Get Ready for a Nasty Tax Season Surprise

[Doc Safari]

I don't know if you've heard, but it's all over the internet that the tax cut from 2018 is leaving a LOT of people having to pay a surprising tax bill April 15 because a lot of the deductions and allowances no longer apply and people didn't adjust their withholding or estimated taxes.

For me it was worse than surprising--instead of breaking nearly even I have to cough up almost $3,000.00 this time.

I won't go into why, but that is a shocker.

You might want to start your taxes now if you put it off, because I'm actually going to have to sell some firearms to avoid having to pay that on installments.

Good luck!

[Wake27]

I was extremely happy with mine. I got back 2-3 times what I normally pay.


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[26 Inf]

I don't know if you've heard, but it's all over the internet that the tax cut from 2018 is leaving a LOT of people having to pay a surprising tax bill April 15 because a lot of the deductions and allowances no longer apply and people didn't adjust their withholding or estimated taxes.

For me it was worse than surprising--instead of breaking nearly even I have to cough up almost $3,000.00 this time.

I won't go into why, but that is a shocker.

You might want to start your taxes now if you put it off, because I'm actually going to have to sell some firearms to avoid having to pay that on installments.

Good luck!

Do they add interest to the installments? If not, I'd pay the installments before I'd sell anything.

We had to pay about 3 times more beyond what we deducted than we did last year, a lot of that was due to my wife being able to retire early, we still haven't really got the whole retirement budget thing figured out yet. So I'm not sure how the tax cuts impacted us.

About ten years ago, when we paid off our house and had to start paying taxes and insurance (which formerly had been escrowed) it was an eye-opener to me just how much those items cost.

[jmoore]

Ours was a significant increase over last year, as was the return of several others at the college I teach at. Go figure.
Needless to say - we are quite pleased.YMMV

geezer john

[Coal Dragger]

Haven't done our taxes yet.

Usually I have about $13-$14K in travel related deductions that fall under transportation industry employee category. However, given that the standard deduction is now $12K and we will probably file jointly as a married couple I expect my taxes to be way simpler and come out about the same. We have toddler and claim no dependents so it might be a bit larger return this year given the child deduction or whatever it is went up.

All of my coworkers said taxes were way easier this year and results were about the same.

We also have an inheritance that my wife got in 2018 but it falls under the Federal cap, and we have no tax issues in SD with it. Nice windfall that we still haven't figured out how to invest, so she's just sitting on some stocks and 6 figure sum in cash.

[MegademiC]

I got less back but payed less in each month.

[Business_Casual]

I’m paying too, you aren’t alone.

[austinN4]

My income numbers were a bit higher this year (thank you Fed interest rate increases) but my total tax due was well below last year; therefore, my refund of estimated taxes paid was quite a bit higher. Edited to add: The increased standard deduction to $13,600 for us old folks helped also.

[Alex V]

We are getting back less this year than the year before but we paid way less this year. This was the first full year for my wife in her new career after school so we earned $50k more this year and she was crazy under taxes.

We owe NJ more but that is because we live below our means and don't pay enough property tax. F Nj.

[Det-Sog]

As someone that makes decent money, I'm happy. I was really worried. For me, it basically washed out. I got fewer deductions, but paid less overall. Almost no refund, but that's the goal. I don't want the gummint getting an interest free loan with my money.