Taxes?

[Belsnickel]

(02-28-2019, 12:35 PM)michaelsean Wrote: You gotta hit over $24,000 in deductions to make the itemized worth it.  

I know, but it being the first year with a mortgage (higher percentage of payments are interest), tax payments, and me being unhealthy, it could get there.

[fredtoast]

(02-28-2019, 12:39 PM)Belsnickel Wrote: I know, but it being the first year with a mortgage (higher percentage of payments are interest), tax payments, and me being unhealthy, it could get there.

If you paid points to get a lower interest rate I believe they may be deductible.  But I am not sure.

[Belsnickel]

(02-28-2019, 12:43 PM)fredtoast Wrote: If you paid points to get a lower interest rate I believe they may be deductible.  But I am not sure.

They are.

[*michaelsean*]

(02-28-2019, 12:43 PM)fredtoast Wrote: If you paid points to get a lower interest rate I believe they may be deductible.  But I am not sure.

They are.

[*michaelsean*]

Jinx

[Au165]

Ended up getting less back in the return but saved more during the year. I think I paid 3k less on 10k more in earnings this year based on the return which is probably why people think they are getting less back this year.

[GMDino]

Just got ours back.

Never had to pay until this year.

Like I needed another reason to know the GOP and Trump are jackasses.

[*michaelsean*]

(03-18-2019, 10:31 PM)GMDino Wrote: Just got ours back.

Never had to pay until this year.

Like I needed another reason to know the GOP and Trump are jackasses.

But did you pay more in actual taxes?  I can't really compare apples to apples this year, but next year I'll have a better idea.  

[GMDino]

(03-19-2019, 08:34 AM)michaelsean Wrote: But did you pay more in actual taxes?  I can't really compare apples to apples this year, but next year I'll have a better idea.  

I don't have the papers back yet but I'll let you know how the "simpler" tax plan "cut my taxes" as soon as I can.

[CJD]

(03-18-2019, 10:31 PM)GMDino Wrote: Just got ours back.

Never had to pay until this year.

Like I needed another reason to know the GOP and Trump are jackasses.

One of the things the tax cut did was lowered the minimum required withholding. So there's a chance you owe because your paycheck increased over the course of the 10 months in 2018 where the withholding was altered.

My paycheck, for example, increased by 60 dollars per 2 weeks back in February 2018, so that has to be accounted for when I consider my total tax payment now.

[*michaelsean*]

(03-19-2019, 09:02 AM)Crazyjdawg Wrote: One of the things the tax cut did was lowered the minimum required withholding. So there's a chance you owe because your paycheck increased over the course of the 10 months in 2018 where the withholding was altered.

My paycheck, for example, increased by 60 dollars per 2 weeks back in February 2018, so that has to be accounted for when I consider my total tax payment now.

Yeah I told my wife to change hers.  They withheld 11% in her new job.  Thankfully that was only half a year.  

[GMDino]

(03-19-2019, 09:02 AM)Crazyjdawg Wrote: One of the things the tax cut did was lowered the minimum required withholding. So there's a chance you owe because your paycheck increased over the course of the 10 months in 2018 where the withholding was altered.

My paycheck, for example, increased by 60 dollars per 2 weeks back in February 2018, so that has to be accounted for when I consider my total tax payment now.

Aye.  And the amount we owe puts as at pretty much a good rate for last year.  My complaint (remains) that they didn't make it "simpler" nor did they "cut my taxes".  (At least until I get my info back and can compare.)

[*michaelsean*]

(03-19-2019, 09:22 AM)GMDino Wrote: Aye.  And the amount we owe puts as at pretty much a good rate for last year.  My complaint (remains) that they didn't make it "simpler" nor did they "cut my taxes".  (At least until I get my info back and can compare.)

I would say that a lot of us no longer need to itemize which makes it simpler.  Getting rid of the personal exemptions sucked though.  

[Benton]

(03-19-2019, 09:26 AM)michaelsean Wrote: I would say that a lot of us no longer need to itemize which makes it simpler.  Getting rid of the personal exemptions sucked though.  

My wife's a nurse and I'm a writer/photographer .we both had a lot of expenses not covered by employers that used to be deductible but aren't now. The result, I think, will be a lot of folks going back to employers and saying "ok, now you're going to have to start paying for this, or pay me more."

[*michaelsean*]

(03-19-2019, 01:03 PM)Benton Wrote: My wife's a nurse and I'm a writer/photographer .we both had a lot of expenses not covered by employers that used to be deductible but aren't now. The result, I think, will be a lot of folks going back to employers and saying "ok, now you're going to have to start paying for this, or pay me more."

I always thought deductible items for an employee were pretty rare.  Usually because an employer should be picking up any expenses that could be deducted by an employee.  What the hell are they making you pay for?

[Benton]

(03-19-2019, 02:36 PM)michaelsean Wrote: I always thought deductible items for an employee were pretty rare.  Usually because an employer should be picking up any expenses that could be deducted by an employee.  What the hell are they making you pay for?

There's quite a bit. Like, shoes. She's on her feet 10-12 hours a day except for when she's charting, so she goes through shoes pretty quickly. Like 300-$500 a year quickly. Continuing education hours, travel (she works home health), licenses (she has to be licensed in two states and they'd prefer three), per diem changes when travel nursing, etc. And there's general medical equipment, like stethoscopes and gloves. Some of the stuff is provided, but it's generally what you'd get at WalMart and not really suitable for patient care, as the person doing inventory gets a bonus for keeping costs low and they don't have to use any of the junk they buy.