly similar to last year with the notable exception that we had a child in 2018 so we got a solid increase from that. As nice as that may be, most of that is already spoken for with the myriad of medical bills associated with having a kid. Seriously. She’s over 2 months old and we keep getting bills.

When it is all said and done, we hope to have all medical bills paid and last of the credit cards paid.  Her car needs a brake job on the rear, as does the ZHP.  I’m probably going ceramic this time because I’m tired of the amount of brake dust.

How did you do and what are you planning to do in the event you get a refund?

CB > Dru 02/11/2019 at 16:32

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My taxes aren’t due until the end of April (thanks, Canada!), but on the chance I get a return like I did last year ($1500), it’ll probably all go to my student loan.

lone_liberal > Dru 02/11/2019 at 16:32

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We’ve done ours but haven’t filed yet since my wife (an accountant) wants to see if any rules are amended . We upped our withholding to compensate for the tax changes but we played it too safe and are getting a refund larger than what we like. We’d rather keep our checks bigger and get a small refund. 

facw > Dru 02/11/2019 at 16:32

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I’m waiting until the government is shut down again because I’m smart like that. If I get a refund (haven’t recently, but who knows what the new withholding is doing), it will boringly be spent buying stocks.

NKato > Dru 02/11/2019 at 16:33

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I owe taxes. Gonna file next month.

Stapleface-Now Hyphenated! > Dru 02/11/2019 at 16:35

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I lost about 2.5k versus last year. And I know people say you didn’t lose it, it as just added to your paycheck throughout the year. Well, that wasn’t the case. I had less in my paycheck last year. I lost about 8 bucks a check with the tax cut.

I wasn’t doing so bad until I added my wife’s figures in. Every year I think it pushes me up a bracket and I see my deduction shrink in the software. Yay.

As to what do I do with refund? Well, every year we pay the car insurance and put the rest in our household savings account. That goes to pay for things like a roof or windows. 

TheBloody, Oppositelock lives on in our shitposts. > Dru 02/11/2019 at 16:36

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My wife and I are going to get fucked this year, probably going to owe taxes thanks to the Republicans and their “tax cuts” . Still had the condo on the books for this tax year so we are getting fucked on the property tax deduction limit. Sigh.

WiscoProud > Dru 02/11/2019 at 16:37

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My total tax liability was about the same as last year, but thanks to lower wit hholding tables, we ended up paying in $600 rather than getting a refund. I got screwed on the deductions for dependents and SALT limitations. I’ve been able to itemize for the last few years, but thanks to the limitations, we were stuck with the standard deduction. 

Just Jeepin' > Dru 02/11/2019 at 16:38

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I started mine, but abandoned it once I realized I’d owe for the first time in recent memory. ( The last time I owed money was the year that my new  employer failed to ask me for local withholding and I failed to notice they hadn’t asked; that was a painful mistake.)

Anyway, I’ll get back around to it later.

HFV has no HFV. But somehow has 2 motorcycles > Dru 02/11/2019 at 16:40

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Ours are done. It’s a bout half of last years, but before We adoptee Jonah we were regularly paying in so at least that’s not the case anymore 

ranwhenparked > Dru 02/11/2019 at 16:43

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I always owe extra every year, haven't had a refund since I was in college. So, I always delay to the last minute, don't see any point in writing a check sooner than I have to. 

user314 > Dru 02/11/2019 at 16:45

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‘Bout the same as last year, a skosh over a grand, which was good, since I had some medical bills from last year needed paid off. The rest went to a new printer, a stylish Fossil Explorist , and Lego sets.

Tekamul > Dru 02/11/2019 at 16:53

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For the first time in my life I’m having them done this year. I will absolutely owe, probably about $3k, but it was expected, due to a late dividend . So I’ll be putting that filing off as long as possible.

Dru > lone_liberal 02/11/2019 at 16:57

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That’s what I’ve been trying to do.  But it seems to be a moving target.

Dru > TheBloody, Oppositelock lives on in our shitposts. 02/11/2019 at 17:00

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Ouch.

66P1800inpieces > Dru 02/11/2019 at 17:01

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I’m afraid of looking at the numbers. My wife is really good with figures so she keeps us safe and not really owing too much. I just don’t like seeing how much just goes out the door.

For brakes, go with EBC GreenStuff pads. The probably wont help with dust but they work really well. I remember researching ceramic pads a while back and while dust is less noticeable the brakes are less effective. I think they are made in the UK. I have some of the higher end rotors as the factory Acura TSX rotors seemed to warp easily.  I probably have 80k miles on the rotors and they look great. 

lone_liberal > Dru 02/11/2019 at 17:02

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It’s definitely a giant pain in the ass. 

If only EssExTee could be so grossly incandescent > Dru 02/11/2019 at 17:04

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I got a payraise that bumped me into a higher tax bracket. My return was the same this year as last despite me making $8k more.

Part of it is paying off my credit card (haven’t gotten it back down to zero since my Italy trip in October!), part of it is being used to build a PC, and the remaining few hundred is getting banked. Probably for my next international trip.

Supreme Chancellor and Glorious Leader SaveTheIntegras > Dru 02/11/2019 at 17:14

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I am done thankfully, got a refund that’s going right to my savings

Dr. Zoidberg - RIP Oppo > Dru 02/11/2019 at 17:18

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We got the thing with the stuff and the money back -- re-fund...? -- which is really a blessing because my wife and I are missing a ton of work right now due to the weather.

Mercedes Streeter > Dru 02/11/2019 at 17:21

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I would end up owing money this year due to the changes in the tax code. However, the mortgage on the home I technically own has $20k of interest with my name on it...thus my refund is exactly the same this year as it has been for the past four years.

The payout’s being used to save my 453.

interstate366, now In The Industry > Dru 02/11/2019 at 17:21

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I got almost exactly the same amount this year as I did last year. Maybe a few dollars less, but I also made quite a bit more.

I spent it on brakes for my car.

LimitedTimeOnly @ opposite-lock.com > TheBloody, Oppositelock lives on in our shitposts. 02/11/2019 at 17:59

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Yup, the State and Local Tax (SALT) cap hurt more than the general tax reduction helped. My household w ent from about a 12.5% tax rate to about 14.5% tax rate, and hadn’t had enough withheld.

Akio Ohtori - RIP Oppo > Dru 02/11/2019 at 18:07

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Haven’t done mine yet but expecting to break even based on some end of year calculations . The SO’s parents are both CPAs and apparently yeah... new tax code didn’t go well for us little people.

interstate366, now In The Industry > 66P1800inpieces 02/11/2019 at 18:46

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What year TSX? I had a 2009, which I’d read had the rotor issue, but it had already had its rotors replaced by the time I bought it.

The Dummy Gummy > Dru 02/11/2019 at 18:47

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I owe about $1,000 because I had more dividend income than I realized. I’m happy with the result as I didn’t give the government a free loan. 

The Dummy Gummy > TheBloody, Oppositelock lives on in our shitposts. 02/11/2019 at 18:53

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I’m a big advocate against the change in tax code. B laming them because your poor lack of planning is on you, not them. Get a CPA and restructure how your second home is hitting your deductions. 

The Dummy Gummy > Stapleface-Now Hyphenated! 02/11/2019 at 18:56

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How is this possible? I’m genuinely curious what the driver is.

smobgirl > Dru 02/11/2019 at 19:14

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Did mine yesterday. I’ve had mine set up for extra withholding since my old company screwed up our profit-sharing taxes for an entire year, so I’ll get about half of what I’ve usually gotten. It’ll go almost entirely towards health insurance until the government stabilizes  enough that I have steady work coming in again.

Honeybunchesofgoats > Dru 02/11/2019 at 19:29

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I owe $800. I’m pretty happy, since my federal bill was $5000 last year. 

PowderHound > Dru 02/11/2019 at 19:38

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I did finished mine the other week. W-2, 401k, and HSA are pretty much it. I got less from federal and more from state so it evened out to around the same as last year. Already have one deposited back

adamftw > Dru 02/11/2019 at 19:45

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Including the “pay raise” in our checks, wife and I are down about $4k this year. Sick tax cut, Don! SALT deduction killed us. 

adamftw > TheBloody, Oppositelock lives on in our shitposts. 02/11/2019 at 19:45

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Yup. 

Dru > adamftw 02/11/2019 at 19:45

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Seems to be a recurring theme. 

OmerCarrothers333 > Dru 02/11/2019 at 19:56

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We got over five grand back. Thank god for my kids being in daycare.

BigBlock440 > CB 02/11/2019 at 20:13

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They’re not due until mid-april in America either, but people file early.

CB > BigBlock440 02/11/2019 at 20:14

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Ah, gotcha.

I've only gotten one tax document out of four so far, so I'm probably going to be filing right at the due date.

BigBlock440 > Dru 02/11/2019 at 20:19

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Even with a $7k raise in the middle of the year, I’m up about a grand.  About $200 extra in the refund over last year, and about $30 extra/paycheck.  It’ll just go to general savings like the rest of them.

ITA97, now with more Jag @ opposite-lock.com > Dru 02/11/2019 at 20:26

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I did the thing and it came back with the smallish refund I was expecting after rejiggering things for the anticipation of not being able to itemize thanks the the tax scam.

I just ordered a new GPU, so it looks like I’m doing some upgrades on the battle station. I wouldn’t quite call it a new build, but some upgrades are in order even if they are probably more about optimization and ensuring an upgrade path rather than any big jump from where I’m at . I’m fine with 1080p and a big and fast monitor for the next couple of years, but I’m tired of the noise associated with a blower card and the locked down bios of a Dell prebuilt gaming rig and the cooling limitations preventing  doing much more with it . Any Oppo need an RX580, 8GB, blower card? The current GPU in my rig will probably be up for sale come Wednesday.

Captain of the Enterprise > Dru 02/11/2019 at 20:45

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I owe money this year for the first time. Usually I spend it on needed maintenance for my car or paying off bills but now I got another bill. 

Dogsatemypants > Dru 02/11/2019 at 21:06

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Done and arriving tomorrow. I may buy a new radio and some mud tures with it.

glemon > Dru 02/11/2019 at 21:14

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I haven't figured yet, but we should be ok, as we have not been able to itemize for years because our mortgage is nearly paid off.  We are going on a trip to Italy for our 25th so I imagine the refund will go to offset some of that.

66P1800inpieces > interstate366, now In The Industry 02/11/2019 at 21:27

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I have a 2008 and remember having them warp around 30k and the dealer cut them under warranty, and then them warping again around 60k in 2012 so instead of getting them replaced by the dealer I went with the EBC BSD Series Sport Rotor which are hi silicon hi carbon cast in the UK. Am at about 138k now with no issues. When they were newer slots made a neat whooshing sound under hard braking. I need to change brakes now and plan to buy another set. They are still straight but probably getting too thin from wear.  

Stapleface-Now Hyphenated! > The Dummy Gummy 02/11/2019 at 22:42

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I know it’s not the “right” way of doing it, but I always deduct additional funds every pay cycle for taxes. I do it with both of my jobs. I don’t ever want to owe.

Back to my point though, I suspect my wife is screwing things up. Every time I add her income, our refund takes a huge hit. This happened under the old tax code too.  I wonder if she would owe if we were to do taxes separately. I know her employer seems to always have trouble deducting the proper taxes.

Oh well, it is what it is.

The Dummy Gummy > Stapleface-Now Hyphenated! 02/12/2019 at 08:03

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She probably doesn’t have a box checked somewhere. I would recommend running an analysis on your taxes once a quarter (or more frequently as you see fit) to keep in line and that should help find where the problem is. That’ll save you a headache in the future. Good luck!

TheBloody, Oppositelock lives on in our shitposts. > The Dummy Gummy 02/12/2019 at 08:53

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I had this long drawn out reply regarding how I manage my taxes but then I realized that I would be wasting my breadth, so have a good day .

The Dummy Gummy > TheBloody, Oppositelock lives on in our shitposts. 02/12/2019 at 09:37

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Why waste your breath*? I am a CPA; your rage is misguided and I’m saying there are ways to reap benefits on that second home if you restructure how it’s owned. 

TheBloody, Oppositelock lives on in our shitposts. > The Dummy Gummy 02/12/2019 at 11:10

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The TL;DR version. Rental property (that was turned into a rental property because my wife bought it as her first house at the housing bubble so the mortgage was underwater and we were trying to get some of that money back) that was trashed by renter towards the end of 2017, kicked the renter out, fixed it and put it on the market to sell because rents in the area couldn’t cover the whole mortgage and we were done having to deal with that bullshit. Couldn’t actively advertise it for rent due to us trying to sell it so we had no renter in 2018 so it didn’t meet the requirements for rental property and it sat empty for 5 months.

The Dummy Gummy > TheBloody, Oppositelock lives on in our shitposts. 02/12/2019 at 13:22

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It still may be prudent to put it under a C corp, take the depreciation and the taxes at full and maximize your savings. Works better with a renter, but if you’re trying to unload it may benefit you still. Sorry to hear a dickhead jacked up your place. I had one of those. It’s heart w renching. 

TheBloody, Oppositelock lives on in our shitposts. > The Dummy Gummy 02/12/2019 at 17:15

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Yeah, that’s what you get when you give someone a chance.

We’ll see if putting it under a C corporation does anything but regardless our tax liability this year is higher than the previous because of the “tax cut”.

The Dummy Gummy > TheBloody, Oppositelock lives on in our shitposts. 02/12/2019 at 17:46

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Reasons why you should:

https://www.frazierdeeter.com/articles/is-c-corporation-your-best-option-under-new-tax-law/

Reasons why you shouldn’t (2017) :

https://www.taxlawforchb.com/2017/10/thou-shalt-not-hold-real-property-in-a-corporation/

Definitely talk it through with a professional before you do it. Creating a C Corp is super cheap. A passthrough (LLS or S Corp) may make sense too. Good luck!