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Tim Heiss

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New Tax Reform
« on: October 28, 2018, 08:40:36 PM »

I checked out to see what my tax bill is going to be next year with all the changes that have been made with Trumps Tax Plan. I noticed earlier this year that I was taking a little bit more home each week, so I was kinda hopeful. Turns out that hope just jumped of the balcony at the MGM Grand. I put in the numbers from last year's taxes and if everything stayed the same, I would owe an additional $497 this year. Here's the link to check yours.

https://blog.taxact.com/2018-tax-reform-calculator/
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Professor H

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Re: New Tax Reform
« Reply #1 on: November 01, 2018, 12:59:37 PM »

Anyone who isn't smart enough to know their tax rate and rely's on their employer to decide the deductions usually also relies on lots of "credits"...   

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Tim Heiss

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Re: New Tax Reform
« Reply #2 on: November 01, 2018, 03:23:24 PM »

Anyone who isn't smart enough to know their tax rate and rely's on their employer to decide the deductions usually also relies on lots of "credits"...   
I'm sure there will be a lot of people on both sides who are going to be upset come April 15th.
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blue2

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Re: New Tax Reform
« Reply #3 on: November 01, 2018, 03:46:07 PM »

Tim, All those folks from Latin America in the caravan are counting on you for that $497
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John Kopke

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Re: New Tax Reform
« Reply #4 on: November 01, 2018, 05:44:01 PM »

I checked out to see what my tax bill is going to be next year with all the changes that have been made with Trumps Tax Plan. I noticed earlier this year that I was taking a little bit more home each week, so I was kinda hopeful. Turns out that hope just jumped of the balcony at the MGM Grand. I put in the numbers from last year's taxes and if everything stayed the same, I would owe an additional $497 this year. Here's the link to check yours.

https://blog.taxact.com/2018-tax-reform-calculator/

Tim:

A little sparse in your explanation of what caused the increase. 
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John Kopke

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Re: New Tax Reform
« Reply #5 on: November 01, 2018, 06:28:54 PM »

Or maybe Tim's calculator was based on a Progressive website that is trying to whip up the masses with more lies.

It seems to me that taxes are pretty complex, and I haven't seen a website yet that can give me an answer.
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Tim Heiss

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Re: New Tax Reform
« Reply #6 on: November 02, 2018, 01:06:59 AM »

Tim:

A little sparse in your explanation of what caused the increase.
I input the same information that I used from last years tax return. The change would come from the amount of deductions, changes in tax rates and many other things that are calculated "behind the scenes" as is done when people use websites to figure out their taxes online.
Or maybe Tim's calculator was based on a Progressive website that is trying to whip up the masses with more lies.

It seems to me that taxes are pretty complex, and I haven't seen a website yet that can give me an answer.
The link is to a page that is provided by one of the tax preparation websites, much akin to H&R Block, Turbo Tax, etc.

I don't think they have a political affiliation, but I'm sure you will find a way to assign them one.  8* 8* 8*
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jbs49238

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Re: New Tax Reform
« Reply #7 on: November 03, 2018, 03:14:16 AM »

I input the same information that I used from last years tax return. The change would come from the amount of deductions, changes in tax rates and many other things that are calculated "behind the scenes" as is done when people use websites to figure out their taxes online. The link is to a page that is provided by one of the tax preparation websites, much akin to H&R Block, Turbo Tax, etc.

I don't think they have a political affiliation, but I'm sure you will find a way to assign them one.  8* 8* 8*

If you make more per paycheck now... how did everything "stay the same"?  Are you working less?  My crystal ball isn't working great so I still have no idea what my end of year gross will be... I do know this... between shoving money into my 401k and my savings account over the last year, my financial life has improved dramatically under THIS POTUS.   
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Professor H

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Re: New Tax Reform
« Reply #8 on: November 03, 2018, 09:37:36 AM »

https://www.workandmoney.com/s/families-new-tax-law-c41db327765049d0

A non-political biased view article that explains many different aspects of the tax law changes.
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First, it was not a strip bar, it was an erotic club. And second, what can I say? I'm a night owl.
Marion Berry

But we have to pass the bill so you can find out what is in it, away from the fog of the controversy.
Nancy Pelosi

Tim Heiss

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Re: New Tax Reform
« Reply #9 on: November 03, 2018, 09:08:06 PM »

If you make more per paycheck now... how did everything "stay the same"?  Are you working less?  My crystal ball isn't working great so I still have no idea what my end of year gross will be... I do know this... between shoving money into my 401k and my savings account over the last year, my financial life has improved dramatically under THIS POTUS.   
I took home more per check because of the differences in what amount is withheld from my check. Let's say I made $1000 a week last year and $250 was withheld for Federal tax, the first of the year I still made $1000 a week but only $225 was taken out for Federal taxes.

But when it comes time to pay the tax man, I won't have as much set aside this year AND he's going to want about $500 more than what he took last year. 
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Monroe Native

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Re: New Tax Reform
« Reply #10 on: November 03, 2018, 09:20:11 PM »

I took home more per check because of the differences in what amount is withheld from my check. Let's say I made $1000 a week last year and $250 was withheld for Federal tax, the first of the year I still made $1000 a week but only $225 was taken out for Federal taxes.

But when it comes time to pay the tax man, I won't have as much set aside this year AND he's going to want about $500 more than what he took last year.

Sorry about your luck there Baby.

Again - I haven't seen a website yet that takes into account all the deductions, etc.

I'm sure your tax situation is stupid simple, and it works for you.

I know I'm going to pay more taxes this year - since I am taking advantage of the ROTH 401K option with the lower marginal tax rates.  That was a pretty conscience choice based on the tax brackets break points and rates.

I'm pretty sure that at some point in the future the Democrats will take control again and jack up the tax rates and collapse the brackets down to tax all of the "rich people" who get up and go to work everyday, and then turn around and promise to give the masses all of their "rights" to free healthcare and free college and free cell phones and whatever they deem is now a "right" instead of a "want."

Hopefully at that point I can withdraw my tax free dollars and have a good laugh.  Maybe I can even get some "free" stuff.  Who knows.
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I have learned that only two things are necessary to keep one's wife happy. First, let her think she's having her own way. And second, let her have it.
Lyndon B. Johnson

You do not examine legislation in the light of the benefits it will convey if properly administered, but in the light of the wrongs it would do and the harms it would cause if improperly administered.
Lyndon B. Johnson

Tim Heiss

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Re: New Tax Reform
« Reply #11 on: November 03, 2018, 09:33:00 PM »

Sorry about your luck there Baby.
Doubtful


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I'm sure your tax situation is stupid simple, and it works for you.
Not really and no it doesn't.

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I'm pretty sure that at some point in the future the Democrats will take control again
Probably not anytime soon. Right now they are perfectly content with collecting their campaign contributions and blaming Trump for anything that goes wrong.
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Monroe Native

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Re: New Tax Reform
« Reply #12 on: November 03, 2018, 09:40:38 PM »

Not really and no it doesn't.

Then what are we talking about on this thread?  If it doesn't work for you either then your whole premise seems to be flawed?  What am I missing here?

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Probably not anytime soon. Right now they are perfectly content with collecting their campaign contributions and blaming Trump for anything that goes wrong.

I hope you are right.  It would be a shame to have them take power and kill the economy just as it is finally showing signs of getting healthy enough that something might trickle down to the little people who work in the system.
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I have learned that only two things are necessary to keep one's wife happy. First, let her think she's having her own way. And second, let her have it.
Lyndon B. Johnson

You do not examine legislation in the light of the benefits it will convey if properly administered, but in the light of the wrongs it would do and the harms it would cause if improperly administered.
Lyndon B. Johnson

Tim Heiss

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Re: New Tax Reform
« Reply #13 on: November 03, 2018, 11:40:32 PM »

Then what are we talking about on this thread?  If it doesn't work for you either then your whole premise seems to be flawed?  What am I missing here?

I'm saying the new system is worse than the old system, at least for me.
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