Poll

Do you expect your federal taxes to go up or down?

Up
15 (19%)
Down
34 (43%)
Have no idea
30 (38%)

Total Members Voted: 79

Author Topic: Will your federal taxes be going up or down next year?  (Read 25935 times)

Online ExGingi

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2015
  • Posts: 6192
  • Total likes: 1080
  • DansDeals.com Hat Tips 7
    • View Profile
  • Location: 770
Re: Will your federal taxes be going up or down next year?
« Reply #615 on: September 03, 2018, 03:48:05 PM »
Going up was an understatement. Going to skyrocket to around 11%.  >:( >:( >:(
Did income go up as well?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 6669
  • Total likes: 1057
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: Will your federal taxes be going up or down next year?
« Reply #616 on: September 03, 2018, 03:52:17 PM »
What caused the increase?
What caused it? The massive tax cut for the wealthy and corporations. They need to screw someone.
Did income go up as well?
You trying to be funny.  >:(
I am now retired on a fixed income!
I just found a new supply of forks!

Online ExGingi

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2015
  • Posts: 6192
  • Total likes: 1080
  • DansDeals.com Hat Tips 7
    • View Profile
  • Location: 770
Re: Will your federal taxes be going up or down next year?
« Reply #617 on: September 03, 2018, 03:58:31 PM »
You trying to be funny.  >:(
I am now retired on a fixed income!
No side business?

So give us the breakdown?

What caused the increase?

Just to confirm, you are talking about 2018 taxes, not 2017, right?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 6669
  • Total likes: 1057
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: Will your federal taxes be going up or down next year?
« Reply #618 on: September 03, 2018, 04:01:05 PM »
No side business?
Just to confirm, you are talking about 2018 taxes, not 2017, right?
No
Correct
I am really to upset to post anymore.  >:(
I just found a new supply of forks!

Online ExGingi

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2015
  • Posts: 6192
  • Total likes: 1080
  • DansDeals.com Hat Tips 7
    • View Profile
  • Location: 770
Re: Will your federal taxes be going up or down next year?
« Reply #619 on: September 03, 2018, 04:04:35 PM »
No
Correct
I am really to upset to post anymore.  >:(

TBH, I have some very unusual activity in 2018, which is causing me to do some unusual things that will raise my AGI significantly, but keep taxes under a lid, due to an unusual event.

That being said, when I started running my projections for 2018 taxes, I got sticker shock at first, until I realized the huge offset I would get from the child tax credit.

Now if only my CPA wouldn't drag things that much, and would work with in a timely manner, I would have a better picture of what things will look like, with the ability to plan ahead appropriately, rather than just being reactive.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 6669
  • Total likes: 1057
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: Will your federal taxes be going up or down next year?
« Reply #620 on: September 03, 2018, 04:06:40 PM »
TBH, I have some very unusual activity in 2018, which is causing me to do some unusual things that will raise my AGI significantly, but keep taxes under a lid, due to an unusual event.

That being said, when I started running my projections for 2018 taxes, I got sticker shock at first, until I realized the huge offset I would get from the child tax credit.

Now if only my CPA wouldn't drag things that much, and would work with in a timely manner, I would have a better picture of what things will look like, with the ability to plan ahead appropriately, rather than just being reactive.
I happy for you and any other middle/low class that get a break.
I just found a new supply of forks!

Offline mushkovits

  • Dansdeals Bronze Elite
  • *
  • Join Date: Sep 2018
  • Posts: 29
  • Total likes: 4
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Will your federal taxes be going up or down next year?
« Reply #621 on: September 03, 2018, 04:11:58 PM »
Going up was an understatement. Going to skyrocket to around 11%.  >:( >:( >:(
At least we finally know the true reason behind the non-stop bashing of our Commander in Chief

Online ExGingi

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2015
  • Posts: 6192
  • Total likes: 1080
  • DansDeals.com Hat Tips 7
    • View Profile
  • Location: 770
Will your federal taxes be going up or down next year?
« Reply #622 on: September 03, 2018, 07:50:51 PM »
I happy for you and any other middle/low class that get a break.

https://www.hrblock.com/tax-center/irs/tax-reform/new-child-tax-credit/

Quote
The beginning credit phaseout for the CTC increases to $200,000 ($400,000 for joint filers). The phaseout also applies to the new family tax credit

If only we could get NYS and NYC reprieve.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline avromie7

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Feb 2014
  • Posts: 4414
  • Total likes: 159
  • DansDeals.com Hat Tips 6
    • View Profile
  • Location: Lakewood
Re: Will your federal taxes be going up or down next year?
« Reply #623 on: September 03, 2018, 08:48:48 PM »


What caused it? The massive tax cut

I understand that you are referring to that, but there are many changes to the tax code, I was asking which change caused such a big increase.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 6669
  • Total likes: 1057
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: Will your federal taxes be going up or down next year?
« Reply #624 on: September 03, 2018, 08:59:18 PM »

I understand that you are referring to that, but there are many changes to the tax code, I was asking which change caused such a big increase.
I have no idea. I am to upset. I haven't eaten all day.  :)
I just found a new supply of forks!

Offline ChaimMoskowitz

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jun 2014
  • Posts: 6669
  • Total likes: 1057
  • DansDeals.com Hat Tips 1
  • Gender: Female
    • View Profile
Re: Will your federal taxes be going up or down next year?
« Reply #625 on: September 03, 2018, 09:02:16 PM »
At least we finally know the true reason behind the non-stop bashing of our Commander in Chief
The real reason is obvious. He is a scumbag and a draft dodging coward. Looks like you have something in common with him hiding behind your new account.  :P
I just found a new supply of forks!

Offline gingyguy

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Sep 2011
  • Posts: 1327
  • Total likes: 342
  • DansDeals.com Hat Tips 36
  • Gender: Male
    • View Profile
  • Programs: I don't like to brag
Re: Will your federal taxes be going up or down next year?
« Reply #626 on: September 03, 2018, 09:07:14 PM »
The real reason is obvious. He is a scumbag and a draft dodging coward. Looks like you have something in common with him hiding behind your new account.  :P
and we"re back to the politica /Rip john mccain thread!! ;D
May you slide down the banister of happiness & get many splinters of success up your career.

Offline mushkovits

  • Dansdeals Bronze Elite
  • *
  • Join Date: Sep 2018
  • Posts: 29
  • Total likes: 4
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Will your federal taxes be going up or down next year?
« Reply #627 on: September 03, 2018, 11:37:41 PM »
The real reason is obvious. He is a scumbag and a draft dodging coward. Looks like you have something in common with him hiding behind your new account.  :P
Knowing the truth that nobody  is hiding here, I can likely assume your bashing has nothing to do with the obvious.

Offline aygart

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: May 2008
  • Posts: 7087
  • Total likes: 1665
  • DansDeals.com Hat Tips 7
    • View Profile
    • Lower Watt Energy Brokers
  • Programs: www.lowerwatt.com
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.