Alot of people will owe more $ at tax time (April 2019) for the 2018 tax year

[JEDI]

https://www.forbes.com/sites/kellyphillipserb/2018/08/04/report-suggests-more-taxpayers-will-owe-tax-in-2019-due-to-withholding/#1672cf655f0f

April 15 is almost here.
Due to the new tax changes, more people will owe $ at tax time this year.
no, the % of taxes on their paycheck hasn't gone up.
the withholding for taxes on their paycheck has gone down, thus their take home pay has increased.

"Typically, most taxpayers over-withhold. That’s encouraged by the feds because it means that there is less likelihood of noncompliance."

But with the new tax changes, the percentage of taxpayers with wages with over-withheld tax will decrease while the percentage of taxpayers with wages with under-withheld tax will increase.

 

[WilliamM2]

Old news by now.

 

[s0me0nesmind1]

That - and I really hold zero sympathy for people that are too stupid to understand the concept of "saving money".

The fact that people depend on the government doing forced withholding as a means of a savings account (with no interest) is just pathetic.

 

[FerrelGeek]

Exactly. I try to get it to +/- $100 if at all possible. I miscalculated this past year and got back ~$700.

That - and I really hold zero sympathy for people that are too stupid to understand the concept of "saving money".

The fact that people depend on the government doing forced withholding as a means of a savings account (with no interest) is just pathetic.

 

[highland145]

1st, we already have a 2018 tax thread.
2nd, this ain't P&N
3rd, I made out like a bandit.


edit: Let your grand kids eat cake.
edit2: My Mom owed $4K because I didn't bother paying the quarterly.

 

[brianmanahan]

i owed money at the end of the year but still payed a smaller percentage overall

 

[brainhulk]

I owed federal but got a refund from state. Net minor refund. ¯\_(ツ)_/¯

But know a couple of people that ended up owning more. I wonder what the final stats will end up looking like.

 

[highland145]

I owed federal but got a refund from state. Net minor refund. ¯\_(ツ)_/¯

But know a couple of people that ended up owning more. I wonder what the final stats will end up looking like.

Based on taxes owed and I'd like to know how bad the high SALT state people finally got hosed.

<----not in a high SALT state.

 

[Zeze]

I need my refund for my tactical tent.

 

[clamum]

I need to do my taxes. Damnit, I frickin like getting some back, I hope I still do.

 

[zinfamous]

Based on taxes owed and I'd like to know how bad the high SALT state people finally got hosed.

<----not in a high SALT state.

To be fair, outdoor plumbing and shared hog-pits don't tend to command high SALT.

 

[highland145]

To be fair, outdoor plumbing and shared hog-pits don't tend to command high SALT.

You ain't living unless you're pissing and shitting on your neighbor's lawn.

 

[IronWing]

I need my refund for my tactical tent.

Pics of tent?

 

[Schfifty Five]

I need to do my taxes. Damnit, I frickin like getting some back, I hope I still do.

Well, if you really like getting money back, then make sure you overwithold in 2019 Like if your monthly gross wages is $5,000, then withhold like $2,500 as taxes...you'll be almost 100% guaranteed to get a refund back lol.

 

[clamum]

Well, if you really like getting money back, then make sure you overwithold in 2019 Like if your monthly gross wages is $5,000, then withhold like $2,500 as taxes...you'll be almost 100% guaranteed to get a refund back lol.

Haha. Well when I fill out that W4 form I'm just accurate and truthful: single, no dependents, etc. I guess I'd have to do the "extra amount you wish withheld from each paycheck," forgot about that. I'll have to see how my taxes shake out this year but I really don't plan to be at the same place very long so I think I'll be filling one of those W4s out later this year and then if I want to withhold some I can.

 

[brianmanahan]

I need my refund for my tactical tent.

i need my refund for my literal tent and woodstove for when i live in the wilderness

 

[brianmanahan]

Well, if you really like getting money back, then make sure you overwithold in 2019 Like if your monthly gross wages is $5,000, then withhold like $2,500 as taxes...you'll be almost 100% guaranteed to get a refund back lol.

i started quarterly self-employment taxes this year and i'm pretty sure i'm paying too much

will probably get a buttload back at the end of the year

but then i'll know how much to actually withhold next year

 

[highland145]

i started quarterly self-employment taxes this year and i'm pretty sure i'm paying too much

will probably get a buttload back at the end of the year

but then i'll know how much to actually withhold next year

The charts will tell you but if your income varies or you have big equipment deductions, you might not know.

Bro bought a house to flip. He could be looking at $50K in cap gains. Pay now or pay later.

I pay too much and give the govt an interest free loan. I could be more proactive and earn .01% on that $$ from my bank. Or I could have $800/mo more disposable income that will be pissed away on dinner and a movie...(or beer). Typically, my refund goes straight to the IRAs. This year, the effing "new car" HVAC system bent me over.