2018 Taxes

[DB is Here]

Wrote a check like every other year. That said the 50M that paid nothing makes little sense as everyone should pay the exact same percentage of income (Flat tax)...but I digress.

 

[bolus]

The limits on the mortgage interest deduction got me. Paid an extra $3000. At least it is going to good programs like flying Pelosi to her vacations and the Honolulu rail that I will never use that is close to costing $1 billion per mile (twice the cost per mile as japan's 177 mile 300mph maglev train)

 

[Kruel J]

A BILLION a mile? WTF!

 

[WoodsPlinker]

Had to pay 2500$...

Hopefully it went to pay for some government officials to hang out at night clubs:

Project Information - NIH RePORTER - NIH Research Portfolio Online Reporting Tools Expenditures and Results

 

[RicInOR]

The amount of tax due or the amount of refund that you receive really tells you very little. A person can adjust their withholding to either get no refund or a large refund or even a big tax due when they file. You have to look at your effective tax rate. Your effective tax rate is calculated by dividing the total tax you paid for the year by the total taxable income you have for the year.

Yes I totally agree. I have known people who game the system.

I was expecting to have a tax bill in April about the same as 2017's. My wife & mine total income was up 8k. Our total tax due was up 500. Reasonable. I was surprised that I had too little held out.

my federal Effective tax rate 13.9% TY 2018
14.3% TY 2017

 

[bolus]

A BILLION a mile? WTF!

Because of typical government stuff (cost overruns, kick backs, corruption, etc) it is currently over $9 billion and they only built 10 miles of it. Us on the other islands who will never benefit from it are a little upset that we are paying for it. Hawaii is run very similar to how Portland runs Oregon.

 

[Kruel J]

Because of typical government stuff (cost overruns, kick backs, corruption, etc) it is currently over $9 billion and they only built 10 miles of it. Us on the other islands who will never benefit from it are a little upset that we are paying for it. Hawaii is run very similar to how Portland runs Oregon.

Crooked, and plenty of pockets lined from "cost overruns".

 

[bolus]

Crooked, and plenty of pockets lined from "cost overruns".

Hey, what can I say, Democrat utopia here (except for that one republican that got elected somehow)

 

[Kruel J]

Hey, what can I say, Democrat utopia here (except for that one republican that got elected somehow)

Well, with $10/gallon milk/gas there has to be a few getting rich while most are forced into poverty. Why NOT add an insanely expensive rail system that will pay for itself in like 200 years if the stars align just the right way? I'm sure tourism will make up the difference. No offense, brother.

 

[Sawdust]

My wife and I changed our w4's and each only claimed 1 on our withholding last year and got slammed with a $7200 tax bill.....

 

[DLS]

I adjust my W4 about 3 or 4 times per year, my goal is to owe about $1500 at tax time. Since I'm paying attention, that bill is not a surprise and it's budgeted. What it is an interest free loan to me thanks to Uncle Sam. Most years I'm within a hundred dollars or so of that goal. So, I make a small amount of interest on that money, but more to my liking … I'm using the Govt.'s own system to keep money from them for as long as possible. So, that's worth a half-hour of math three times per year!

My mother in law drives me nuts. She "loves" her huge refund checks because she can "pay off all her credit cards". She is on a limited income and because of the high withholding she elects she need to put basic needs on the cards. She does not understand that the excess money being held by the Govt. (that pays no interest) could be used to purchase directly the stuff she puts on her card (and pays 36% interest). She won't even switch to a lower interest card because she "has been with these guys so long and they treat me so well"! Arrrghh! Yes, at 36% I'd "treat" her well too.

I've shown her how getting a refund is moving backward (lose interest, pay interest on the loans, and get triple whammied because the govt. pays you back with inflation impacted dollars so they buy less). It doesn't matter. Sigh ...

 

[WWShooter]

Hey, what can I say, Democrat utopia here (except for that one republican that got elected somehow)

Oh, my friend, if you think only Democrats are corrupt, let me talk to you about this bridge deal I've got . . .

 

[Caveman Jim]

Wrote a check to the IRS for $8. First time in 45 years that I used the short form instead of itemizing.

Only once in my 47 years of paying taxes I had to pay $7 after the IRS said I owed thousands. It pays to have a savvy CPA.

 

[Alexx1401]

We set ours up to owe. I have better use for my money that to let them use it free all year. Waited till the 14th and sent them $1500. It of course burns us both. We are what many call the 1% I guess, what a laugh that is. Burns my butt when I see these cows in the store buying everything with money I gave them as they complain that they don't get enough. Then they work at some brain dead job a few hours and get several K from the IRS which is more of my money handed to them

 

[uberguy]

Tax RATES were cut for virtually every income bracket. The SALT cap, according to news sources mostly hit people earning over $75k with million dollar mortgages / homes in high tax states. Today's Seattle Times ran the numbers, probably an AP source, showing 65% paid less, about 29% paid about the same and only 7% paid more. Me - $3,300 refund.

 

[arakboss]

My wife and I changed our w4's and each only claimed 1 on our withholding last year and got slammed with a $7200 tax bill.....

My wifes coworker and her husband usually breakeven but they took a $9000 hit this year. They both do very well income wise and own their own home plus a rental property with tenants (duplex) so I think that contributed to the hit.

 

[Oregonhunter5]

Paid taxes every pay check last year. I usually get back about $12,000-20,000.
I wrote a check for $42,000 more. Price I paid to sell some stock and see a rental.
Yes it created a guy punch. Accountant got my taxable income down to 14%, which is amazing.

 

[BigBull 301]

Paid out an additional $9K....

 

[Hawaiian]

Wife is self employed and often does not pay enough quarterly taxes. So, I overpay taxes on my income. This works for us and keeps me from getting hit will a big tax bill at year end.
We actually got the biggest refund ever this year.

 

[bolus]

Oh, my friend, if you think only Democrats are corrupt, let me talk to you about this bridge deal I've got . . .

Yes, I remember quite clearly when we ran our recall campaign both the democrats and the republicans tried to sabotage our efforts. I have no delusion that one party is better.