Did anyone fall for the tax cut nonsense?

[egokiller]

The five states that don't have a sales tax:
Alaska.
Delaware.
Montana.
New Hampshire.
Oregon.

Holy shit. I honestly didn't know this.

Seven U.S. states forgo individual income taxes as of 2018:
Alaska.
Florida.
Nevada.
South Dakota.
Texas.
Washington.
Wyoming.
Residents of New Hampshire and Tennessee are also spared from handing over an extra chunk of their paycheck, though they do pay tax on dividends and income from investments.

Well **** me sideways, it might be time to move to New Hampshire.

No state income tax AND no sales tax? What!?

New Hampshire sounds like a deal, until you see the property tax. I have a friend that lives there who used to live in Ohio and he flat out said Ohio is cheaper cost of living.

[Derka]

Well **** me sideways, it might be time to move to New Hampshire.

No state income tax AND no sales tax? What!?

They must recoup via property taxes. Still.. hmm... and Alaska, but **** that.

Ding ding ding! I

[egokiller]

Like I said, New Hampshire sounds like a deal, until you see the property tax.

Schools it all depends. My friend said that while he was in the parking lot waiting to pick up the kids at their school, he was involved in conversations with the other parents. One was a doctor, one a lawyer, another a college professor, another a dentist, another a CFO.... from the way he described it there wasn't a single parent there that didn't have at least 8 years of schooling making bank. Definitely some money there to afford the astronomical property taxes.

[MaxFly]

I'm getting less tax returns than last year so far turbotax is predicting yet made the most money so far. What the ***

After you crunch the numbers, did you pay more in total taxes in 2017 than you did in total taxes for 2018. All things being equal, and taking into account any pay raises or bonuses, you may have paid more in taxes in 2017 than 2018, but your payroll tax withholding might have been skewed in 2018 and led to you getting more in your paycheck, but less on your return.

[MaxFly]

same here. i received $2500 last year and i made a lot more this year yet i am getting less...

Same question I asked the other poster: did your effective tax rate change significantly for 2018's paid taxes over those of 2017? The extra earnings should have bumped up how much you paid in taxes and your effective rate, but really in correlation to that extra money being earned in a higher tax bracket, and not significantly. How's it looking for you?

[highwhey]

Same question I asked the other poster: did your effective tax rate change significantly for 2018's paid taxes over those of 2017? The extra earnings should have bumped up how much you paid in taxes and your effective rate, but really in correlation to that extra money being earned in a higher tax bracket, and not significantly. How's it looking for you?

i haven't finished inputting some other things. once i saw how much i was getting, i exited the browser and haven't checked back since.

[MaxFly]

i haven't finished inputting some other things. once i saw how much i was getting, i exited the browser and haven't checked back since.

Yeah, it's likely that your effective rate hasn't changed significantly. A few screwy things were done with payroll tax withholdings that have led to a significant number of people getting back less on their returns. They are paying less taxes overall, but are getting back less on their returns.

[highwhey]

Yeah, it's likely that your effective rate hasn't changed significantly. A few screwy things were done with payroll tax withholdings that have led to a significant number of people getting back less on their returns. They are paying less taxes overall, but are getting back less on their returns.

ah, gotcha. i'll check on that then.

[egokiller]

Yeah, it's likely that your effective rate hasn't changed significantly. A few screwy things were done with payroll tax withholdings that have led to a significant number of people getting back less on their returns. They are paying less taxes overall, but are getting back less on their returns.

Not everyone is paying less taxes overall. Many reports saying their total tax paid out for the year was more than last year regardless of how much is withheld during the year.

ah, gotcha. i'll check on that then.

On your 1040 look at box #7 (wages) , box #16 (fed taxes paid) and box 20a (how much your federal refund is/was.)

[(Box #16 - Box 20a) / box #7] * 100 = % fed taxes paid

Compare this year and last year. What is the difference in % paid? If Box 22 is showing an amount you owe, then use:

[(Box #16 + Box 22) / box #7] * 100 = % fed taxes paid

[Hawker]

Why should blue states get away with high taxation knowing they can just deduct from their federal taxes?

Didn’t the evening out of this make states more competitive for business and people? That’s a good thing.

Remember, a tax refund is an interest free loan you paid to the government.

[egokiller]

[QUOTE=Hawker]Why should blue states get away with high taxation knowing they can just deduct from their federal taxes?

Didn

[NumberSix]

same here. i received $2500 last year and i made a lot more this year yet i am getting less...

Think of what you just said. You send the government YOUR money and then they send $2.5k of it back to you. If you didn

[egokiller]

I don't like the asymmetrical way interest is handled on taxes. If you underpay, you pay interest. If you overpay, they do not pay interest. Doesn't seem fair to me. Why does no one at the IRS say

[MaxFly]

Not everyone is paying less taxes overall. Many reports saying their total tax paid out for the year was more than last year regardless of how much is withheld during the year.

I'm aware, though I've had to calm a lot of people down this week for whom it was the case that they paid less in taxes in 2018 than in 2017, but that regular payroll withholdings led to smaller returns.

Notwithstanding, depending on people's incomes, living situations and the kinds of itemized deductions they have been able to claim in the past, a lot of people will be surprised to see that their taxes were higher in 2018, and we're not talking millionaires and billionaires. [/QUOTE]

On your 1040 look at box #7 (wages) , box #16 (fed taxes paid) and box 20a (how much your federal refund is/was.)

[(Box #16 - Box 20a) / box #7] * 100 = % fed taxes paid

Compare this year and last year. What is the difference in % paid? If Box 22 is showing an amount you owe, then use:

[(Box #16 + Box 22) / box #7] * 100 = % fed taxes paid

Yup, everyone should do this before they freak out.

[MaxFly]

[QUOTE=Hawker]Why should blue states get away with high taxation knowing they can just deduct from their federal taxes?

Didn