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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 01:49 am by Principal_Raditch

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.

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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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.

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

Married Jo



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

srossi

 

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

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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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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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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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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.

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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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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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.

Principal_Raditch



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This year the penalty was waived if you owed too much based on the change in tax codes.

gwlee7



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I wonder how many people will have to borrow money to pay what they owe and then have to pay interest to the corporations who benefitted most from the tax cuts.   You know, exactly as planned.  

Last edited on Sat Feb 9th, 2019 02:50 am by gwlee7

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This is what turned me against Trump. All the other social issues and things are fluff and bullshit.   I actually thought he was going to to take a stand against the corporations, but he has shown that he has been bought and sold.

Last edited on Sat Feb 9th, 2019 04:37 pm by Papa Voo

WongLee
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Papa Voo wrote: This is what turned me against Trump. All the other social issues and things are fluff and bullshit.   I actually thought he was going to to take a stand against the corporations, but he has shown that he has been bought and sold.But.....Mexicans

Ultimark



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Married Jo wrote: If you were getting a tax refund in the first place you were doing it wrong..It is really giving the gov an interest free loan.  However, most don't realize this.  The R's in Congress (it actually has zero to do with Trump) decided to err on the side of giving people more in their take home checks thinking that would help with the mid-terms.  It didn't.  To make matters worse, the increase in take home pay was decreased somewhat by other factors including an increase in health insurance premiums and disability for those that need that coverage. 
The former Trump supporters screaming online have it wrong in both ways. They should be yelling at Paul Ryan and they did not receive a tax increase.  

Last edited on Sat Feb 9th, 2019 05:13 pm by Ultimark

Ultimark



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Papa Voo wrote: This is what turned me against Trump. All the other social issues and things are fluff and bullshit.   I actually thought he was going to to take a stand against the corporations, but he has shown that he has been bought and sold.His entire life indicated that, in the end, he would favor the rich.  I know his rhetoric during the campaign was appealing to many but all people had to do was look at how he lived his life to know the truth. 

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Ultimark wrote: Papa Voo wrote: This is what turned me against Trump. All the other social issues and things are fluff and bullshit.   I actually thought he was going to to take a stand against the corporations, but he has shown that he has been bought and sold.His entire life indicated that, in the end, he would favor the rich.  I know his rhetoric during the campaign was appealing to many but all people had to do was look at how he lived his life to know the truth. 

I still think he is a closeted liberal.  I am serious. 

I thought he would go after the middle class vote economically and then slide in the social issues.  The reverse has occurred. 

Last edited on Sat Feb 9th, 2019 06:30 pm by Papa Voo

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I got a return this year for the first time in years and I didn’t really do anything different outside of contributing more to my HSA and 401k but even those weren’t collosal changes.

WongLee
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I did my wife's taxes today. She makes a good buck as a transit bus driver for Suffolk County. She got back over $2,000 more this year than last. I had to check my work three times so the poor girl wouldn't end up in debtors prison. But yep, it was on the money. MAGA

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I made the same amount as the previous year and my refund was $508 more compared to last year and my weekly checks have been more over the last year or so. That is what I’ve noticed. I don’t care about politics. Politicians don’t give a fuck about you. Doesn’t matter which side they are on.

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My wife has her own practice and we don't ever get refunds. I think our last one was in 96 or 97. We did save about $2,000 in tax liability.

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My refund this year was about 60% the size that it was last year, but there's a couple good reasons for a small decrease. Also, I was taking more home, in small increments, each week this year. Overall it's hard to compare this year's taxes to previous years, but I certainly didn't take a hit.

martini
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I will get no refund. I have had to pay in the last three years. Probably will have to write a record sized check this year. It's the cost of doing business although it should be minimized thanks to the higher standard deduction. It's a terrible thing to have to do, but I would much rather make an amount where I have to pay in than slog at the bottom and get a big refund check that I don't deserve.

Principal_Raditch



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Will now be $2500 in the hole...and that's taking into account the increase in paychecks through the year. So much for the tax cut bullshit. Not sure why I'm paying for this fat cunt to dole out more breaks for corporations to pay shit all.

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Principal_Raditch wrote: Will now be $2500 in the hole...and that's taking into account the increase in paychecks through the year. So much for the tax cut bullshit. Not sure why I'm paying for this fat cunt to dole out more breaks for corporations to pay shit all.
I believe the answer is you got more back throughout the year and you didn't adjust your withholding properly... 

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I'm paying $2500 more in taxes in 2018 than I did in 2017 on the same income earned. Even if I witheld more during the year in still down more than $2500 overall. That's a tax increase, not a cut.

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Principal_Raditch wrote: I'm paying $2500 more in taxes in 2018 than I did in 2017 on the same income earned. Even if I witheld more during the year in still down more than $2500 overall. That's a tax increase, not a cut.
I'm in the same boat- just did my Turbo Tax and with about the same income I owe even more this year.  I did have quite a few capital gains to pay tax on.  I also checked my payroll stubs- around the week of 1/14 I did see a small bump in my take home, but not enough saved over the course of the year to offset my taxes!!  I'll probably have to pay that penalty for underpayment, something like 10%!

Ultimark



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Everyone's situation is different. If you are in a high income tax state and make a certain amount, then the limiting of that deduction will hurt. Also, there are other variables involved. However, for his people in red states, most of them have less tax liability than before. Now, many don't understand that is a different issue than just a refund. All because a refund is lower doesn't mean they have paid more taxes. That is his base though. Many simply cannot understand that. They live for that refund.

They knew this was going to be an issue. That is why Trump started to talk about a middle class tax cut in Sept before the election. The reality was some in the middle class did receive a cut with the last reform but some didn't.

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Ultimark wrote: Everyone's situation is different. If you are in a high income tax state and make a certain amount, then the limiting of that deduction will hurt. Also, there are other variables involved. However, for his people in red states, most of them have less tax liability than before. Now, many don't understand that is a different issue than just a refund. All because a refund is lower doesn't mean they have paid more taxes. That is his base though. Many simply cannot understand that. They live for that refund.

They knew this was going to be an issue. That is why Trump started to talk about a middle class tax cut in Sept before the election. The reality was some in the middle class did receive a cut with the last reform but some didn't.


The middle class tax cut was some bullshit he pulled out of his ass on the way to the helicopter. It was debunked literally immediately by the journalists who were there and was never mentioned again.

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Kriss wrote: Ultimark wrote: Everyone's situation is different. If you are in a high income tax state and make a certain amount, then the limiting of that deduction will hurt. Also, there are other variables involved. However, for his people in red states, most of them have less tax liability than before. Now, many don't understand that is a different issue than just a refund. All because a refund is lower doesn't mean they have paid more taxes. That is his base though. Many simply cannot understand that. They live for that refund.

They knew this was going to be an issue. That is why Trump started to talk about a middle class tax cut in Sept before the election. The reality was some in the middle class did receive a cut with the last reform but some didn't.


The middle class tax cut was some bullshit he pulled out of his ass on the way to the helicopter. It was debunked literally immediately by the journalists who were there and was never mentioned again.
I agree.  I really don't understand why anyone would think he really cares.  He had a decades long history of screwing small businesses, in many cases leaving them no choice but to declare bankruptcy.  He didn't care for one simple reason - he cares about himself only.  The tax bill was a Ryan special.  Trump just wanted the win.  Many did benefit - some did not.  I do know that the deficit is out of control and the tax bill did nothing to make it better.  It actually made it worse.  
I am old enough to remember when R's gave 2 shits about the deficit.  Like in 2015.  Gosh, wonder what changed?

srossi

 

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Ultimark wrote: Kriss wrote: Ultimark wrote: Everyone's situation is different. If you are in a high income tax state and make a certain amount, then the limiting of that deduction will hurt. Also, there are other variables involved. However, for his people in red states, most of them have less tax liability than before. Now, many don't understand that is a different issue than just a refund. All because a refund is lower doesn't mean they have paid more taxes. That is his base though. Many simply cannot understand that. They live for that refund.

They knew this was going to be an issue. That is why Trump started to talk about a middle class tax cut in Sept before the election. The reality was some in the middle class did receive a cut with the last reform but some didn't.


The middle class tax cut was some bullshit he pulled out of his ass on the way to the helicopter. It was debunked literally immediately by the journalists who were there and was never mentioned again.
I agree.  I really don't understand why anyone would think he really cares.  He had a decades long history of screwing small businesses, in many cases leaving them no choice but to declare bankruptcy.  He didn't care for one simple reason - he cares about himself only.  The tax bill was a Ryan special.  Trump just wanted the win.  Many did benefit - some did not.  I do know that the deficit is out of control and the tax bill did nothing to make it better.  It actually made it worse.  
I am old enough to remember when R's gave 2 shits about the deficit.  Like in 2015.  Gosh, wonder what changed?

Republicans never gave a shit about the deficit. What changed is they got into power again and there are no Democrats around to blame it on. That’s what they do, complain about the other side screwing something up, then doing the same thing when they’re in power. Remember the anti-war left of the Bush years?  Me neither. It’s been a long time. 

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My boss gave me a heads up on itemization I had not done previously, which may have aided in me getting around 200 more back this year than last.

The mortgage interest claim that was taken away nationally stayed at a state level, so I only was jipped a little bit on that part of the new deal.

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Absolutely destroyed this year. Unreal.

srossi

 

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In the job I had I didn’t make one extra cent all year. Paycheck was exactly the same. I’m on a salary scale. And I’m paying about an extra $2,500 between reduced refund and more estimated quarterly taxes that I have to pay in 2019. I was keeping an open mind about at least his tax policy, but yeah, he fucked this up royally too. Or did exactly what he intended, which was to fuck over the middle class. Either way, that was the effect. I find it hilarious that so many Trump supporters are now in a position where there have to lie about their tax returns, which are black and white numbers, to continue to defend him. They’re like the “Leaving Neverland” guys who defended MJ even after they realized he had abused them. BT must be curled in the fetal position right now thinking about where Trump touched him but refusing to admit it.

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I had a small raise. Wife did too. Two working parents. Well over the standard deduction here of $24k. Between charitable contributions, property taxes, dental work due to wife getting wisdom teeth out, we had like a $40k deduction. Broke even last year, this year owe $1800. This is with me claiming zero deductions and actually putting extra money towards taxes every paycheck. We're not attorneys or doctors. We're doing ok, but solid middle class. Total bs.

Last edited on Mon Mar 11th, 2019 03:10 am by Blazer

Principal_Raditch



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At this point, to prevent this happening next year, I'm witholding $125 more per paycheck, and bumped up my 403b contribution to 25% of my paycheck. We're also middle class, and I fail to see how this has me better off? Just gives me more incentive to use illegals to keep costs down.

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Taxes went down for us. Middle class. Taxes went down slightly on the paychecks and our refund was slightly bigger.  We did better in 2018 tax wise than 2017.  Things changed too, though so it's not apples to apples. For example we added another family member (my son was born this past July).

Last edited on Mon Mar 11th, 2019 02:01 am by Qaenos

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You get the extra child credit, so that’s huge. Twinks must just be getting destroyed though.



 

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Blazer wrote: You get the extra child credit, so that’s huge. Twinks must just be getting destroyed though.
One thing that kills couple with kids is losing personal exemptions. That was $4000 a pop.
I lost $16k in exemptions and $9k in mortgage interest write offs. 



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