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Thread: Income Taxes

  1. #1
    Senior Member ChesBay's Avatar
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    Income Taxes

    I realize this post might get moved but curious if others are experiencing this:

    I did my taxes yesterday. I've used Turbo Tax Deluxe since 1998 and have records from the last 20 years.

    It appears under the "New Tax laws". I am getting a return $480.00 less than recent years with pretty much identical circumstances. This is consistent with some news articles I have read.

    I am going to try crunching numbers in some different but legal ways. I checked for errors yesterday but will also do it again with a fresh set of eyes.

    Is anyone else experiencing anything similar?

  2. #2
    Senior Member Oddity's Avatar
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    Not me. Family of 6 (2 non-custodial away at college), same passive income for past 12 years, ~$2,000 more this year. Banner year for wealth redistribution around here. Thanks, everyone else paying taxes.
    "I have great faith in fools; self-confidence my friends call it." - Edgar Allen Poe

    "If you only know your side of an issue, you know nothing." -John Stuart Mill, On Liberty

    "Even what those with the greatest reputation for knowing it all claim to understand and defend are but opinions..." -Heraclitus, Fragments

  3. #3
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    Was less tax withheld thru the year?

  4. #4
    Senior Member ChesBay's Avatar
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    Quote Originally Posted by Treeza04 View Post
    Was less tax withheld thru the year?
    Yes, I always withhold enough to cover my taxes and get a couple hundred in a refund rather than have to pay at tax time.

    I will check my work and rework numbers in the next day or two. Hopefully, I made an error. I usually get a refund of approximately $500.00, this year $50.00

  5. #5
    The IRS and thus tax preparers have been warning that Americans may not be having enough money withheld from their paychecks and will face a smaller refund when they file their 2018 tax returns. The IRS suggested during 2018 that workers check the Withholding Calculator (https://www.irs.gov/individuals/irs-...ing-calculator) and tinker with the withholdings on the W2s.

    On the upside, if you are getting a smaller refund and haven't been counting on that refund to pay off Christmas bills, etc., at least you haven't been giving the government an interest free loan for a year. The trick in tax planning always is withholding enough to avoid penalties, and not withholding too much so you get a large refund back.

  6. #6
    Senior Member tprewitt's Avatar
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    Doesn't Turbo Tax have a year to year comparison step at the completion/print page?
    Quote Originally Posted by ChesBay View Post
    Yes, I always withhold enough to cover my taxes and get a couple hundred in a refund rather than have to pay at tax time.

    I will check my work and rework numbers in the next day or two. Hopefully, I made an error. I usually get a refund of approximately $500.00, this year $50.00

  7. #7
    Most people are mad they not getting as much back this year. You should not expect much back if you do your taxes right. Why would you want the IRS paying you with no interest? But if you owe them its a penalty plus interest. If people learned how to save they would not depend on getting much back.
    Art

  8. #8
    Suspended Andy's Avatar
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    Quote Originally Posted by Oddity View Post
    ~$2,000 more this year. Banner year for wealth redistribution around here. Thanks, everyone else paying taxes.
    With the highly localized meteor showers that inexplicably target my properties and cause me to deduct the repairs from my W2 withholding, in addition to the normal non-payment of tax on income reasoning, that EIC might be going away due to a shortage of funds at the IRS. You just wait...this creative accounting season might be a doosie, I hear Our President is de-funding IRS's investigative division

    Quote Originally Posted by ChesBay View Post
    Is anyone else experiencing anything similar?
    Probably lower withholding as already mentioned

    Quote Originally Posted by Art454 View Post
    Most people are mad they not getting as much back this year. You should not expect much back if you do your taxes right. Why would you want the IRS paying you with no interest? But if you owe them its a penalty plus interest. If people learned how to save they would not depend on getting much back.
    Y'all doing it wrong. IRS is always giving me interest...but then they want to tax it again, bastards...
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  9. #9
    ChesBay: Have you deducted every possible 'disability-related' expense? Think I mentioned before that when I was working I used to deduct many things under this title, not Medical, where there's a limit. I believe it's only used if the disabled taxpayer is employed, and I saw it listed in a tax prep. book where it was called 'disability-related work expenses".

  10. #10
    Quote Originally Posted by triumph View Post
    ChesBay: Have you deducted every possible 'disability-related' expense? Think I mentioned before that when I was working I used to deduct many things under this title, not Medical, where there's a limit. I believe it's only used if the disabled taxpayer is employed, and I saw it listed in a tax prep. book where it was called 'disability-related work expenses".
    Impairment–related work expenses (IRWE) https://www.ssa.gov/ssi/spotlights/spot-work-expenses.htm

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