Effects of Trump Administration's revised Federal Tax Plan worked as advertised for me

roundball

Old Mossy Horns
Contributor
Yes. And I really wish he would stop. But that ain't gonna happen.
IMO, the lying, dishonest dems...the lying, dishonest msm...and the lying dishonest trump-haters don't leave him much choice.
Could he ease back on the caustic degree of some of them, probably...but he has to have a way of cmmunicating his thoughts to the general public...they won't get out there any other way.
 

pattersonj11

Old Mossy Horns
I can’t wait to get the taxes done. Still waiting on a couple tax forms from investment accounts.

Other than that, no house interest, no student loan interest, no children....I sure hope the standard deduction is worthwhile. I have a feeling we are going to have to come out of pocket a decent amount this year.
 

Papa_Smurf

Ten Pointer
Contributor
Dollars, not exemptions!

i didn't change my withholding, but paid about $50 less of my check every 2 weeks to taxes.

compare your pay stubs from 2018 to your pay stubs for 2017...
 

Eubanks01

Six Pointer
Dollars, not exemptions!

i didn't change my withholding, but paid about $50 less of my check every 2 weeks to taxes.

compare your pay stubs from 2018 to your pay stubs for 2017...
I would have to assume I paid less, because nothing else has changed. Changed mine to married at the single rate. Will see how that goes next year.
 

MJ74

Old Mossy Horns
I would have to assume I paid less, because nothing else has changed. Changed mine to married at the single rate. Will see how that goes next year.
Single and 0 would be the highest withholding rate.

Sent from my LG-US996 using Tapatalk
 

Firedog

Old Mossy Horns
Contributor
Around here I would consider a household middle class if the income was between 55-150ish.....it varies though based on the COL of the given area.....150k here is a lot though its getting not to be, in Raleigh not so much.....
So I assume you have vetted all these middle class people bitching on Twitter and they are all actually middle class for their area?
 

downeastnc

Old Mossy Horns
So I assume you have vetted all these middle class people bitching on Twitter and they are all actually middle class for their area?
No of course not.....none of that matters though man. People as a rule do not understand the tax code or withholding rules etc...they know that money is withheld and then after they file their taxes at the end of the year they get some back usually, they didnt change anything from last year and now either get much lower refunds or owe money in.... this is running counter to what most of them expected. I was just pointing out that a lot of people are saying the same thing about their experience doing their taxes this year.....
 

Firedog

Old Mossy Horns
Contributor
You were making a claim about a segment of the population based off Twitter. I was pointing out the falicy in your assertion.

I have very little faith in the collective intelligence of people in general. However, I believe you are over generalizing based on a small loud sampling that is the definition of non scientific, and you are assuming since they identify as middle class that they really are.. while it might be a valid data point in some respects it is far from conclusive.
 

downeastnc

Old Mossy Horns
You were making a claim about a segment of the population based off Twitter. I was pointing out the falicy in your assertion.

I have very little faith in the collective intelligence of people in general. However, I believe you are over generalizing based on a small loud sampling that is the definition of non scientific, and you are assuming since they identify as middle class that they really are.. while it might be a valid data point in some respects it is far from conclusive.
You read to much into what I am saying.....no where did I imply everyone in the middle class was getting smaller returns or having to owe after never having to owe before....only that the ones that are saying that they are, are middle class. In fact I say numerous times that there could be tons of middle class people thrilled with the tax cut they got.....so I am not sure what fallacy I am asserting. All I am saying is there is a lot of people mostly claiming to be middle class fussing they got little to no return or actually owe money, after making no changes and having the same income as last year.
 

Ldsoldier

Old Mossy Horns
Our entire federal refund this year is going to the state. Not the first time that's happened. Such is life...
 

roughrider

Four Pointer
I normally get 1300-1500 back every year. This year I owe $1 lol. Not life changing for me like for some people, and maybe the raise I got this year had a big effect on that, and since it started january 1st I cant really compare how much more they took out compared to last year(except that it was about the same percent from what I remember.)

Stinks I wont get any $$ back, but oh well
 

bigten

Twelve Pointer
Contributor
What I've realized is that many people have no clue what's going on with their finances other than their gross and net income. (Within the scope of this conversation)
I knew tax codes were changing, and also knew withdrawals were being adjusted. After checking the numbers on my first forms after the changes, I adjusted my withdrawals to compensate more closely with what I was expecting it needed to be. I experienced no "sticker shock" when I completed my tax returns a couple of weeks ago. All came out relatively close to my expectation.
Those that did not adjust for the changes, and just allowed their company treasurer to do so, are the ones that have found the surprises now and trying to place blame somewhere else.
 

Firedog

Old Mossy Horns
Contributor
Are we just talking Federal or all taxes?

Anyone care to say their percenrage?
Just curious what % most folks pay.

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Hey Rem, just got my stuff back from the accountant. Tax rate is 13.7% of my adjusted gross. (that of course factors out all the tax deferred savings as I will pay the tax on that when i use it) The 2017 returns were not in the file cabinet as the wife had them out for the girl child to use for scholarship applications but looking back at previous years we have been in and around the 14 to 15% range.. small savings from last year but we put more money into 401K savings plans last year too..

All in all this was a wash for my family.
 

ddavenport

Button Buck
Have prepared several hundred returns so far this year and I would estimate that 80-90% have seen their federal tax liability decrease assuming similar income, deductions, credits, etc. I would say refunds are smaller on the returns that I have prepared overall because of the decrease in withholdings.
 

Tipmoose

Administrator
Staff member
Contributor
My taxable income increased 3K this year. I paid 1K less in taxes and received 300,00 more back in refund. Effective tax rate went from 16% to 14%.

Yea...I'm happy. Thank you Mr. President.
 

poppop

Old Mossy Horns
Contributor
I seem to have gotten the opposite effect than some. I have done my own taxes for 45 years. Last year my wife and I got a refund of a little over $1,000. This year with a only the 2% cost of living increase on our Social Security we have to pay just over $400. I've looked at it, until I am cross-eyed and I don't see anything I did wrong.
 

Homebrewale

Old Mossy Horns
I have not yet computed how much I would have paid under 2017 tax law versus 2018 tax law. That will require some work. All I can say right now is that my effective tax rates for 2017 and 2018 are essentially the same.
 

MJ74

Old Mossy Horns
Lady doing my taxes just texted me to let me know I'm getting back 1k in federal and owe $330 to state.
I made more and paid less in this year and getting a refund....I'm very happy.

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oldest school

Old Mossy Horns
my wife and I are still in shock.
In a good way.
I will give Trump all the credit whether he deserves it or not (who the hell can tell on a complicated tax return what the reasons are) because he sure gets no credit for anything positive. :)
cant wait for next year.
 

Greg

Old Mossy Horns
Our taxable income increased and we paid less in taxes. Thank you, President Trump. The only 'problem' was that it sneaked up on us and we under withheld, so we had to write a couple checks.
 

oldest school

Old Mossy Horns
Our taxable income increased and we paid less in taxes. Thank you, President Trump. The only 'problem' was that it sneaked up on us and we under withheld, so we had to write a couple checks.
glad you posted that cause that was our situation as well and we just thought that was too good to be true. :)
 
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