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My Taxes Went Down!

Discussion in 'The Dungeon' started by kangasj, Feb 1, 2018.

  1. beac83

    beac83 "My safeword is bananna"

    Well, hold on to your britches, or maybe your ankles.

    Having received my final paycheck for 2018, I've done a quick pass at what I expect to owe.

    Federal Tax owed went up about 40% from last year, about half of that due to the $10K limit on state/local taxes. The rest was due to a unexpected bonus I received.

    I'm now able to deduct the full property tax, and less than 10% of the state income taxes (to 2 states) I paid. :(

    If you are single (or work out of state), this tax law is not good for you. Also, note that alimony is no longer deductible, either.
     
    Last edited: Dec 28, 2018
  2. Newsshooter

    Newsshooter Well-Known Member

    Charitable deductions eliminated too
     
  3. TX Joose

    TX Joose Well-Known Member

    I was doing some reading and checking out some draft forms.. Some contractors may be getting screwed over a little bit. I know they said they were trying to "simplify" everything and make it easier, which I guess they did because it's pushing more people just to take standard deductions.
     
  4. mpusch

    mpusch Well-Known Member

    Want to take another shot at that one?
     
  5. In Your Corner

    In Your Corner Dungeonesque Crab AI Version

    It's funny, the liberals I know who live in MA, NJ, NY, etc. (mostly people from the racing community), they were upset at the tax cuts but equally upset that they lost their deduction for state income tax. They got the higher taxes they say are needed so why are they complaining?
     
    K51000 and Ducti89 like this.
  6. Newsshooter

    Newsshooter Well-Known Member

    Okay, more accurate, most won't be able to use the charitable deduction unless their overall deductions are greater than the standard deductions. Based on a quick look we will be paying more in taxes this year than last year for the similar amount of income. We won't be deducting any charitable contributions this year. I'd bet donations go down next year when people realize they're not going to get the benefit of the deduction.
     
    K51000 likes this.
  7. brex

    brex Well-Known Member

    About time some of you start paying your fair share.
     
    crashman likes this.
  8. jksoft

    jksoft Well-Known Member

    Some things were allowed as charitable deductions are no longer . This includes "required donations" to schools for the right to purchase season tickets. It's debatable this should have ever been allowed, but it isn't now and it can be a pretty significant amount of money.
     
  9. Newsshooter

    Newsshooter Well-Known Member

    Didn't realize I wasn't paying my share? Sure seems like I all these years.
     
  10. R Acree

    R Acree Banned

    Ignorance is no excuse.
     
  11. Potts N Pans

    Potts N Pans Well-Known Member

    Shhhhh....They will let you know when you have paid enough.
     
  12. superdino

    superdino Naturally aspirated twin-turbo

    For those millions of people who just don't feel like working or contributing to the herd...how can we support them?
     
  13. R Acree

    R Acree Banned

    Join them.
     
  14. superdino

    superdino Naturally aspirated twin-turbo

    But that's crazy...erbody knows the first killed by the lions are the herd stragglers. It's nature's Circle of Life. Don't mess with nature.
     
  15. beac83

    beac83 "My safeword is bananna"

    I pay everything I legally owe, and it comes to paying more than most, as I have no mortgage, no kids, and live & work in moderate to high tax locations.

    What's my fair share?
     
    Newsshooter likes this.
  16. R Acree

    R Acree Banned

    102%
     
    Ducti89 and brex like this.
  17. crashman

    crashman Grumpy old man

    That is the problem with that silly idealistic "fair share" argument. Who gets to decide what is fair?
     
    Rico888, K51000 and brex like this.
  18. brex

    brex Well-Known Member

    The mantra of the human garbage party has been "pay your fair share" for decades.
    Yet they are too fucking moronic to understand.
     
    K51000 likes this.
  19. Newsshooter

    Newsshooter Well-Known Member

    Can you be more specific? I have a hard time determining which party you're talking about, they both seem to fit that bill to me.
     
  20. wood600rr

    wood600rr Well-Known Member

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