Started mine last night. I'm getting killed! I'm gonna owe about three times what I owed last year. Anybody got any loopholes they know about?

(01-29-2019 10:54 AM)JerryJeff Wrote:  Started mine last night. I'm getting killed! I'm gonna owe about three times what I owed last year. Anybody got any loopholes they know about?

I'm actually getting a bigger refund than I did last year, despite making more money this year... thanks for $15,000 in medical expense deductions. (That is on top of insurance premiums.)

Still waiting for my E-Trade & Robinhood tax forms to become available so I can add that in. But then I'm done... thankfully.

My employer got all of my business deductions.

(01-29-2019 11:07 AM)Marc Mensa Wrote:  My employer got all of my business deductions.

What business do you own as an employee and which deduction should you have been entitled to?

(01-29-2019 10:54 AM)JerryJeff Wrote:  Started mine last night. I'm getting killed! I'm gonna owe about three times what I owed last year. Anybody got any loopholes they know about?

When you say "owe", do you mean the amount you have to pay because you underpaid throughout the year? Or your total tax bill?

(01-29-2019 11:21 AM)BuffaloTN Wrote:  

(01-29-2019 11:07 AM)Marc Mensa Wrote:  My employer got all of my business deductions.

What business do you own as an employee and which deduction should you have been entitled to?

I want to know which ones he was previously reporting so we can give him a heads up on that nasty audit thats coming his way.

(01-29-2019 11:24 AM)UofMstateU Wrote:  

(01-29-2019 10:54 AM)JerryJeff Wrote:  Started mine last night. I'm getting killed! I'm gonna owe about three times what I owed last year. Anybody got any loopholes they know about?

When you say "owe", do you mean the amount you have to pay because you underpaid throughout the year? Or your total tax bill?

Total tax bill. We no longer have kids in the house, so that deduction is gone. Also been in our house for a while so not a lot of mortgage to deduct. We didn't underpay through the year by thousands of dollars, I can assure you. We're getting clobbered.

(01-29-2019 11:21 AM)BuffaloTN Wrote:  

(01-29-2019 11:07 AM)Marc Mensa Wrote:  My employer got all of my business deductions.

What business do you own as an employee and which deduction should you have been entitled to?

I pay all of my operating expenses... car, entertainment, supplies, storage, etc... which previously were significant deductions. Those were wiped out and employers were given a tax cut. For me, thats a significant transfer.

(01-29-2019 11:29 AM)JerryJeff Wrote:  

(01-29-2019 11:24 AM)UofMstateU Wrote:  

(01-29-2019 10:54 AM)JerryJeff Wrote:  Started mine last night. I'm getting killed! I'm gonna owe about three times what I owed last year. Anybody got any loopholes they know about?

When you say "owe", do you mean the amount you have to pay because you underpaid throughout the year? Or your total tax bill?

Total tax bill. We no longer have kids in the house, so that deduction is gone. Also been in our house for a while so not a lot of mortgage to deduct. We didn't underpay through the year by thousands of dollars, I can assure you. We're getting clobbered.

The thank God for Trumps tax plan, cause you guys would have been seriously bent over without having the double amount of standard deductibles granted.

(01-29-2019 11:30 AM)Marc Mensa Wrote:  

(01-29-2019 11:21 AM)BuffaloTN Wrote:  

(01-29-2019 11:07 AM)Marc Mensa Wrote:  My employer got all of my business deductions.

What business do you own as an employee and which deduction should you have been entitled to?

I pay all of my operating expenses... car, entertainment, supplies, storage, etc... which previously were significant deductions. Those were wiped out and employers were given a tax cut. For me, thats a significant transfer.

Your standard deduction was doubled.

Gonna owe money this year after a nice refund last year. C est la vie.

(01-29-2019 11:30 AM)Marc Mensa Wrote:  

(01-29-2019 11:21 AM)BuffaloTN Wrote:  

(01-29-2019 11:07 AM)Marc Mensa Wrote:  My employer got all of my business deductions.

What business do you own as an employee and which deduction should you have been entitled to?

I pay all of my operating expenses... car, entertainment, supplies, storage, etc... which previously were significant deductions. Those were wiped out and employers were given a tax cut. For me, thats a significant transfer.

Easily 999 out of 1000 people who say they had "significant" miscellaneous deductions, such as auto, while working as an employee, was abusing the system. It is extremely difficult to have had that sort of legitimate deductions as an employee. They key word here is the one you used; "significant".

(01-29-2019 11:45 AM)JDTulane Wrote:  Gonna owe money this year after a nice refund last year. C est la vie.

What changed?

I'll start mine in the middle of the month. Hopefully I worked it to not owe any or get anything back.

Having kids at home (and significantly higher thresholds for Child Tax Credit) helps mitigate the loss of exemptions.

(01-29-2019 11:45 AM)JDTulane Wrote:  Gonna owe money this year after a nice refund last year. C est la vie.

Which has nothing to do with your total taxes owed.

(01-29-2019 11:48 AM)UofMstateU Wrote:  

(01-29-2019 11:30 AM)Marc Mensa Wrote:  

(01-29-2019 11:21 AM)BuffaloTN Wrote:  

(01-29-2019 11:07 AM)Marc Mensa Wrote:  My employer got all of my business deductions.

What business do you own as an employee and which deduction should you have been entitled to?

I pay all of my operating expenses... car, entertainment, supplies, storage, etc... which previously were significant deductions. Those were wiped out and employers were given a tax cut. For me, thats a significant transfer.

Easily 999 out of 1000 people who say they had "significant" miscellaneous deductions, such as auto, while working as an employee, was abusing the system. It is extremely difficult to have had that sort of legitimate deductions as an employee. They key word here is the one you used; "significant".

link?

(01-29-2019 11:40 AM)Kronke Wrote:  

(01-29-2019 11:30 AM)Marc Mensa Wrote:  

(01-29-2019 11:21 AM)BuffaloTN Wrote:  

(01-29-2019 11:07 AM)Marc Mensa Wrote:  My employer got all of my business deductions.

What business do you own as an employee and which deduction should you have been entitled to?

I pay all of my operating expenses... car, entertainment, supplies, storage, etc... which previously were significant deductions. Those were wiped out and employers were given a tax cut. For me, thats a significant transfer.

Your standard deduction was doubled.

which does not cover the mileage deduction I was previously allowed.

I filed late last year and asked my accountant to estimate the difference between last year and this year... he said 7k.

We'll see. I hope he's wrong.

(01-29-2019 11:56 AM)Marc Mensa Wrote:  

(01-29-2019 11:48 AM)UofMstateU Wrote:  

(01-29-2019 11:30 AM)Marc Mensa Wrote:  

(01-29-2019 11:21 AM)BuffaloTN Wrote:  

(01-29-2019 11:07 AM)Marc Mensa Wrote:  My employer got all of my business deductions.

What business do you own as an employee and which deduction should you have been entitled to?

I pay all of my operating expenses... car, entertainment, supplies, storage, etc... which previously were significant deductions. Those were wiped out and employers were given a tax cut. For me, thats a significant transfer.

Easily 999 out of 1000 people who say they had "significant" miscellaneous deductions, such as auto, while working as an employee, was abusing the system. It is extremely difficult to have had that sort of legitimate deductions as an employee. They key word here is the one you used; "significant".

link?

post your last years tax return, and i'll convert that into a link.

(01-29-2019 11:59 AM)Marc Mensa Wrote:  

(01-29-2019 11:40 AM)Kronke Wrote:  

(01-29-2019 11:30 AM)Marc Mensa Wrote:  

(01-29-2019 11:21 AM)BuffaloTN Wrote:  

(01-29-2019 11:07 AM)Marc Mensa Wrote:  My employer got all of my business deductions.

What business do you own as an employee and which deduction should you have been entitled to?

I pay all of my operating expenses... car, entertainment, supplies, storage, etc... which previously were significant deductions. Those were wiped out and employers were given a tax cut. For me, thats a significant transfer.

Your standard deduction was doubled.

which does not cover the mileage deduction I was previously allowed.

How much was simply your mielage deduction last year?