I was listening to Rave today when I was financing a 2019 MasterCraft at the boat dealership. Then I was still listening to him when I went and paid for 8 months of storage on a variable interest rate credit card with no rewards. When I take delivery sometime in April I will have already paid for 3 months of an empty spot in the hangar. That boat is going to look so cool the 4 or 5 times I use it this summer so totally worth it.
2018 Taxes
- Thread starter Cyclone06
- Start date
I was listening to Rave today when I was financing a 2019 MasterCraft at the boat dealership. Then I was still listening to him when I went and paid for 8 months of storage on a variable interest rate credit card with no rewards. When I take delivery sometime in April I will have already paid for 3 months of an empty spot in the hangar. That boat is going to look so cool the 4 or 5 times I use it this summer so totally worth it.
Most people who only have W2s and a mortgage most likely have all their information to do them now. I started getting calls Monday from clients wanting to set up a time with me. Some want to get them done before a 2nd shutdown happens for fear their refund will be delayed if it happens again.
The processing time for refunds is like 2-3 weeks isn't it? Which puts most past the Feb 15 shutdown
I’m going to one of those places that gives you an advance on your tax refund. Then I’ll take that cash down to the casino and put it all on black 35. I like to live on the edge.
Did you know you can put car keys, house keys, rings...really anything down on a number and they will take your bet?
I am curious whether your
- taxable income went up or down between 2017 and 2018
- whether your effective tax rate went up or down (% of TI you paid to the guvment)
For us, the tax changes resulted in a slight improvement when I ran an estimate in December. Then I decided to do a Roth conversion, which is gong to make comparisons messier.
H
Exactly. Feel like I'm going to post this on about 3 FB complaints until I just give up.
Still waiting for stuff from Robinhood to do mine, but am planning on trying Credit Karma this year. They claim it's free, even with investment stuff (think I paid like $70 to H&R last year, and ours aren't that complicated..).
I disagree. You'd need to run your information this year with last year's tax laws to compare numbers. Comparing effective rate doesn't account for changes in income, standard deduction, exemptions, tax tables, etc.
Absolutely by design. There are giveaways on the revenue side and the spending side. You just need to own the right elected officials (and a select few control most of the power). We need a system that can't be corrupted. Just transparent, here's what you pay, and everyone that makes that much pays that much.
Nice idea but this system will still have all kinds of issues. You have to define income and once you do that people with the means will still find ways to keep their money out of those things. And lobbying will continue to exist to shrink this definition of income
My preferred method is the Fair Tax, which would replace the income tax, social security/FICA entirely. It's a consumption tax (like a sales tax). Everyone would get their entire check, and it would be up to them as to how much of it they spend/pay. Taxes rebated (in advance) up to the poverty line.
https://fairtax.org/index
I honestly don't know enough to say exactly what it is, but my wife is a CPA and she's told me it's going to be worse for us.
The goal of the change in the tax laws was to lower taxes, and reduce withholdings. Most of the time it is hard to determine exactly what happens from year to year because your tax situation changes from year to year. (new job, new kid, one of your kids is too old for the child tax credit, got a raise, etc.) So far the client returns I have seen with little change in their situation are paying less taxes. In the seminar that I attended they said that they thought that taxpayer would in general the adjustments to the withholdings were going to be creating smaller refunds.
I'm sure their will be some out there where it will not work out better, and we will hear all about it on the national news, because we all need to be outraged about something.
Looked at mine and paid about 1600 less in Fed taxes while income went up. I think a lot bank on that once a year deposit and don't realize they kept more money from the start all year.
This makes me want to pay off my house even faster.
