Sigh. Deflecting again. I assume this means you don’t have any opinion on the ACTUAL TOPIC of the thread?
I haven’t completed my tax return for 2018 yet. When I do, I’ll share the headline amount of savings or costs over the previous year for my situation. I strongly suspect I’ll end up with a lower tax bill than the previous year.
In the meantime, I’m having fun reading about what a fucking failure Cuomo is:
Gov. Andrew Cuomo’s anti-Trump tax plan crumbling in face of IRS regulations
The poster in question lives in Oregon, not New York. So this law, as great as it may be, probably won’t help.
Good for New Yorkers, though.
I am curious though, when you said “The GOP’s “Middle Class Tax Cut” cost (not saved) me $6500 in taxes this year”, does that mean your total tax bill was $6,500, or that it was $6,500 more than the previous year?
Ahhh, shit, I saw “Albany” and quit reading and made an (incorrect) assumption.
Seems pretty clear he (or she) had to pay $6,500 more than the previous year. (I also assume similar earnings)
I’m curious how mine will turn out. But I don’t have anywhere near all the paperwork yet to file.
BTW, remember that massive growth in investments that was supposed to happen?
NABE stands for National Association for Business Economics.
Wow, blowing up the deficit really helped.
Classic.
No ‘tax cut’ here for us at all. Plus the percentage of your income expended before you qualify for the medical expenses deduction is going up for 2019. Whee.
I got a much larger return. Usually it’s around $1000, closer to $3000 for 2018. It worked out great for my wife and I. We’re two house cleaners filing join returns, and self-employed. I didn’t even get to deduct health insurance this year which I figured would be a big loss. We had to leave the joke that was Obamacare to join a health share to have any chance at affording the “affordable health care” presented to us, two healthy adults that have never used the system at all.
It’s nice to finally have something work for us. Sorry that it doesn’t for all, but then again nobody gave a rip that our health insurance costs tripled so I’m not even sure this gets us even overall.
Refund, not return. And that’s not what’s being discussed. The refund or amount owed is a function of your overall liability less what you paid during the year. So your taxes can go up and you can still get a larger refund. So did your taxes go down by $2k?
Um, yes, I paid less in taxes, thus I got more back than usual. I withhold my own as a function of being self employed. Ultimately as a percentage of my overall income I paid a lesser percentage and therefore a lesser amount of taxes. The new QBI deduction was at least part of the help.
The “thus” suggests a misunderstanding of how taxes work. It is possible to pay more taxes and get more back than usual. That may not be your case this year. It will likely be mine.
I saved about $80 a paycheck last year. Now I am basically just paying it back. No tax cut for me.
Your picking at my words suggests a desire to undermine what I say because it doesn’t fit your experience. That’s fine, but I don’t have any desire to continue a back and forth. I can look at my numbers and I paid less, spin it however you like. The increased standard deduction and QBI helped us and our income stayed fairly constant. Sorry it doesn’t work that way for you. I understand that some lost deductions and such. I never said that my experience was that of everyone. I have my life, you yours. Go live yours.
You know, his questions were perfectly legitimate. Is is indeed odd to say that one’s taxes went down because they got a bigger refund, without further indication of whether your withholding or estimated payments changed at all.
I hadn’t realized the self-employed got such a sweet deal–that is, that health insurance deductibles are 100% deductible, while everyone who is not self-employed can only deduct as part of overall medical expenses IF medical expenses are high enough. Looks like next year, that’s going away, but I guess that doesn’t affect you.
MY insurance costs have been much lower than they would have been otherwise, thanks to Obamacare. In fact, with a pre-existing condition, I wouldn’t have been able to get coverage at all. Sorry that doesn’t work for all, but then again, nobody gave a rip when people like me who had pre-existing conditions couldn’t get coverage, period.
And BTW, you know that as you age and are much more likely to require health care, that health share ministry “coverage” gets pretty iffy, right?
If I apply my effective tax rate from last year to this year’s income, it appears as though I saved about $70/month due to the lower marginal rates. I may be reading this wrong but it looks like being “forced” into the standard deduction has actually hurt me.
Asking around on a mostly conservative board I frequent, most are seeing a net increase in their 2018 bill due to the changes to deductions.
They weren’t questions as much as statements trying to paint my words in such a way as to make me an idiot. I didn’t realize there was a formula to meet in order to be understood. I mistakenly thought I could just give my experience like others without scrutiny. I forgot where I was. My apologies.
Well, it’s a sweet deal if you only look at one single aspect I guess.
Do you know what my limits are with my health share? Am I somehow not able to get on Obamacare later if need be? Yes, I’m aware that with age comes more medical issues. No, I’m not paying $650/mo+ for two healthy 40 year olds (roughly) with a deductible that was something like $5000 each.
It’s amusing how much scrutiny my post is getting because I found something that works better for me. I’m happy that Obamacare works for people that it works for. It’s amazing how we can have different things and each find things that work for us. It seems like we could be happy to see others doing better because of something.