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Tax returns etc
27-Jan-19 8:37am
#1
Feeb
GameTZ Subscriber Triple Gold Good Trader Global Trader - willing to trade internationally

Got all of my docs and probably going to try to work on taxes next week. Interested to hear how it goes for everyone / what you'll apply your returns to etc.

Anything we get back will be put aside for our daughter number 2 coming in July.

Interesting article on the murkiness of the situation:

https://www.wsj.com/...
27-Jan-19 10:53am
#2
Karaiya
Has Written 1 Review

I dont own property and I'm taxed pretty heavily. I do an EZ form so mine usually go off with our a hitch.
27-Jan-19 12:40pm
#3
Dustin
GameTZ Subscriber 650 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally

Good thread. I'm excited to see some results as well. My wife is a real estate agent so we get hit pretty heavily at tax time. Really haven't done any research so I don't know what to expect this year.
27-Jan-19 12:52pm
#4
theyrhere
GameTZ Subscriber 250 Trade Quintuple Gold Good Trader Has Written 2 Reviews

I went 1099 this year and I am fudging dreading it lol.
27-Jan-19 2:18pm
#5
DiamondDave
GameTZ Subscriber 350 Trade Quintuple Gold Good Trader Has Written 4 Reviews

I extended my exemptions (by actually taking one for everything I was entitled to, usually I play it safe and just maximize withholding) and so far, so good. Low refund fed and state.

Not looking forward to when these breaks start to decline, but for this year, I'm lovin' it. Thanks, Trump?
27-Jan-19 3:22pm
#6
loztdogs
GameTZ Subscriber Triple Gold Good Trader Secret Santa

Standard deduction, married filing jointly (single income), one dependent and property. I've already maxed out my return. Still waiting on a couple 1099-int's.

27-Jan-19 3:28pm
#7
Sam
Quadruple Gold Good Trader Has Written 5 Reviews

fudge taxes dog drink tea all day throw that crap in the nearest bay
28-Jan-19 10:12am
#8
dustin11
Double Gold Good Trader Global Trader - willing to trade internationally This user is on the site NOW (7 minutes ago)

I hate tax time. My Wife owns her own business so she gets raked through the coals come tax season. Because hers is so complex we have to have a specialist guy take care of it, and for our person tax we usually end up getting only about $600 back but it also costs us about $400 to file, so we really pretty much just break even.
28-Jan-19 11:18am
#9
lpeters82
GameTZ Gold Subscriber 250 Trade Quintuple Gold Good Trader

I used to do my own taxes, but for the last several years I've just paid a company $80 to handle everything.
10-Feb-19 10:40am
#10
reneeatworld
Double Gold Good Trader Has Written 20 Reviews

I don't claim much, just one dependant and a single property. Usually we get a little bit more than the previous year, but not by much. However, this year we're getting less than the previous year. My math could be off, but I think we got about $600 or $700 less than last year.

Oh, and congrats on baby #2, Feeb.
10-Feb-19 11:19am
#11
dustin11
Double Gold Good Trader Global Trader - willing to trade internationally This user is on the site NOW (7 minutes ago)

Realistically you want to get as close to 0 back at the end of the year.
10-Feb-19 10:20pm
#12
Jester695
300 Trade Quintuple Gold Good Trader

dustin11 wrote:
Realistically you want to get as close to 0 back at the end of the year.
Shh, don't tell everyone the secret of how it is supposed to work.
10-Feb-19 11:45pm
#13
dunno001
GameTZ Subscriber Quadruple Gold Good Trader Global Trader - willing to trade internationally

dustin11 wrote:
Realistically you want to get as close to 0 back at the end of the year.
Depends on your school of thought. I've heard the arguments, have your money make you money, it's an interest-free loan, etc, but I prefer holding more than enough for the piece of mind that I will get money back. (I didn't like the year I owed money.)

Though I did notice this year I got a lot less back than last year. My state return went up about $50, but my federal one dropped by almost $800.

11-Feb-19 12:16am
#14
dustin11
Double Gold Good Trader Global Trader - willing to trade internationally This user is on the site NOW (7 minutes ago)

You also probably got back more on each check throughout the year too and more than likely paid less in taxes throughout the year than you did the year prior. The most my Wife and I have gotten back the 5 years that we've been married has been $600.
11-Feb-19 12:16am
#15
Feeb
GameTZ Subscriber Triple Gold Good Trader Global Trader - willing to trade internationally

The pay system we use makes some withholding necessary.
11-Feb-19 1:39am
#16
whitefire
GameTZ Subscriber 550 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally Secret Santa

I think we got about $1-1.5k less back than last year.

11-Feb-19 7:58am
#17
dustin11
Double Gold Good Trader Global Trader - willing to trade internationally This user is on the site NOW (7 minutes ago)

Yeah, they eliminated a ton of deductions. They also doubled the standard deduction so people who don't have kids or any other deductions to list have the change to walk away with more this year than last year or at least get around the same amount back.
15-Feb-19 2:56pm
#18
Master_Z
250 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally Has Written 1 Review

Got less than half ($1500) this year compared to last ($3200). Granted, I did DoorDash and had to pay about half a year's worth of the health insurance penalty, but it should have been several hundred dollars more. Joke.
15-Feb-19 3:08pm
#19
Feeb
GameTZ Subscriber Triple Gold Good Trader Global Trader - willing to trade internationally

Definitely getting less because we did not withhold as single- haven't finished with all the numbers but a straight comparison of how much income tax we paid year vs year is what I'm interested in.
15-Feb-19 3:21pm
#20
Dustin
GameTZ Subscriber 650 Trade Quintuple Gold Good Trader Global Trader - willing to trade internationally

Feeb wrote:
Definitely getting less because we did not withhold as single- haven't finished with all the numbers but a straight comparison of how much income tax we paid year vs year is what I'm interested in.
I'm interested in this as well. Tired of seeing idiots posting "GOT LESS MONEY BACK THIS YEAR! TAX PLAN IS A JOKE! THANKS TRUMP!" all over facebook, while forgetting about the increase in their check every single week.

Mine is a bit more difficult to figure out since my wife sells real estate and her salary varies, but we should be able to tell percentage wise.
15-Feb-19 3:34pm
#21
dustin11
Double Gold Good Trader Global Trader - willing to trade internationally This user is on the site NOW (7 minutes ago)

That's the same with us, my Wife's taxes are incredibly complicated since she runs her own business so we have no clue how much we will, or won't, get back until our accountant runs all the numbers. Its easy enough to figure out how much more or less we paid in taxes vs last year, though.

Tax returns etc