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Old 04-13-2019, 08:27 PM   #41
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Um, sure my check went up a few bucks, but not even close to cover what I paid.
Only a few bucks to bad .i averaged 5600 extra for the yr
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Old 04-13-2019, 09:36 PM   #42
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Then thats not a tax "cut", its a tax delay

I claimed zero all year, got about $10 more per check. Thats $520. My tax debt, first time I owed money in years was $4,200 due to the changes.

Meanwhile, GE, Amazon and other corporations paid ZERO

Contact your congressional representatives. Tell them to start eliminating corporate tax deductions and loop holes... (I don't care if you are represented by Democrats or Republicans - both sides need to get to work on this.) Raising the tax rate will only get the accountants and tax attorneys busier figuring out how to get them back to zero.
One other thought, taught by a wise economics professor I suffered under years ago and have never forgotten: "In the end, ALL taxes are paid by living beings."
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Old 04-13-2019, 10:00 PM   #43
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Originally Posted by SailorSam20500 View Post
Contact your congressional representatives. Tell them to start eliminating corporate tax deductions and loop holes... (I don't care if you are represented by Democrats or Republicans - both sides need to get to work on this.) Raising the tax rate will only get the accountants and tax attorneys busier figuring out how to get them back to zero.
One other thought, taught by a wise economics professor I suffered under years ago and have never forgotten: "In the end, ALL taxes are paid by living beings."
See forum rules u are getting into politics a big no no here .moderators please intervene.
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Old 04-15-2019, 02:47 PM   #44
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Invested some serious brain effort early last year. Ended up with small refunds from state and fed. Effort was primarily directed at making sure we didn't have to pay penalties for under-withholding.
I don’t think they enforce those when there’s a new tax law anyway. Plus, they don’t send me my refund quarterly through out the year, and pay a penalty if they don’t
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Old 04-15-2019, 03:49 PM   #45
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I love how Murphy was crying about how the new tax laws are going to hurt New Jerseyans. Meanwhile we pay ridiculous property taxes and he’s chomping at the bit to impose new and higher taxes. I guess the only ones who should hurt New Jersey Tax payers is the New Jersey government.
Don't get me started with that guy. Between the repubs eager to destroy the pension I earned, and the dems eager to give away the store and tax the crap out of us, I am at a loss. What can you do? Nothing. Not trying to get political. It's just very frustrating. Happy tax day. Just checked checking account, fed payment went out like clockwork thanks to Turbotax.
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Old 04-15-2019, 05:30 PM   #46
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I can't tell anyone else what they should do but I can share what I do.

When my wife passed away I found a lot of "tax paid cash" coming my way in the form of IRA's that were held in her name. The tax was paid through withholding when the IRA's were "inherited".

The medical expenses associated with her passing provided a significant deduction and most of the tax paid came back to me in a refund that year.

Going forward I make sure that my minimum required distribution from MY retirement funds takes my reported income to just below the threshold for taxing of my Social Security benefits. This minimizes my tax exposure and since our state has no income tax no extra there.

By doing this my last years tax bill was a whopping $311 and this year I'll be more careful on minimum required distribution so it will be ZERO.

By carrying no debt other than a house payment that is less than what it would cost me to rent (never refinanced since 2004 when I bought) my expenses are low so I can live well off Social Security and the "tax paid" money I have in savings.

Getting a large tax refund is really the last thing I want. Ideally the line showing refund/tax due should be zero. That means you did a good job of tax planning.

Rather than leave the money with "Uncle Sam" people would be better off saving a couple hundred per month and at year end buy a high return 12 month CD. Do that every year and you'll make infinitely more interest than the Government pays while they hold that tax money you've over-paid.

When I was self employed I forced myself to save by having my bank automatically transferring money each month into a "Tax Account". From this I paid my quarterly payments, state sales tax remittances, and other miscellaneous expenses like business license, B&O Tax, etc. At the end of the year I would declare myself a Dividend and any interest gained by this money went into MY pocket.
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Old 04-15-2019, 05:33 PM   #47
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If you live in a high tax state where you have high state income tax and high property tax, you may pay more although the lower tax rates help you out. Bottom line, looking at the refund only is pretty simple minded. You have to look at your total tax liability to really compare.

You must be referring to California.

That's why I just visit.
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Old 04-15-2019, 05:59 PM   #48
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You must be referring to California.

That's why I just visit.
It's expensive but it's worth it! There is a reason both my mom and dad who were born in Seattle moved south. I am retired and can live anywhere and I am not moving.
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Old 04-15-2019, 06:17 PM   #49
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It's expensive but it's worth it! There is a reason both my mom and dad who were born in Seattle moved south. I am retired and can live anywhere and I am not moving.
Can't argue with CA being a nice place climate wise as well as recreation opportunities.

For some it's hard to afford and I guess that's why I get a new neighbor every year or so, having moved here from CA.

I too am retired and now pretty much live wherever I have the trailer parked. The house is just where I "visit" when I come in off the road.
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Old 04-15-2019, 06:19 PM   #50
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For some it's hard to afford and I guess that's why I get a new neighbor every year or so, having moved here from CA.
Not sure about that...been to the Seattle area lately? Prices rival California prices and the property tax is higher.
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