Posted on 02/09/2019 4:00:36 AM PST by Libloather
**SNIP**
2. You might not get as much money back, but that doesn't mean you'll pay more either. Accountants call this year's process easier for the average person. With the new tax law, everyone's filing on the same form. Most people's tax rate is less, too. But that's not all: Your refund check may be less may be less, a lot less, than last year.
Instead of withholding as much throughout the year, the government gave it to the people to spend, which is something not everyone realizes.
"They anticipated for the lower rates," said Tylor Katze of Bennett Tax. "And it's causing people to owe or have a lower refund overall, which they're not too happy about."
**SNIP**
6. Start thinking about your 2019 taxes... now. It's never too early to look ahead to next year's taxes: If you want the bigger refund like you're used to, talk to your tax adviser now and change your withholdings to make sure you don't owe and get more money back in 2020.
(Excerpt) Read more at channel3000.com ...
I’m decades away from 65+...
Been there, done that, Got the t-shirt.
I noticed, in running errands in the old neighborhood in the past month, it’s getting more, umm, diverse.
Glad we moved when we did.
I live in NJ, a dozen miles west of NYC; $75,000 wouldn’t even house that family in an apartment here. I’ve put in the numbers, and while I see plenty of info on this thread, I see nothing that improves my situation.
Well it’s because you chose to remain in blue Jersey.
Our withholding was lower than needed, but we made a bunch more; due to having better jobs. We bought a house and saved a bunch more for retirement, too, but the taxes are quite a bit less than they would have been.
The tax cuts are very real and very helpful.
$145k for 9 months/year for an art teacher? That’s clinically insane if not criminal.
How magnanimous of them to "give" me more of my money...
What difference does it make how much of your income is taxable? What really matters is the tax you pay. I would rather have more taxable income if it means a lower tax liability, which is exactly the case for the new law, at least for those who don’t itemize and are not in the 25% and higher tax brackets. Under the old law, a married couple with two kids could exempt $28,900 in income (12,700 std deduction plus 4x4050 for exemptions). This year that drops to $24,000. Assuming the same income overall, they have $4900 more in taxable income. Assuming a 15% marginal rate that would be an additional $735 in taxes. The increased child tax credit saves them $2000 though more than offsetting that increase.
You’re missing a basic point here: Living in NJ has nothing to do with this federal tax issue. I have benefited from the increased standard deduction, so the part of this law that was supposed to hurt people in high-tax states like NJ doesn’t even apply to my situation.
I point this out because anyone who thinks the damage is limited to “high-tax states” is wrong; this will be an issue in all fifty states, for anyone at this particular point in their lives (with multiple children, some older some younger). The loss of the personal exemptions was for all fifty states.
And I used to feel sorry for her claiming livery and she had the worst looking house in town. Then I looked up her salary on state employee public website.
Exactly. A refund just means that you foolishly gave the government a free loan. How much you loan the government is irrelevant. The only relevant number is total tax owed.
Typo claiming poverty.
I believe the whole purpose of that tax benefit is to give investors a big incentive to invest in areas that may be run down but have a lot of excess water, sewer and other infrastructure capacity — while giving businesses in those areas a mechanism for getting favorable financing terms for expansion.
Only works if you have kids the right age and qualify for child tax credit.
That’s why our taxes are high and not to keep minorities out as another poster suggested. Don’t get me started with the cops. One detective with overtime 200k a year.
This is why we are going to sell. But believe me, they will be fighting one another to buy my home to get into the school district. In NYS it is all about the school district.
It makes a difference if the tax on that additional income is higher than the benefits of the new law. I already had over $20,000 in deductions under the old law, with over $20,000 in exemptions as well - now I have just a $24,000 deduction. I also have a child (a 17 year old) that aged out of the child tax credit, so the doubling of that credit for a younger one is just a wash with a $500 credit as a bonus.
Some people are complaining about lower refunds or higher taxes due; I’m talking about my total federal taxes I’m charged (withholdings aside).
Trust me, I appreciate all the knowledge poured out here on this forum, but this is a specific problem due to timing that will work itself out. You can search all over the internet for “who is hurt by new tax law”, and you’ll see my situation described perfectly.
If they weren’t profitable business locations before the incentives, they won’t be afterwards. And urban labor markets aren’t that local. If they bring their businesses there, they will find the best employee matches for them in the broader area. That’s why so many state incentives for businesses to move or expand there are temporary things, never delivering as claimed.
As the plumber told me as he looked at a do-it-yourself job that I had totally botched before calling him, "Well thar's yer problem, right thar!"
“Well it’s because you chose to remain in blue Jersey.”
true that
packed my bags for PA
murphy gov. …. WATER tax?? LOL
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