My Taxes Went Down!

Just one. My account ending in 91##.

 

You realize that with very few exceptions, the new tax law applies to tax year 2018 almost exclusively, correct?
I have no idea how you all are calculating savings that cannot be determined until next year, but carry on.

 

I'm aware. My posts had nothing to do with savings. Unfortunately.

 

The wife and I are getting $251 back.
I can't decide between a cruise or redoing the bathroom.

 

I get to stroke a check for 18k this year.

 

You had a very good year then. Congratulations.

 

What are you talking about? This is 2018. If you're smart, its very easy to estimate your tax liability, and thus determine witholdings. Its not like its a big secret.

https://www.forbes.com/sites/kellyp...ions-exemption-amounts-and-more/#5dbcd6e3133d

 

I didn't see anyone qualifying their crumbs with "estimate".

 

Yep. It was a solid year.

 

More importantly, did the new tax plan help or hurt you or is it still an unknown?

I mean, that's the whole point of this thread, right?

 

We never get any help. We are DINKs. I don't think the bracket changes even helped us. I'd have to look back at last year and adjust the numbers to know.

I got nothing to complain about really. We have had the option to just walk away from work life for about 3 years now. We just haven't as neither of us is good at having nothing to do.

 

That's cute.

 

Same. I did some quick napkin math, and I don't see us saving much come next year's tax bill. Yes, we're keeping a bigger portion of our paycheck each month, but we'll still owe a good bit come next April. If they had kept our witholdings at the same dollar amount (instead of adjusting them in Feb), then I think we'd likely get money back.

Edit: I forgot to include the standard deduction, new napkin math shows our tax bill substantially reduced, but still owing.

 

Yep. No need to loan them your money when it could be working for you.

 

Relating back to tax policy and children - my dad always liked to say, "first one should be a big tax reduction, second should be neutral (nothing given or received), third should be a tax penalty" Of course, he had four children, so his own "policy" would have hurt personally if enacted. Point being, government shouldn't be in the business of encouraging an endless supply of children...

 

Meh...if you decided to procreate for the tax benefits, you really didn't look at the entire picture regarding cost.

 

Keep in mind the demographics of those procreating the most. They aren't the ones likely to do much mathematics...

 

That demographic is not concerned with itemized deductions.