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2018 Federal Income Tax (math not politics)

Discussion in 'Sports and News' started by Just the facts ma am, Jan 27, 2018.

  1. doctorquant

    doctorquant Well-Known Member

    How I feel about some of these discussions ...

    [​IMG]
     
    Vombatus and franticscribe like this.
  2. Just the facts ma am

    Just the facts ma am Well-Known Member

    LOL Bay Area

    Crenshaw Los Angeles CA Home Prices & Home Values | Zillow
     
    poindexter likes this.
  3. franticscribe

    franticscribe Well-Known Member

    For the last few years I have been itemizing. That's mostly a result of our charitable contributions growing to a point where we cross the threshold to make it worthwhile. That's mainly due to our trying to make a greater financial commitment to our church, as we have been able.

    I'm not sure I will itemize this year as we gave a little less and with the birth of our son a whole new slew of deductions have popped up.

    Regardless, next year we will not itemize thanks to the new standard deduction. It's hard to know for sure, but I suspect that knowing that will result in less charitable giving. We are committed to give a certain amount to our church and will follow through with that. It's all the smaller donations we make here and there that I wonder if I will think twice about, knowing there won't be an attendant tax benefit.

    By my best estimation, we will pay about $1,000 less in taxes in 2018 under the new law than we're paying in 2017. We're paying significantly less this year, btw, because my wife was out of work on unpaid leave for 12 weeks of FMLA after the birth, so our income was down, and because of deductions related to his birth.

    I will happily put the $1k to good use, but wouldn't be upset paying it into a system that took better care of its people (the poor, the sick, the suffering), which is most definitely not the system we have today.
     
    Last edited: Jan 29, 2018
    Donny in his element likes this.
  4. BTExpress

    BTExpress Well-Known Member

  5. Spartan Squad

    Spartan Squad Well-Known Member

    I bought I the Bay Area in 2014 (not Silicon Valley or the Peninsula but the Bay Area). House was 535. It's gone up 200 in the last 3.5 years. Luckily my wife and I got some help with our down payment so our mortgage is closer to 350. There'd be no chance in hell my wife and I could land a house even then without help.
     
  6. Twirling Time

    Twirling Time Well-Known Member

    The DFW burbs are starting to get nuts. I bought my house in 2004 for $139K and it’s almost tripled in value already. Only smart thing I ever did.
     
  7. doctorquant

    doctorquant Well-Known Member

    Checking out Zillow ...

    Shit! I’m rich!
     
  8. BTExpress

    BTExpress Well-Known Member

    And magically, the city will find a way to spend every dollar of its tripled property tax revenues.

    Checking out the dream city you hope to move to with your newly expected windfall ...

    Shit! I can't afford anything decent!
     
    franticscribe and doctorquant like this.
  9. Just the facts ma am

    Just the facts ma am Well-Known Member

    -bump-

    Meh, I pretty much broke even. If I hadn't turned 65 last year and got a $1600 larger standard deduction, I would have paid a little more.

    There are reports of unhappy taxpayers. It is interesting how the mainstream media has been spinning this as "a smaller refund doesn't mean you paid more".
     
    Last edited: Feb 14, 2019
  10. Spartan Squad

    Spartan Squad Well-Known Member

  11. Amy

    Amy Well-Known Member

    It isn’t a spin and, if anything, the reporting on 2018 personal income taxes has reinforced the idea that the amount of a refund means something. I understand taxes seem complicated. They often are complicated, for which I a, very thankful because it provided me with employment. Still, tax reporting generally sucks.

    If someone’s tax situation is identical in 2018 to 2017, a comparison of total tax due is meaningful. Since that is unlikely, determine effective tax rate - total tax/total income.

    After the tax act was passed, the IRS was encouraged to develop withholding tables that would withhold less, allowing taxpayers to believe the act was a great thing. This has backfired because of people’s irrational focus on the amount of refunds.
     
  12. Cosmo

    Cosmo Well-Known Member

    Right, as I noted in the politics thread, I got roughly the same amount back in my refund as I did last year, as well as an extra $70 or so net in my paycheck twice a month. I don't own a home. Homeowners in states with high property taxes are getting crushed. At some point, it's on the taxpayer to ask questions throughout the year so they don't get blindsided, especially when a new tax bill is passed. Most of the stories I'm seeing on the national news are of homeowners who had no idea this was coming, but admitted they failed to ask any questions of their tax professional during 2018.
     
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