OT: Taxes. Farck

[Elefantino]

I'd happily pay a hell of a lot more in taxes if I didn't have to open a vein every time I accessed our world-class health system.

[Aaron O]

It’s 100% a screw you to states that tend to vote blue...it’s regionalism at its worst. The elimination of the misc2% is a screw to unions particularly, and it is outrageous that most legal fees and financial advisor fees aren’t net to begin with. Now they’re totally gone! I’m unclear on how hobby losses are affected. The rules say the expenses are just gone, but I think/hope this is an oversite.

Lots of other things in there that I passionately dislike, though a few things I do like. Many of my clients are getting hit far worse than they anticipated, and the guidance to employers on withholdings was...optimistic.

My favorite part is how they promised to simplify the returns, and make it a post card. Congrats! They took the first two pages of the 1040, chopped them up and made them 5 pages 40% as large.

I’ve said this before...you can play with rates all day long, but the real issue is a lack of audit risk. Staff the damn IRS!

[commonguy001]

Originally Posted by Aaron O

It’s 100% a screw you to states that tend to vote blue...

and the guidance to employers on withholdings was...optimistic.

Yes and Yes...
Limiting the local/state tax to 10k (useless now) is brutal but I knew it was coming.

Blindly leaving my withholding as it was (married zero with a few thousand extra withheld) was just plain stupid. I’m not sure sure how the IRS figures the amount out but I need to increase significantly for 2019, 2018 will be the most I’ve ever owed. I have to believe I’m not the only one in this position.

[Aaron O]

Originally Posted by commonguy001

Yes and Yes...
Limiting the local/state tax to 10k (useless now) is brutal but I knew it was coming.

Blindly leaving my withholding as it was (married zero with a few thousand extra withheld) was just plain stupid. I’m not sure sure how the IRS figures the amount out but I need to increase significantly for 2019, 2018 will be the most I’ve ever owed. I have to believe I’m not the only one in this position.

You’re not...there are a lot of clear winners, and a lot of clear losers. Many are getting to the same place via a different route.

My (limited) understanding is that they played some heavy politics with the withholdings to try and sell this plan.

All I can say is vote. Every time. Not just federal elections. Donate money to candidates you like, even in other states. Write letters. We get the government we deserve.

I could go on and question the need for the stimulus portions of this policy during a period of sub-0 unemployment, or ask why we’re further limiting economic expansion with these truly moronic immigration nativist policies. Geee - this all isn’t going to result in massive inflation in a couple of years...and the next admin. has to look at stimulus from a lower platform.

This has been short term, idiotic, policy.

[Mikej]

Deleted

[joosttx]

Originally Posted by Aaron O

You’re not...there are a lot of clear winners, and a lot of clear losers. Many are getting to the same place via a different route.

My (limited) understanding is that they played some heavy politics with the withholdings to try and sell this plan.

All I can say is vote. Every time. Not just federal elections. Donate money to candidates you like, even in other states. Write letters. We get the government we deserve.

I could go on and question the need for the stimulus portions of this policy during a period of sub-0 unemployment, or ask why we’re further limiting economic expansion with these truly moronic immigration nativist policies. Geee - this all isn’t going to result in massive inflation in a couple of years...and the next admin. has to look at stimulus from a lower platform.

This has been short term, idiotic, policy.

Word.

[gemship]

Thanks to the current administration I am coming out a winner! I dont care much for their ways but I am finally reaping a benny/ferns out of the new tax laws. Well I would love to elaborate however for the sake of modesty I will simply humble brag Put it this way it's enough that if I wanted to I could buy a Baum frameset or a complete Moots.

[oldpotatoe]

Originally Posted by Aaron O

You’re not...there are a lot of clear winners, and a lot of clear losers. Many are getting to the same place via a different route.

My (limited) understanding is that they played some heavy politics with the withholdings to try and sell this plan.

All I can say is vote. Every time. Not just federal elections. Donate money to candidates you like, even in other states. Write letters. We get the government we deserve.

I could go on and question the need for the stimulus portions of this policy during a period of sub-0 unemployment, or ask why we’re further limiting economic expansion with these truly moronic immigration nativist policies. Geee - this all isn’t going to result in massive inflation in a couple of years...and the next admin. has to look at stimulus from a lower platform.

This has been short term, idiotic, policy.

What he said better than me..but VOTE...60-some percent turnout for a national election is, in the words of orange one, a disgrace.

[SPOKE]

Not sure yet how the new tax laws will impact me. My home is paid for so I know longer can claim the mortgage interest deduction which used to be my biggest deduction by far.....

[CunegoFan]

Originally Posted by oldpotatoe

What he said better than me..but VOTE...60-some percent turnout for a national election is, in the words of orange one, a disgrace.

So you can vote for whether you get screwed from the right or the left? Either way you're screwed.

[Aaron O]

Deleted.

[cderalow]

I knew I should be getting some back from the feds. What amazes me is even though both my wife and I withhold at the single rate, have three kids and a home.

I’ve never gotten money back from the state of Maryland.

Somehow we always wind up with enough capital gains on one investment to cost us. This year to the tune of $1200.

It’s absurd.


Sent from my iPhone using Tapatalk

[sjbraun]

"Thanks to the current administration I am coming out a winner! I dont care much for their ways but I am finally reaping a benny/ferns out of the new tax laws. Well I would love to elaborate however for the sake of modesty I will simply humble brag Put it this way it's enough that if I wanted to I could buy a Baum frameset or a complete Moots."

So happy for you, NOT.

I'll not see a break in my taxes, even though my income will be the same as 2017.

Why would you brag about making out on the backs of others?

So much I don't understand.

[C40_guy]

And there's the 1099K from Paypal.

Looks like I'll have to take some losses on the bike stuff I sold...

[Aaron O]

Originally Posted by C40_guy

And there's the 1099K from Paypal.

Looks like I'll have to take some losses on the bike stuff I sold...

Not necessarily...

I would NOT do it as a hobby. I don’t know your situation, but I’d either expense it as a schedule c, or put it on as personal use property.

If you go Schedule C, I’d be reticent about showing a loss. Show a little profit, and don’t forget your health insurance now goes on the face of the return, up to profit.