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9 hours ago, N201MKTurbo said:

Why do you feel that way on only one day of the year? You should feel that way at every pay check or quarterly payment.

It is easy to ignore it when someone else is writing the check to the government every week instead of you, but it is your money none the less.

It's been entertaining each time I had a kid start working and they get their first paycheck only to find out that a good chunk of the money is missing... It has the effect of starting some conversations about the government.

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10 hours ago, N201MKTurbo said:

Why do you feel that way on only one day of the year? You should feel that way at every pay check or quarterly payment.

It is easy to ignore it when someone else is writing the check to the government every week instead of you, but it is your money none the less.

I really wished I could write off a new Pilatus to give me that wonderful feeling that the government did not get their greedy hands on my money every flight of the year.  Oh well maybe in a couple decades when I hit the powerball and the gov increases spending 10 fold. 

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On 4/18/2018 at 12:18 PM, flyboy0681 said:

Not worth it indeed. It's been very tame around here without political speak, and we are better off for it. 

Although I wouldn't mind hearing how Little Timmy  has been doing all these years later.    :D

Well funny you should ask....

:)

 

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On 4/19/2018 at 11:05 AM, David Herman said:

Oh, I cringe all year long after each paycheck - when I see what they take, between Federal Income Tax, State Income Tax, Medicare and Social Security. My poor wife has to listen to my rants throughout the years. Then writing them a check on top of that ... ya ... boy that’s a good feeling! 

And don’t I LOVE people who think Im “not paying my fair share” and want me to hand even more of my hard-earned money to the corrupt government spending monster so I can pay for everyone else’s ... food, cell phones, homes, college, health care, schools for illegal immigrants children ... ya ... Ameritopia ... with my money. Love those people. 

And then there’s corrupt administrations over the years that give billions of my tax money and nuclear materials to terrorist nations ruled by dictators or religious fanatics. Boy ... ya gotta feel good about writing that check! 

What he said...

Congrats on getting the house deed.  Well done.

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On 4/19/2018 at 12:05 PM, David Herman said:

Oh, I cringe all year long after each paycheck - when I see what they take, between Federal Income Tax, State Income Tax, Medicare and Social Security. My poor wife has to listen to my rants throughout the years. Then writing them a check on top of that ... ya ... boy that’s a good feeling! 

And don’t I LOVE people who think Im “not paying my fair share” and want me to hand even more of my hard-earned money to the corrupt government spending monster so I can pay for everyone else’s ... food, cell phones, homes, college, health care, schools for illegal immigrants children ... ya ... Ameritopia ... with my money. Love those people. 

And then there’s corrupt administrations over the years that give billions of my tax money and nuclear materials to terrorist nations ruled by dictators or religious fanatics. Boy ... ya gotta feel good about writing that check! 

I cringe too, but thankfully don't have to deal with a state income tax. To me the new tax bill is a mixed bag, yes it's nice that my paycheck is slightly more, but I don't like the idea that the deficit next year is going to once again exceed a trillion dollars.  I also didn't buy into the notion that the tax cut was going to pay for itself with 4 to 5 percent GDP growth each year over the next ten years. Now there is talk of reducing the deficit by cutting back on Social Security benefits, which isn't cool to me since I'm getting closer to collecting.

Just my 2¢

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Most people had less withholding tax taken out without a clue regarding their tax situation next year, I’ve done multiple tax projections for clients next year and most had little or no reduction in the tax

liability, therefore my clients have been notified to do projections for 2018. Be careful in the event they under withheld.

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1 minute ago, Danb said:

Most people had less withholding tax taken out without a clue regarding their tax situation next year, I’ve done multiple tax projections for clients next year and most had little or no reduction in the tax

liability, therefore my clients have been notified to do projections for 2018. Be careful in the event they under withheld.

Sounds to me like I'll have to once again struggle with the W-4 table next weekend. Root canal would be a better way to spend that time.

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I’d not concentrate on the w4 table instead of how the changes effect your situation.Some winners some losers. eg. somemay have high misc deductions which may not be available plus other nuances to each. 

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Just now, Danb said:

I’d not concentrate on the w4 table instead of how the changes effect your situation.Some winners some losers. eg. somemay have high misc deductions which may not be available plus other nuances to each. 

 

Even worse, now I have to find myself a PhD to help interpret the new tax law.

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1 hour ago, flyboy0681 said:

 

Even worse, now I have to find myself a PhD to help interpret the new tax law.

Nah. Look up the new, larger standard deduction for 2018, and compare against your 2017 itemized deductions. Married Filing Joint will be higher than this year's deductions, so no Schedule A next year.

Now I need to find the 2018 Tax Tables and look up taxes due for last year's income, and compare it to 24X each current check's withholding. That'll get me close enough. 

Everything else you'll need is in the instructions. Unless you're doing business taxes or have really complicated personal taxes. I do mine every year, with itemized deductions and rental property income, on blank forms with a pencil. Once I have everything together, deductions listed out and all rental expenses listed, it only takes about an hour to do the Federal form (unless I fat finger the calculator).

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1 hour ago, Hank said:

Nah. Look up the new, larger standard deduction for 2018, and compare against your 2017 itemized deductions. Married Filing Joint will be higher than this year's deductions, so no Schedule A next year.

Now I need to find the 2018 Tax Tables and look up taxes due for last year's income, and compare it to 24X each current check's withholding. That'll get me close enough. 

Everything else you'll need is in the instructions. Unless you're doing business taxes or have really complicated personal taxes. I do mine every year, with itemized deductions and rental property income, on blank forms with a pencil. Once I have everything together, deductions listed out and all rental expenses listed, it only takes about an hour to do the Federal form (unless I fat finger the calculator).

Now where is that PhD I was looking for...

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