oldest school
Old Mossy Horns
I would love to get one of those. Refund check.
hell I would take one and pay the postage.
hell I would take one and pay the postage.
My $1 refund and the envelope shows .29 cent postage. View attachment 25151
We have always itemized and will continue to as our deductions still exceed the standard deduction. I don't think there's much difference for us.
But I am for anything that simplifies the tax code and cuts out loopholes. I'd be fine if they just said everyone give us X% of your gross income and there were zero other considerations. You wouldn't even need to file taxes. The only refunds or payments would be if there was an error in collecting. By definition, everyone would be "paying their fair share".
I always figured it didn't make sense to pay or refund taxes under a certain amount. For example, at today's cost to process a payment or issue a check I figure any amount under $25 should be a wash. If you owe less than $25 you pay $0 if you are owed a refund of under $25 then you get nothing.My $1 refund and the envelope shows .29 cent postage. View attachment 25151
Actually, the child tax credit doubled from $1,000 to $2,000 each. And that no longer phases out with income. So taxpayers with kids should get some help there.
If you're talking married, filing jointly, standard deduction...seems like that would be:A family of 4 would go from deducting $18,500 to $4,000. Not sure how that helps.
If you're talking married, filing jointly, standard deduction...seems like that would be:
$24,000 + $4000 (for the 2 kids) for a total of $28,000 wouldn't it?
Last year you could file dependants exemptions at 4K each, which would make a family of 4 have 16,500 + 2,000 (1k each child) = 18,500 credit last year.That $4k would be a credit. Where did you get the $18,500 from?
After discussing it more with my wife even though we"re getting a similar refund to last year I made around 12k more than last year.
Married, filing jointly, no standard bc our itemized is greater. If we didn’t itemize, yes then we may have had more to claim. In the future it will just encourage us to give less to needed causes and various tax credit places bc it isn’t worth the trouble of keeping up with it nor filing it for an additional 1-2k ok itemized.
Scenario a- last year (itemized deductions) 25,000 + 2,000 (1k for each kid), + 16,500 for exemption of 4 dependents (you could include you, your spouse, and two kids at 4,xxx. each) total of 43,500.00
Scenario b- this year (itemize deductions) 25,000 + 4,000 (now 2k each kid) and no exemptions, total of 29,000.00 (-1,000 if standard)
Make the same amount, pay the same taxes, and have less deductions = less return and essentially paying more in my eyes.
Last year you could file dependants exemptions at 4K each, which would make a family of 4 have 16,500 + 2,000 (1k each child) = 18,500 credit last year.
Credits are not deductions. Deductions reduce your taxable income. Credits apply directly to your tax owed/refunded.
Every situation is different. We went from $0 child credit to $6,000. Others will vary.
But How much did you PAY as a % of your income.. that is the only number that matters.. the rest, as others have said, is all about withholding tables.Correct, I worded it wrong...my bad. Bottom line, I made the same amount as last year, paid the same in taxes as last year, and get less back due to the new rules.
I am getting back more or less what I got back last year.....filed jointly, 1 kid, made a little over 3k more than last year.....refund is a few hundred dollars more.
Correct, I worded it wrong...my bad. Bottom line, I made the same amount as last year, paid the same in taxes as last year, and get less back due to the new rules.
How many times on this thread does someone have to say don't compare the size of your refunds from 2017 to 2018? Look at your effective tax rate by dividing your tax paid into your gross income (or alternatively your tax paid into your taxable income).
Apparently at least one more based on the last post...
Most withholdings were reduced due to the reduced tax rate, so "getting a little less back" is completely relative.