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 Posted: Fri Feb 8th, 2019 12:36 am
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Principal_Raditch



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Anyone else noticing this with their tax returns A bunch of my coworkers are bitching that there's a huge flip flop on their returns this year, and they're all getting hit with increases. Even with the slight increase with paychecks, most are looking at net declines. I haven't done mine yet, so I'm expecting to pay more most likely. MAGA.....stealing more of my earned income.  

Last edited on Fri Feb 8th, 2019 12:49 am by Principal_Raditch

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 Posted: Fri Feb 8th, 2019 01:04 am
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srossi

 

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I think it’s safe to say that EVERYONE has noticed this. It’s all over Twitter from former Trump supporters who just realized they got hosed.



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 Posted: Fri Feb 8th, 2019 02:40 am
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gwlee7



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Isn’t it mostly that you did get a very modest overall tax cut but, in order to make the “base” think it really got a bigger break, the withholding amounts were reduced.  So you got your “refund” in monthly installments over the course of the year instead of a big check at tax time.  There some dine print bullshit guidance that came out warning people to check their withholding amounts who reads obscure tax documents?
Regardless, I kept telling the Trumpsters that I know that we needed to wait unti this tax filing season to see if there actually was a break for us regular folks.  



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I just think it's amazing that Trump is really on Twitter all day, personally writing this shit. He's about 3 beers away from joining S&W and getting into a flame war with Ports.----srossi
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 Posted: Fri Feb 8th, 2019 02:42 am
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Superstar
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My salary+bonus increased by $5000 this year, my net paycheck increase from Trump giving us money in February came out to $2800 more to spend, and my tax refund went down $500. I will take it - and I know I’m in the minority because I’m a one income married household.



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 Posted: Fri Feb 8th, 2019 02:47 am
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Principal_Raditch



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One of the things I did do was bump up our 401k contributions to lower our Taxable income. I think we added about another $500 every two weeks to offset a bit of this.

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 Posted: Fri Feb 8th, 2019 03:23 am
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Benlen



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Everyone at worked complained about their lower refunds. They are all Democrats and all said "FUCKING TRUMP"



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 Posted: Fri Feb 8th, 2019 12:52 pm
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Married Jo



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If you were getting a tax refund in the first place you were doing it wrong..



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 Posted: Fri Feb 8th, 2019 01:00 pm
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srossi

 

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Somewhere in this thread I need to say "TAXATION IS THEFT". Carry on.



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 Posted: Fri Feb 8th, 2019 01:59 pm
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BlueThunder



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I haven't gotten my taxes done yet, but my accountant said that I would have saved more money for the 17 year if the Trump plan was implemented. We'll have to see.

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 Posted: Fri Feb 8th, 2019 02:36 pm
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I noticed in my 2018 w2 that $3000 less was taken out this year from last year.

My taxable income actually went down about $2000 mostly because of more pretax deductions for FSA and dependent care, but it seems like not enough to justify just how less taxes were taken out.

What will kill us this year is losing the personal exemptions. That was over $16K for a family of 4, and even doubling the standard deduction is less than that.

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 Posted: Fri Feb 8th, 2019 03:06 pm
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Kriss
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BlueThunder wrote: I haven't gotten my taxes done yet, but my accountant said that I would have saved more money for the 17 year if the Trump plan was implemented. We'll have to see.

Translation?

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 Posted: Fri Feb 8th, 2019 05:25 pm
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Superstar
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Kriss wrote: BlueThunder wrote: I haven't gotten my taxes done yet, but my accountant said that I would have saved more money for the 17 year if the Trump plan was implemented. We'll have to see.

Translation?
It means that if Trumps plan went active for 2017 instead of 2018, BlueThunder would have made out - and until he does his taxes for 2018, he won’t know.  I gladly trade $500 out of my federal refund (to the dollar) for the additional money I got through the year.



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 Posted: Fri Feb 8th, 2019 05:37 pm
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Principal_Raditch



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To me it's simple. Do I have a net gain or loss overall at years end? So far I'm seeing more net loss by coworkers.

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 Posted: Fri Feb 8th, 2019 07:44 pm
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Big Garea Fan

 

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Stupid question...
If a person ends up owing taxes at the end of the year, does the person have to pay any interest on the tax money owed?

I have always received money back at the end of the year so I have never been in this situation.

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 Posted: Fri Feb 8th, 2019 07:54 pm
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Superstar
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Big Garea Fan wrote: Stupid question...
If a person ends up owing taxes at the end of the year, does the person have to pay any interest on the tax money owed?

I have always received money back at the end of the year so I have never been in this situation.
No interest if you pay it by tax day.  Interest if you don't.  You may have a penalty to pay and/or have to pay estimated taxes for the following year, if the money owed is enough.



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