All this noise over taxes...

"Nick Has an Exocet" (nickallain)
03/11/2019 at 23:37 • Filed to: None

And I paid $2,395 less this year on my Federal. Here’s the thing, withholding was way down so my return was only $57. I have no problem with this. There’s nothing worse than having the government hold your money for you (aside from having them steal it). There’s a 100+ reply long post on Nextdoor and not a single person complaining has compared they 17/18 taxes before complaining. I’m not saying they didn’t get screwed, but please check before getting bent out of shape.

I will not be using my $57 for car stuff. I will be using it on food or something since I’m suddenly headed for unemployment. 2019 will be a weird year.

DISCUSSION (22)

Dr. Zoidberg - RIP Oppo > Nick Has an Exocet
03/11/2019 at 23:59

I don't recall reading any hot tax takes on here today

glemon > Nick Has an Exocet
03/12/2019 at 00:04

I was a winner from the change, brought home more and a bigger refund. Haven’t been able to itemize for years because I don’t pay enough mortgage interest anymore. People who do worse will make more noise t han people who do well, nature of the beast.

If you itemized before you are p robably paying more. If you didn't itemize you are almost certainly paying less.

WilliamsSW > Nick Has an Exocet
03/12/2019 at 00:04

Lol at people who just look at the refund and not the total tax

Nick Has an Exocet > Dr. Zoidberg - RIP Oppo
03/12/2019 at 00:27

Yeah, not here - just in general. Y’all are my sounding board the insanity on the outside :)

Highlander-Datsuns are Forever > Nick Has an Exocet
03/12/2019 at 00:27

Compared to 2917 my AGI is 15k higher but the tax rate is a bit lower and child tax credit doubled so my tax burden was $1000 less than last year!

Nothing > Nick Has an Exocet
03/12/2019 at 00:29

I got screwed on deductions.

Manwich - now Keto-Friendly > Nick Has an Exocet
03/12/2019 at 00:32

Don’t worry, by paying less today (which means an even bigger government deficit/debt), your kids and grandkids will be left holding the bigger tax load bag in the future.

Nick Has an Exocet > Manwich - now Keto-Friendly
03/12/2019 at 00:43

Specious reasoning is any argument or analysis which has the apparent ring of truth or plausibility but is actually fallacious.

Given the number of variables (international policy of various presidents, world economics, wars, weather, innovation, trade, and on and on), you absolutely cannot know that. But if you do firmly believe that, then you can make a donation to the US Treasury’s Bureau of the Fiscal Service (Public Debt). If you feel I haven’t paid enough, I invite you to the link below to donate on my behalf. Be sure to let them know that I just lost my job but intend to try to make up the tax difference on the months that I don’t work by getting an even better paying job.

https://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm

Eric @ opposite-lock.com > Nick Has an Exocet
03/12/2019 at 00:51

I keep explaining this to people freaking out about their small tax returns. You get it over t he year in withholdings that are closer to correct and you get less back. Most of us that work come out way ahead.

Manwich - now Keto-Friendly > Nick Has an Exocet
03/12/2019 at 01:17

Actually, yes I can know that. When you have a meaningful decrease in government revenue in the face of a deficit and growing debt, who do you think is gonna pay for that?

And I’m sorry to hear you lost your job and hope you find another soon.

But no, I’m not going to make a donation when I see so many in your country esstenially voting for a bigger deficit and more debt...as if tax cuts don’t have future consequences.

I live in Canada and already happily pay more tax for a better social safety net.

Nick Has an Exocet > Manwich - now Keto-Friendly
03/12/2019 at 01:31

Government revenue is set to INCREASE by $ 100B this year (3.3T -> 3.4T), not decrease.

You do you up in Canada, we’ll do us down here in the United States of Media Manipulation .

Maxima Speed > Nick Has an Exocet
03/12/2019 at 05:04

LOL I know someone who works for Bureau of Fiscal Service and it’s always hilarious when people come in to donate to “ help decrease the national debt”. The amount of time it took you write that check that “contributes” the national debt went up by a million dollars. People really have no clue how much money we really owe and how insanely fast the the interest is being accrued. The only way to “fix” the debt thing is to just default on everything. Granted we had better have the ability to be a self sustaining country because our economy would crash, our international credit score would be lower than Zimbabwe’s, and businesses would flee our shores in droves.

I think it’s cool to lol at the debt clock every once in a while to get a feel for things and a sense of scale whenever the news talks about the budget deficit, and national debt.

http://www.usdebtclock.org/

450X_FTW > Nick Has an Exocet
03/12/2019 at 07:59

So far from what I’ve seen since starting my taxes, is the “biggest tax break ever” is a practically a wash. Between my wife and I, the feds collected about 4,500 less in taxes this year, we’re still in the 25% tax bracket, and we’re receiving about 4,000 less of a tax refund this year. Have to finish it up to see what our effective tax rate is still.

LongbowMkII > Eric @ opposite-lock.com
03/12/2019 at 08:44

How exactly are you getting a tax return without working?

Snuze: Needs another Swede > Nick Has an Exocet
03/12/2019 at 09:08

I’m patiently waiting for my accountant to do his magic, but I have high hopes. That said, for me a 17/18 comparison is not apples to apples, it’s more like apples to hand grenades.

Basically in 2017 I earned almost half my income overseas, and 20% of that was OT. We also sold stock to pay for a downpayment on our house and got slaughtered on capital gains. Then the accountant I was using screwed everything up royally by double counting my foreign income at not adjusting for the exchange rate. Long story short we paid $9 k fed and $4 k state, then there were some other irregularities and I got a new accountant involved and he sorted everything out and it turns out we overpaid by about $4 k/$1 k respectively.

Of course before the overpayment we freaked out and had more witholdings taken out of our pay so we wouldn’t be so screwed this year. So I’m expecting a decent refund (that I wouldn’t need if I didn’t have the extra witholdings). Also, twiddling my thumbs waiting for those refunds from the ammendments. Funny how the government is so quick to take their cut but so slow to give it back.

Manwich - now Keto-Friendly > Nick Has an Exocet
03/12/2019 at 09:50

And spending?

If only EssExTee could be so grossly incandescent > Nick Has an Exocet
03/12/2019 at 10:58

I got the short end of the stick. I made $6 .5k more than in 2017 , putting me in a new tax bracket. I paid $500 more in federal tax, but my return was only $15 more than in 2017.

If only EssExTee could be so grossly incandescent > Nick Has an Exocet
03/12/2019 at 10:59

Set To doesn't mean Will Do

Eric @ opposite-lock.com > LongbowMkII
03/12/2019 at 12:35

I goofed that up. Those of us that pay taxes and depend on our incomes.

However, you do file even if you didn’t work...

Nick Has an Exocet > If only EssExTee could be so grossly incandescent
03/12/2019 at 12:44

Yeah, screwed by the brackets. Can you put more this year into retirement, etc to get your number down?

If only EssExTee could be so grossly incandescent > Nick Has an Exocet
03/12/2019 at 13:53

I'm contributing 8 percent right now. Could bump it up to 10.

LongbowMkII > Eric @ opposite-lock.com
03/12/2019 at 15:56

No t sure who you’re talking about.