(01-29-2019 04:33 PM)Kaplony Wrote:  

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

Just think of it as you paying your fair share.

We had to explain to "Mensa" sad but true

(01-29-2019 11:04 PM)SuperFlyBCat Wrote:  

(01-29-2019 04:33 PM)Kaplony Wrote:  

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

Just think of it as you paying your fair share.

We had to explain to "Mensa" sad but true

I honestly don't understand the angst. As a leftist he should feel proud that he has to pay more for taxes. More taxes paid for by him = more nanny state government.

I still don’t think we got the full picture or he’s full of it.

(01-29-2019 03:35 PM)JRsec Wrote:  

(01-29-2019 03:30 PM)DaSaintFan Wrote:  I still say: If you can set it up so you pay $0 and get $0 back, you're at the best situation you could be at... My best year was the year the federal govt basically owed me about $175 bucks and I owed the state $23.

The more money you give to the govt to pay you back in April (or whenever) is you loaning the govt. money interest free... I'd rather take my chances with some privatization..

It's worse than that. You have to declare last year's refund as part of this year's revenue so the bastards can tax you on money you didn't owe taxes on in the previous year. So the less you get back the better you stand on taxes for this year and figuring at close to even as you can is definitely the best path.

I don’t know how they can take that stance. A refund is simply a return of taxes you paid into the treasury that it turns out you didn’t owe, i have no idea how they can defend calling that income. Basically, it’s simply money not spent. A 2018 taxpayer already paid his full taxes on any refund when it was counted as income on his 2017 years tax return. Government apparently just finds new ways to suck.

(01-30-2019 10:21 AM)Attackcoog Wrote:  

(01-29-2019 03:35 PM)JRsec Wrote:  

(01-29-2019 03:30 PM)DaSaintFan Wrote:  I still say: If you can set it up so you pay $0 and get $0 back, you're at the best situation you could be at... My best year was the year the federal govt basically owed me about $175 bucks and I owed the state $23.

The more money you give to the govt to pay you back in April (or whenever) is you loaning the govt. money interest free... I'd rather take my chances with some privatization..

It's worse than that. You have to declare last year's refund as part of this year's revenue so the bastards can tax you on money you didn't owe taxes on in the previous year. So the less you get back the better you stand on taxes for this year and figuring at close to even as you can is definitely the best path.

I don’t know how they can take that stance. A refund is simply a return of taxes you paid into the treasury that it turns out you didn’t owe, i have no idea how they can defend calling that income. Basically, it’s simply money not spent. You already paid taxes on it when it was counted as income on your previous years tax return. If that’s accurate, then I’m happy my refund last year was tiny.

It's your state refund that becomes federal income in the following year if you itemized in the previous year. Because you deduct the state taxes on your federal return. This is so you can't pay in a million dollars to your state and then claim a million dollar federal deduction for state taxes paid. I'm being dramatic with the amount of course. And there's a federal worksheet you need to complete that takes into account several other factors as to whether all or only a portion of the refund is taxable.

(01-30-2019 10:25 AM)Redwingtom Wrote:  

(01-30-2019 10:21 AM)Attackcoog Wrote:  

(01-29-2019 03:35 PM)JRsec Wrote:  

(01-29-2019 03:30 PM)DaSaintFan Wrote:  I still say: If you can set it up so you pay $0 and get $0 back, you're at the best situation you could be at... My best year was the year the federal govt basically owed me about $175 bucks and I owed the state $23.

The more money you give to the govt to pay you back in April (or whenever) is you loaning the govt. money interest free... I'd rather take my chances with some privatization..

It's worse than that. You have to declare last year's refund as part of this year's revenue so the bastards can tax you on money you didn't owe taxes on in the previous year. So the less you get back the better you stand on taxes for this year and figuring at close to even as you can is definitely the best path.

I don’t know how they can take that stance. A refund is simply a return of taxes you paid into the treasury that it turns out you didn’t owe, i have no idea how they can defend calling that income. Basically, it’s simply money not spent. You already paid taxes on it when it was counted as income on your previous years tax return. If that’s accurate, then I’m happy my refund last year was tiny.

It's your state refund that becomes federal income in the following year if you itemized in the previous year. Because you deduct the state taxes on your federal return. This is so you can't pay in a million dollars to your state and then claim a million dollar federal deduction for state taxes paid. I'm being dramatic with the amount of course. And there's a federal worksheet you need to complete that takes into account several other factors as to whether all or only a portion of the refund is taxable.

Ahhh. Gaotcha, I live in Texas where there’s no state income tax so I forgot about that aspect of tax law.

I personally hate giving the government an interest-free loan every year.

(01-30-2019 10:48 AM)ECUGrad07 Wrote:  I personally hate giving the government an interest-free loan every year.

What pissed me off last week was someone trying to pay the furloughed workers interest on their paychecks. I also have issue with if we had furloughed workers who didn’t show up to work, paying them for missed time unless they were able to use PTO.

(01-30-2019 10:48 AM)ECUGrad07 Wrote:  I personally hate giving the government an interest-free loan every year.

Yeah, I've never understood why some people are proud to receive large tax refunds.

(01-30-2019 10:50 AM)VA49er Wrote:  

(01-30-2019 10:48 AM)ECUGrad07 Wrote:  I personally hate giving the government an interest-free loan every year.

Yeah, I've never understood why some people are proud to receive large tax refunds.

I haven’t understood how a McD’s worker can get a $5k refund.

(01-30-2019 10:51 AM)gdunn Wrote:  

(01-30-2019 10:50 AM)VA49er Wrote:  

(01-30-2019 10:48 AM)ECUGrad07 Wrote:  I personally hate giving the government an interest-free loan every year.

Yeah, I've never understood why some people are proud to receive large tax refunds.

I haven’t understood how a McD’s worker can get a $5k refund.

.......because they get back more than they paid in??

(01-30-2019 11:10 AM)Crebman Wrote:  

(01-30-2019 10:51 AM)gdunn Wrote:  

(01-30-2019 10:50 AM)VA49er Wrote:  

(01-30-2019 10:48 AM)ECUGrad07 Wrote:  I personally hate giving the government an interest-free loan every year.

Yeah, I've never understood why some people are proud to receive large tax refunds.

I haven’t understood how a McD’s worker can get a $5k refund.

.......because they get back more than they paid in??

Bingo!

(01-30-2019 11:10 AM)Crebman Wrote:  

(01-30-2019 10:51 AM)gdunn Wrote:  

(01-30-2019 10:50 AM)VA49er Wrote:  

(01-30-2019 10:48 AM)ECUGrad07 Wrote:  I personally hate giving the government an interest-free loan every year.

Yeah, I've never understood why some people are proud to receive large tax refunds.

I haven’t understood how a McD’s worker can get a $5k refund.

.......because they get back more than they paid in??

Sorry.. I kinda didn't finish that out.. Left too much out for interpretation.

(01-30-2019 10:51 AM)gdunn Wrote:  

(01-30-2019 10:50 AM)VA49er Wrote:  

(01-30-2019 10:48 AM)ECUGrad07 Wrote:  I personally hate giving the government an interest-free loan every year.

Yeah, I've never understood why some people are proud to receive large tax refunds.

I haven’t understood how a McD’s worker can get a $5k refund.

Probably doesn't really happen all that much, but if they get something like that, it's likely thanks to Ronald Reagan and the Earned Income Credit.

(01-30-2019 11:48 AM)Redwingtom Wrote:  

(01-30-2019 10:51 AM)gdunn Wrote:  

(01-30-2019 10:50 AM)VA49er Wrote:  

(01-30-2019 10:48 AM)ECUGrad07 Wrote:  I personally hate giving the government an interest-free loan every year.

Yeah, I've never understood why some people are proud to receive large tax refunds.

I haven’t understood how a McD’s worker can get a $5k refund.

Probably doesn't really happen all that much, but if they get something like that, it's likely thanks to Ronald Reagan and the Earned Income Credit.

He's going back back back, waaay back to pass the blame. It's a stretch even for RWT. Don't pull a hammy with that one.

(01-30-2019 11:51 AM)BuffaloTN Wrote:  

(01-30-2019 11:48 AM)Redwingtom Wrote:  

(01-30-2019 10:51 AM)gdunn Wrote:  

(01-30-2019 10:50 AM)VA49er Wrote:  

(01-30-2019 10:48 AM)ECUGrad07 Wrote:  I personally hate giving the government an interest-free loan every year.

Yeah, I've never understood why some people are proud to receive large tax refunds.

I haven’t understood how a McD’s worker can get a $5k refund.

Probably doesn't really happen all that much, but if they get something like that, it's likely thanks to Ronald Reagan and the Earned Income Credit.

He's going back back back, waaay back to pass the blame. It's a stretch even for RWT. Don't pull a hammy with that one.

Nobody's blaming anyone, the EIC is a good thing IMO. It's just a fact that this socialist program started under Reagan. Sorry.

(01-30-2019 10:48 AM)ECUGrad07 Wrote:  I personally hate giving the government an interest-free loan every year.

Put it into your IRA instead of giving it to the government. Sure, you'll get taxed when you are required to pull it out but at least it's yours in the meantime.

(01-29-2019 08:09 PM)stinkfist Wrote:  

(01-29-2019 08:07 PM)Jugnaut Wrote:  The doubling of the standard deduction really helped me. I'm getting $4,300 back this year. Its awesome. Thank goodness for Trump! Im sure the folks in liberal states are hating it because they cant use their state taxes to lower their feder tax burdens.

and that was the other nut punch to the overpriced blue faggoos...

my property taxes are 20k....there goes 10k

my state taxes are 8k.....buh bye 2....

those poor rich bastages....

$20k? Where do you live or how rich are you living? Jeepers Stink, you must have a mansion. I thought I was paying a lot at $7000.

(01-30-2019 10:29 AM)Attackcoog Wrote:  

(01-30-2019 10:25 AM)Redwingtom Wrote:  

(01-30-2019 10:21 AM)Attackcoog Wrote:  

(01-29-2019 03:35 PM)JRsec Wrote:  

(01-29-2019 03:30 PM)DaSaintFan Wrote:  I still say: If you can set it up so you pay $0 and get $0 back, you're at the best situation you could be at... My best year was the year the federal govt basically owed me about $175 bucks and I owed the state $23.

The more money you give to the govt to pay you back in April (or whenever) is you loaning the govt. money interest free... I'd rather take my chances with some privatization..

It's worse than that. You have to declare last year's refund as part of this year's revenue so the bastards can tax you on money you didn't owe taxes on in the previous year. So the less you get back the better you stand on taxes for this year and figuring at close to even as you can is definitely the best path.

I don’t know how they can take that stance. A refund is simply a return of taxes you paid into the treasury that it turns out you didn’t owe, i have no idea how they can defend calling that income. Basically, it’s simply money not spent. You already paid taxes on it when it was counted as income on your previous years tax return. If that’s accurate, then I’m happy my refund last year was tiny.

It's your state refund that becomes federal income in the following year if you itemized in the previous year. Because you deduct the state taxes on your federal return. This is so you can't pay in a million dollars to your state and then claim a million dollar federal deduction for state taxes paid. I'm being dramatic with the amount of course. And there's a federal worksheet you need to complete that takes into account several other factors as to whether all or only a portion of the refund is taxable.

Ahhh. Gaotcha, I live in Texas where there’s no state income tax so I forgot about that aspect of tax law.

This is one of the aspects that keeps me residing in Tennessee.

Well I picked up my forms and instructions yesterday and so far it looks like it ought to benefit most people. It definitely hits those who use a personal vehicle for business very hard. I guess in spite of meticulous mileage logs the IRS guys just got tired of checking it all out. Still, because of this corporations with road reps just need to provide them a vehicle and reimburse their mileage.

As far as the usual stuff goes, it's just a different procedure for claiming mortgage interest and there are caps on the amount of interest you can claim. But all things considered it looks like it will actually be favorable for us.