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Taxes


Texsox

Taxes - Who has them finished?  

23 members have voted

  1. 1. Have you filed?

    • Yes - Getting a refund
      17
    • Yes - Paying
      3
    • No - I expect a refund
      2
    • No - I'm paying
      2


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My CPA has his whole roll of clients filing extensions because some of the new stuff hasn’t been litigated.  Anybody else experiencing that?

The new tax code seems good for me.  The raise to $.58 a mile alone is a windfall of a couple extra grand of bonus beans this year.

 

Im going to be paying less this year for sure, but haven’t dove in too deep yet.    Anybody else?

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Paying for the first time ever in 30 years of filing a tax return.   Yes I know my take home pay went up a bit but not much.  Deductions went from $44k to $25.5K mostly due to the $10K cap on SALT taxes.   If you own a home in a high property tax suburb then this tax is going to hurt.  We will be part the 10% that will see an increase from the new tax plan.   

What state you live in is important.   Homeowners in Cal, NY, NJ, and IL all get hit hard by this tax plan.

Edited by RichieZisk
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35 minutes ago, RichieZisk said:

Paying for the first time ever in 30 years of filing a tax return.   Yes I know my take home pay went up a bit but not much.  Deductions went from $44k to $25.5K mostly due to the $10K cap on SALT taxes.   If you own a home in a high property tax suburb then this tax is going to hurt.  We will be part the 10% that will see an increase from the new tax plan.   

What state you live in is important.   Homeowners in Cal, NY, NJ, and IL all get hit hard by this tax plan.

These are the keys. The federal government no longer protecting the high tax states is a bitter pill. With the new gas tax looking to be approved in Illinois, its getting really close to the time to leave.

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