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Thread: Taxes: How'd you do?

  1. #1

    Taxes: How'd you do?

    I am wondering how the new tax laws affected your bottom lines, if you are comfortable disclosing. Sounds like middle class families with lots of kids are paying a little more than they expected. This being Utah and all, I wonder if that is happening here.

    For me, my effective federal tax rate increased from just under 15% to just over 16%.

    Not quite apples to apples because in 2017 we did an extensive remodel and I had a shit ton of D.I. receipts that helped me cut down more than normal. 2018 AGI was also 32% higher, so it is hard to say the tax laws were to blame. Too bad Turbotax doesn't show you what it would have been with the old laws. I am guessing within $4,000 either way. Not too earth shattering.

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  3. #2
    A recent KSL article claims many Utah families got reamed - especially on the State level.

    My sister is one of the casualties - they usually always got a large return but now have to pay instead. Haven't done mine yet.

    https://www.ksl.com/article/46489450...er-new-tax-law
    Last edited by rockgremlin; 02-15-2019 at 04:41 PM.
    It's only "science" if it supports the narrative.

  4. #3
    Quote Originally Posted by rockgremlin View Post
    My sister is one of the casualties - they usually always got a large return but now have to pay instead. Haven't done mine yet.

    How large your return is has absolutely nothing to do with how much taxes you pay.....

    ....did you explain that to your sister? Does she understand that simple fact? Do you understand that math?

    About 90% of those complaining about their tax return this year fail to understand they had less money withheld from their paychecks this year and are actually paying less in taxes overall. The Fed warned everyone they had readjusted the tax tables and to watch your withholdings.

    If you judge the taxes you pay by the size of your refund you really need an education in basic finance.

    It also didn't help our State legislators can't math and failed to adjust Utah tax tables on the state side.

    /End Rant

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  6. #4
    I'm curious to see where my taxes end up as I'm the owner of several S-Corps... it should be interesting...

    One thing that will make it a little difficult for a direct comparison is both my kids moved out last spring so we're now empty nesters.

    I'll let you know how everything comes out. I'm just getting company returns and stock portfolio 1099s back now so I should be able to do my personal taxes before months end.

    It will be interesting....

  7. #5
    Yeah I've heard complaints about not getting as large of return, but they can't quite figure out it's because they paid LESS during the year.

  8. #6
    Quote Originally Posted by Iceaxe View Post
    How large your return is has absolutely nothing to do with how much taxes you pay.....

    ....did you explain that to your sister? Does she understand that simple fact? Do you understand that math?

    About 90% of those complaining about their tax return this year fail to understand they had less money withheld from their paychecks this year and are actually paying less in taxes overall. The Fed warned everyone they had readjusted the tax tables and to watch your withholdings.

    If you judge the taxes you pay by the size of your refund your really need an education in basic finance.

    It also didn't help our State legislators can't math and failed to adjust Utah tax tables on the state side.

    /End Rant

    Trust me that would fall on deaf ears. I think that's the crux of the issue though - folks don't realize they paid incrementally less all year so there should be little room to bitch.
    It's only "science" if it supports the narrative.

  9. #7
    Maybe send your sister a meme. People really seem to understand memes.


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  11. #8
    If you get a big return, congrats! You just gave the government an interest free loan. I wonder if they’d do the same for you?

    What is a little scary is how many people count on their return just to survive.

  12. #9
    Adventurer at Large! BruteForce's Avatar
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    I haven't seen a tax return in almost 20 years. I'm at a ~+40% tax rate and even though I hemorrhage tax, I still end up paying a mid-level's worth salary in extra tax EVERY YEAR, let alone get audited every 2 years!
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  13. #10
    Shirley in the USA you only pay tax on net income (be it business or personal tax). From most of the above posts, it sounds like you:
    A. Begrudge paying tax
    B. Expect a refund (tax "return") every year.

    Here in the UK I pay corporation (company) tax on the profits that my company makes, and personal tax on what I personally make. I might employ a good accountant to keep those taxes as low as I am allowed, but I pay the taxes due, and to be honest, I don't begrudge paying my share.

    Does it operate differently in the USA?

  14. #11
    ^^^ Here's how it operates in the U.S:

    1. If you have a large family, claim Zero Dependents on all your income, basically telling the federal government that you want to give them extra money throughout the year.

    2. Upon filing taxes the following year, list all of your dependents and expect a HUGE tax return.

    3A. If that HUGE return comes, throw a party and plan a family trip. This is gonna be great!

    3B. If your return isn't very big, or you end up having to pay, log onto the internets and complain about Trump. It's HIS fault your family can't go to Cancun this year.
    It's only "science" if it supports the narrative.

  15. #12
    It's like this in the US. We'll use simple numbers to make the math easy.

    Say you make $60,000 a year and you owe 20% in Federal taxes. That means at years end you owe $12,000 in Federal taxes.

    Every paycheck the government withholds a portion of your paycheck, an amount that you choose. Ideally you will have $1000 a month withheld from your pay and then at the end of year your tax bill will be zero.

    But many in the US have a little extra withheld from their pay to insure they get a refund. They use it as sort of a "zero interest savings account". And since the tax code was readjusted this year many are finding their "zero interest savings account" has no money at years end.

  16. #13
    And if we could get withholding eliminated, people would better understand the cost of government if they faced a real, single, large tax payment. Lot of lost opportunity with the Repub Congress of '17 and '18 to expose this fraudulent govt system we have, and this is one example. We're very likely to never see Repubs holding all three again.

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  18. #14
    What amazes me is there was no Federal income taxes until 1913 and we did just fine.

  19. #15
    Quote Originally Posted by Iceaxe View Post
    What amazes me is there was no Federal income taxes until 1913 and we did just fine.
    I'm guessing we didn't fund the military nearly as aggressively back then as we do now. That's one big difference.
    It's only "science" if it supports the narrative.

  20. #16
    Quote Originally Posted by rockgremlin View Post
    I'm guessing we didn't fund the military nearly as aggressively back then as we do now. That's one big difference.
    There were essentially no federal govt "programs" back then. FDR ushered all that in in the 1930s.

  21. #17
    #LetsGoBrandon BasinCruiser's Avatar
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    You know you did great on taxes when your refund is enough that you can quit your min wage job.

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  22. #18
    ^^^WTF?!?!

    How do people not see beyond a one-time lump sum payment? Good hell...
    It's only "science" if it supports the narrative.

  23. #19
    If those are real, it's amazing. I know there are a lot of rather short sighted people in the construction industry though, so I guess it makes sense that fast food would have the same problem.

    Too much "Thank God it's Friday! Oh God it's Monday!" going on around there.

  24. #20
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