Your TAXES

[jackstraw]

There has to be a CPA mixed in with all the dentists, no?

This wonderfully tremendously huuuge 'tax cut and jobs act' cut the tax rate from 39.6 to 37% for all of us maggots making over $470,700!!

More heli trips for all!!!

[SumJongGuy]

We got 3 times what we got back last year... Because both bread winners were unemployed for a couple months and earned a lot less than we had withholding set for.

[jackstraw]

If you owe, just look at it as an interest-free loan.

[PassTheDutchie]

If you owe, just look at it as an interest-free loan.

Uh, not quite. There is a penalty if you owe over $1K, which the IRS enforces aggressively.

[grskier]

We got about 14% less back the best I can gather. We don't make that kinda scratch though...

[jackstraw]

Uh, not quite. There is a penalty if you owe over $1K, which the IRS enforces aggressively.

See, I knew we all were not dentists!

One way to get in trouble is not withholding enough if you get a bonus I suppose. I always tend to owe $400-$700 and personally I'd rather owe then get anything back. Ideally breaking even is the way, but the last thing I want is the feds to have any of my money.

[muted]

If you owe, just look at it as an interest-free loan.

I got an interest check from the IRS a month ago for all the pre-payments I did last year. Not sure why/how, but it was sweet.

[old goat]

Uh, not quite. There is a penalty if you owe over $1K, which the IRS enforces aggressively.

Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller. (from the IRS site)

[adrenalated]

My tax rate dropped 3% compared to last year. However, due to the changes in where the tax brackets break, next year I'll go up a tax bracket (under the old breaks I would have stayed in the same bracket). The new bracket will be 1% lower than 2017 so basically a wash. (EDIT: actually since I'm getting married this summer, I'll be able to file jointly and stay in the lower tax bracket.)

My refund for 2018 is 75% lower than my 2017 refund, which is fine, means my withholding is much more accurate.

[GoldMember]

Wait....is it April 14th already?

[PB]

Uh, not quite. There is a penalty if you owe over $1K, which the IRS enforces aggressively.

Uh oh ...... we routinely pay $2-4K due to my wife's "complicated" earnings situation; is the sword about to fall??

[Dantheman]

Wait....is it April 14th already?

Shit, I'd have mine done already if my wife's current employer would deliver her god damn 1099 already. TurboTax prices go up Mar. 1.

Speaking of which, are there any cheaper/better alternatives to TT? Not itemizing any more with the increased standard deduction, but the Mrs. had 4 jobs over the course of the year, we maxed out an HSA, received ACA subsidies, and contributed to a 529.

[Chugachjed]

We started going to an accountant because we had to amend 4 previous years taxes for rental income and depreciation on said rental. It was barely more expensive than TurboTax which caused the damn problems in the first place, and damn it wasn’t expensive. He went over our prior TurboTax filed years and ended up saving us about 10x what he charged and turned a $10k tax debt into $2500. Fuck doing my own taxes ever again.

[grskier]

We used the h&r block online platform, pretty straight forward, answer the questions and plug in the numbers.

I do it in about an hour and a manhattan after I get everything together....

[wooley12]

I flunked Acct 101 twice but I did sleep in a Holiday Inn recently. It seems to me that measuring your year to year difference in line 63 Total Tax would give a clearer picture of the new code
s impact. That said, I swear that this is the last I do a 1040A. I NEED A SCHD C!!!