2018 Tax Return

[disneysteve]

https://www.cbsnews.com/news/tax-returns-2019-salt-deduction-cap-middle-class-homeowners-hit-by-the-new-tax-law/?ftag=CNM-00-10aac3a

Here’s an article about how the Trump tax hike is impacting people. Nothing new but I really wonder what’s going to happen if these changes don’t get reversed and people start leaving the areas most affected. All of those good schools may not stay that way.

[HundredK]

We paid way more in taxes thanks to the SALT limit (we live in a state with high state taxes). That really screwed with us. Sigh. At least we planned for it to happen, so it wasn't a surprise or anything, but it's still annoying.

[greenskeeper]

The federal government shouldn't subsidize states with out of control budgets, I'm liking the $10k limit. Don't like it? Get your state in order.

[HundredK]

The federal government shouldn't subsidize states with out of control budgets, I'm liking the $10k limit. Don't like it? Get your state in order.

Uh, yeah, ok, we'll get right on that. Seriously, what kind of advice is that? LOL

[Singuy]

https://www.cbsnews.com/news/tax-ret...CNM-00-10aac3a

Here’s an article about how the Trump tax hike is impacting people. Nothing new but I really wonder what’s going to happen if these changes don’t get reversed and people start leaving the areas most affected. All of those good schools may not stay that way.

I feel like there's already a flood of people moving to central FL and house prices are climbing thanks to these tax laws.

[msomnipotent]

Our taxes were an absolute PITA this year. My husband's employer delayed us until almost the end of March with that W2 fiasco, and then they finally told him after he asked the 3rd time that if he didn't get a corrected W2 by now, nothing is wrong with his. They also filled out the form for his stock grants wrong and made it look like we didn't pay any taxes on them, which we certainly did. And then the day after our taxes were accepted online, I get a form from some investment company I have never heard of about a transaction that never took place. Long story short, some idiot processed the closing of my daughter's Coverdell account wrong in 2014, and the company that took over for the company that closed down has been reporting to the IRS all this time that we had about $1,000 in an account that shouldn't exist. They have no idea why I wasn't sent any of the forms until now, but now I'm going to have to call the IRS to see if I need to file amended forms for 2015 to now.

We would usually get between $5,000 to $6,000 back. This time we only get $2,000, but I'm relieved. It looked like we were going to owe at least $5,000 because of the stock grant mess. I'm definitely going to a pro next year. His employer screwed up our 401k and added money that was supposed to be from last year into this year, then took about $1,000 out without explaining anything to us. I think that would have put us over the limit for last year and will put us over this year, depending on what the hell they are doing. We still have no idea if it is counted as our contributions or company matches. We are also getting cash for stock options that should be granted next year due to his company being taken over, and I'm just not up to dealing with those forms again.

At least we received our federal refund already.

[breathemusic]

Taxes are done. I'm getting money back, but when I calculate my total state and taxes owed vs my income, my effective tax rate went up from about 20.5% to 22%. This is the first year I used a professional though since I got legally married last year and my partner started his own business and we weren't sure if it made sense to file jointly or separately (turns out it was separately) so there were just too many changes going on for me to know what was the best course of action.

[james.hendrickson]

Taxes are done. I'm getting money back, but when I calculate my total state and taxes owed vs my income, my effective tax rate went up from about 20.5% to 22%. This is the first year I used a professional though since I got legally married last year and my partner started his own business and we weren't sure if it made sense to file jointly or separately (turns out it was separately) so there were just too many changes going on for me to know what was the best course of action.

If your taxes are complicated it sometimes better to go with a professional. At one point I had several investment properties. I did my taxes myself, then compared what I came up to what my accountant did. Even factoring in her fee, she saved more money than I could realize doing them myself.

[disneysteve]

If your taxes are complicated it sometimes better to go with a professional. At one point I had several investment properties. I did my taxes myself, then compared what I came up to what my accountant did. Even factoring in her fee, she saved more money than I could realize doing them myself.

I think a lot of people do themselves a disservice by doing their own taxes. Some computer program is not an adequate replacement for a trained professional. The computer results are only as good as the data you give it. A good CPA knows the right questions to ask. Obviously, if your return is pretty simple, one W-2 and standard deduction, no need to pay someone, but if you have multiple investments, several sources of income, your own business, etc., it may be well worth paying a pro.