I paid less than 1/5 in federal income tax than I did last year.

"Honeybunchesofgoats" (honeybunche0fgoats) 04/15/2019 at 21:07 • Filed to: None

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Granted, I still owed, and last year was a perfect storm of really, really  bad tax planning.  Still, I dunno, I never won’t be a Democrat, but if people below the poverty line want to vote people into office who give me tax breaks, I’m not going to say no.

Quadradeuce > Honeybunchesofgoats 04/15/2019 at 21:29

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As a small business owner, I’m fairly happy with this year’s taxes. A bit more breathing room, all being plowed back into the business while the gettin's good.

boredalways > Honeybunchesofgoats 04/15/2019 at 21:29

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Cut taxes that few like, s lash jobs and the ability to do audits (...like 45's *wink wink*), yet the IRS needs more money to operate.

I am not looking forward to the next recession at all.

FUCT IT, I too tired to talk politics....

Let's try it out! > Honeybunchesofgoats 04/15/2019 at 21:31

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Hey, I’m below the poverty line, made absolute garbage last year. Got about $1300 or so back this year. Still a left winger. Those tax breaks haven’t netted me a job, and even if they did, I was working in 08, I know how it goes.

Vote your pocketbook.  Remember that your pocketbook might disappear tomorrow, and you may need help too.  Damned shame Obama didn’t take advantage when he should have like FDR did.

Honeybunchesofgoats > boredalways 04/15/2019 at 21:32

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I am. I’m going to buy the fuck out of market index ETFs once everything bottoms out. 

Svend > Honeybunchesofgoats 04/15/2019 at 21:44

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Unless your self employed here in the U.K. and have to do your own tax returns. We are on PAYE (Pay As You Earn), in that they look at how much you got paid the previous year as to how much should come out of your pay cheque each month over the whole year.

But we are also allowed a certain amount (for me it’s £11,000) a year before you start paying taxes. So rather than getting a large tax bill or refund at the end of the year, it’s averaged out over the year, and if it’s found we paid a little too much this year or too little, then the following year the tax is altered.

No tax return hassle, equal and fair system and each April we get a breakdown from the government in the form of a P60 which tells us how much was deducted so we can check it, and if necessary contest it.

Happy days. 

Honeybunchesofgoats > Svend 04/15/2019 at 21:49

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The £ 11,000 sounds like the standard deduction we have, but up front.

That actually sounds great. I tend to prefer underpaying on taxes rather than overpaying and getting a refund, so I’d love a system that just handles it for me .

I’m confused, though. Surely you have Andrew Lloyd Webber types who want any deduction possible. How does that work?

nj959 > Honeybunchesofgoats 04/15/2019 at 21:58

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They move to the Isle of Man.

Svend > Honeybunchesofgoats 04/15/2019 at 22:22

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They are on a much higher tax bracket and would also be classed as self employed so would have an accountant to do their taxes for them. Others may move their tax base abroad, if you live outside the U.K. for a certain amount of time you needn’t pay all your taxes here but still have to pay some others taxes.

Only American, Burma and a few others have a citizenship tax rather than a residency tax. So an American who lives in the E.U. would pay the tax in the country they live in, they have to pay tax to the U.S. even if they don’t live there.

It’s the issue Megan and Harry are going to go through. Megan is going for her British citizenship and giving up her U.S. citizenship, but to do that she must live here for at least five years and to renounce her citizenship her and her hubby would have to submit a tax return to the U.S. before she can renounce it. Her child will be classed as a dual U.K./U.S. national because at the time of birth the mother is a U.S. citizen. And as the child can’t give up their U.S. citizenship before they are 16, they will still have to submit three years of tax returns. Many countries call the U.S. system as the ‘accident of birth.

This isn’t the P60 form but it does say how much I paid and why a nd where it went to.

gmporschenut also a fan of hondas > Honeybunchesofgoats 04/15/2019 at 22:32

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I’m -500 from last year

wafflesnfalafel > Honeybunchesofgoats 04/15/2019 at 22:51

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flee to gold!  flee to gold!

Eric @ opposite-lock.com > Honeybunchesofgoats 04/15/2019 at 23:45

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That’s huge. My reduction wasn’t massive, but it was a handful of shitboxes. A lot of people are tripping publicly, but I don’t know anyone that isn’t keeping more of their paychecks.

A lot of people are deeply confused by paying less taxes overall, getting bigger paychecks, but ending up with a tiny tax return or even owing a bit. They don’t understand that this is what you want to have happen.

Eric @ opposite-lock.com > wafflesnfalafel 04/15/2019 at 23:52

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Flee from gold at that point. Someone will buy it for far more than it is worth.

gmporschenut also a fan of hondas > gmporschenut also a fan of hondas 04/16/2019 at 00:15

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I should clarify Owing  500 more

LimitedTimeOnly @ opposite-lock.com > Honeybunchesofgoats 04/16/2019 at 08:28

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I said this on another thread, according to TurboTax I paid 14.5% on my household gross income for 2018, paid 15% for  2017, and generally have varied between 14% and 15% for the previous several years. So, pretty much no sense of change for me.

nermal > Honeybunchesofgoats 04/16/2019 at 09:10

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I made significantly more & paid about the same. I’ll take it.

Galileo Humpkins (aka MC Clap Yo Handz) > Honeybunchesofgoats 04/16/2019 at 10:59

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We ended up paying about 3 5% more this year than last (Fed, IL, & MN). However, that is only because our income increased . So, all in all, I’m not going to complain. I haven’t bothered to figure out, all things being equal, if we would’ve owed more/less or been returned more/less.