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View Poll Results: How did the 2018 Federal Tax Law affect you
No change 12 21.43%
I got it in the a$$ 20 35.71%
I actually received more of a refund 17 30.36%
I am a TCG 1%er and just joined Mar-A-Lago 7 12.50%
Voters: 56. You may not vote on this poll

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Old 02-05-2019, 07:08 PM   #1
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Default Official 2018 Federal Tax Return Group Therapy

I have been waiting to make this thread for a year now. With the new Trump/GOP tax law, I am curios to see how everybody made out. Me? I got fucked. But I can only speak for myself and would like to know how the rest of you will fair with your 2018 Federal Tax returns. I get it, everyone is different so I created a poll. Most of you know my political stance so I hope it doesn't get political but it's gonna get political...

Here is my situation: Middle class single income under 100K annually. Own a home. Son in college and daughter in grade school. Filing together with my wife. With the new tax bill I got to bring home an additional $500 for the year on my paycheck. For the last 10 years I have received a refund of $4k-$6K. This year I am only getting back $2k plus the $500 take home. So, 2017 I received $4k refund so I will use that as a benchmark. I was returned $1500 less on my federal tax returns than last year. Gut punch, right? But, here is the real kick in the balls...when my son graduates college, I lose that credit and I will owe $2000 on my federal taxes in my same scenario!!!!! That means not only do I have to give back that $500, but I have to have an additional $1500 to be taken out of my paycheck to break even and I will not get a refund anymore under the new Trump/GOP tax bullshit law??!!??!!

What the fuck....
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Old 02-05-2019, 07:13 PM   #2
 
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I wont know until my accountant tells me if I'm fucked this go around or not. Last year, I got mega fucked b/c it was the first year reporting as a business owner and I fucked up.

Fingers crossed I fair better this year.
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Old 02-05-2019, 07:14 PM   #3
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My situation has changed drastically over the past year, so it's not a fair comparison. I'm happy with my return though.
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Old 02-05-2019, 07:14 PM   #4
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I got to get all my stuff together and sent off to my cpa. Not expecting much back.
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Old 02-05-2019, 07:15 PM   #5
 
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Comparing anything other than your effective tax rate is flat out worthless. I'll post mine once I'm done with my 2018 tax filing.

Return and extra/less money in your paychecks means nothing without further context.
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Old 02-05-2019, 07:36 PM   #6
 
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Quote:
Originally Posted by Mook View Post
I wont know until my accountant tells me if I'm fucked this go around or not. Last year, I got mega fucked b/c it was the first year reporting as a business owner and I fucked up.

Fingers crossed I fair better this year.
In the next couple years I’m gonna get raped. I have to pay taxes on tax deferred accounts.

I’m single. No dependents. I can’t a find anything to write off or get a tax break either.

Unless I open/start some dummy business. To get tax breaks. Idk.
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Old 02-05-2019, 07:57 PM   #7
 
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Gotta do mine still, but after seeing a nice bump per week I’m not expecting the same return I used to get.
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Old 02-05-2019, 08:02 PM   #8
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Finished mine. Added a kid this year. Wife had a few part time jobs that didn't take fed tax out. Overall I saw about $25 a week extra take home and I got $1k less than previous years. I'm okay
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Old 02-05-2019, 08:06 PM   #9
 
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Waiting on the wife's W2 from her old job...then going to file. Got 9k back last year, so here's hoping. I use it to pay my property taxes
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Old 02-05-2019, 08:11 PM   #10
 
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I haven't submitted mine yet but ive put all the info in just to see where I will end up, ive made out pretty well, wife only claims about 4k worth of income and i end up paying all of her taxes at tax time, I made about 15k more this year than in past but paid about the same in taxes, I looked up a check from 2017 thats within 25 bucks of my last check and Im getting about 75 bucks a check more take home than in 2017 right now, my return is almost identical to last years, so I put about 2k more in my pocket this year while making more money, gross adjusted comes in under 100k 2 young kids
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Old 02-05-2019, 08:12 PM   #11
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Quote:
Originally Posted by GLADIATOR View Post
I have been waiting to make this thread for a year now. With the new Trump/GOP tax law, I am curios to see how everybody made out. Me? I got fucked. But I can only speak for myself and would like to know how the rest of you will fair with your 2018 Federal Tax returns. I get it, everyone is different so I created a poll. Most of you know my political stance so I hope it doesn't get political but it's gonna get political...

Here is my situation: Middle class single income under 100K annually. Own a home. Son in college and daughter in grade school. Filing together with my wife. With the new tax bill I got to bring home an additional $500 for the year on my paycheck. For the last 10 years I have received a refund of $4k-$6K. This year I am only getting back $2k plus the $500 take home. So, 2017 I received $4k refund so I will use that as a benchmark. I was returned $1500 less on my federal tax returns than last year. Gut punch, right? But, here is the real kick in the balls...when my son graduates college, I lose that credit and I will owe $2000 on my federal taxes in my same scenario!!!!! That means not only do I have to give back that $500, but I have to have an additional $1500 to be taken out of my paycheck to break even and I will not get a refund anymore under the new Trump/GOP tax bullshit law??!!??!!

What the fuck....


Ideally - you want to break even


And you know this, MAN!
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Old 02-05-2019, 08:16 PM   #12
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Got a nice refund. Tax rate is 3% less for me this year.
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Old 02-05-2019, 08:18 PM   #13
 
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Quote:
Originally Posted by Nccstud View Post
Waiting on the wife's W2 from her old job...then going to file. Got 9k back last year, so here's hoping. I use it to pay my property taxes
Wow. Dude. Thatís crazy. To pay that much in property taxes in IL. Fuck that.
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Old 02-05-2019, 08:38 PM   #14
 
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I always do my own taxes and we averaged about $5k refund with both kids. About $3500-$4000 last few years with just 1 kid. This is the first year we cant claim any kids and its showing that I will owe about $1200. Combined my Wife and I made about $20k more than last year. I called my accountant that I use for my business, he said drop all my shit off to him and he will attempt to work his magic.
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Old 02-05-2019, 09:24 PM   #15
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Quote:
Originally Posted by Blood on Blood View Post
Ideally - you want to break even





And you know this, MAN!


I guess you canít understand that I will be paying more taxes.
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Old 02-05-2019, 10:14 PM   #16
 
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Quote:
Originally Posted by Marko View Post
Wow. Dude. Thatís crazy. To pay that much in property taxes in IL. Fuck that.
Mine were about 7k last year. The downside of 4 acres in IL lol
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Old 02-05-2019, 10:18 PM   #17
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I made more this year and got back more. Plenty of business deductions this year but still, I'm happy. The fact that my business is cranking helps too.
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Old 02-05-2019, 10:54 PM   #18
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Quote:
Originally Posted by GLADIATOR View Post
I guess you canít understand that I will be paying more taxes.
Cause the State Income Tax is eating you a new asshole
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Old 02-05-2019, 10:58 PM   #19
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In relation to political discussions-

Wife’s liberal family “All you care about is paying less taxes, jobs and the Constitution, your rights!”

Me: “Yep!”
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Old 02-05-2019, 11:19 PM   #20
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Going to get fucked since i cant claim per diem anymore which is complete bs imo
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Old 02-06-2019, 01:48 AM   #21
 
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I’m getting back about half of what I normally do. Same income as prior year. Getting back 2900 federal, paying 500 state. And my wife’s minivan just lost reverse, so it’s spoken for already
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Old 02-06-2019, 04:39 AM   #22
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I got more than last year and deposited yesterday
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Old 02-06-2019, 06:06 AM   #23
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Married, no kids, no deductions, maximum withheld every paycheck. Got 60 bucks back last year in total. I am not expecting any better this year. The rape is real.
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Old 02-06-2019, 06:42 AM   #24
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Tough to say for me because I’m getting a $9,900 solar tax credit so I’m not sure what that does to the rest of my return
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Old 02-06-2019, 07:22 AM   #25
 
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As a single/unmarried homeowner I think I am going to get fucked this year.
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