Again though - Trump spews out 100 lies a day and they're all like I dunno what is this fact thing of which you speak?

But holy hell you paste one tax thing and 10 of them are on it with ****ing facts and figures to back it up.

Just taking the first result for "person working really hard". Gotta be some high income wage earners in here.

The explanation for smaller refunds I've seen floating around on Facebook is "Well of course your refund is smaller, they withheld less last year!", let us know when that one trickles its way to CP.

Oh it's there.

IDK? I just plug **** into turbotax every year. 2017 and 2018 both my wife and I were W2. We are DINKs. My withholding doesn't affect what that screenshot shows anyways - my exemptions and deductions.

Income did go up $40k in 2018 though but still?

Barg: +$40k
Beat: tax time with Donald
Variance: likely to be eaten by a Grue

Title updated as requested.

Actually suzzer your buddy must be right I must have screwed up withholding or something. When I hit finalize and compared my tax rate only went up ~0.5%, its the 50k "extra" in taxable income thats "screwing" me.

Just did my taxes, the leopards ate my face too (of course I’ve known all year it was coming). Last year’s refund was $2,800 for me, $3,800 for the wife federal (I know, I know, we’re missing out on that sweet sweet 2 percent bank interest). This year it’s $1100 me, $2700 wife.

Tax withholding/refunding constitutes free loans to the government.

How about some prime rate interest, please? Compromise and apply capital gains tax to the interest.

Did you look at filing jointly? I usually check both ways just to be sure and we always benefit significantly from filing jointly.

Should the government get to charge interest if you end up owing?

they do, and this is because the tax obligation occurs when the income is earned, not when tax returns are due.

They do charge interest, and even penalties if they decide you underpaid on purpose.

You’re right, my idiocy totally cost me $12.50 ($10.50 after taxes lol) in sweet sweet bank interest last year...

My wife and I are in the student loan marriage trap. It means that we can’t file jointly. We’re both on PSLF, she’s on IBR and I’m on Repaye. If we filed jointly her monthly loan payments would go from $100 a month to about $900 a month. Any savings in taxes from filing jointly are way way way offset by the student loan differential. We wanted to be married and are happily married, but marriage was a huge financial hit to us because of this. They really need to fix these laws, I have several friends in the same situation. It’s a huge disincentive to marriage. It sucks because married filing separately is otherwise a terrible filing bracket to be in, even worse than single, because of the phase outs of things like the student loan interest deduction.

The most consistently profitable companies in the Fortune 500 only pay about half the statutory federal income tax rate—a fourth pay less than 10 percent. Some even get refunds from Uncle Sam—30 companies have enjoyed a negative income tax rate the past three years despite making $160 billion in pre-tax profits.

It’s the definitive study that punctures calls for a cut in the federal income tax rate on corporations, provided yesterday by Citizens for Tax Justice and the Institute on Taxation and Economic Policy (CTJ and ITEP) in “Corporate Taxpayers and Corporate Tax Dodgers, 2008-2010.”

Romney paid around 14% based on his tax returns.

Looks like a tax cut for the rich was sorely needed after all!

And that was an overpayment so his claim of paying 13% for the past decade would be true.

If you were still W-2, you could take a 20% deduction off the top on your net income tho... (up to ~$300k or so).

Are you changing your W4 to increase your refund for 2019?

Have you considered putting in a small amount into line #6 to make sure you get a bigger refund?

ETA...

$2000 per year, compounded at 2.2% is about $82k after 30 years. $22k in interest.

If put into I-bonds, it would be more than 2.2% and should (if I-bonds work as designed) exceed inflation by a few %/year.

$40/week, and this would be building an emergency fund simultaneously.

That's a ridiculous analogy. I'm not putting off realizing 2k per year every year for 30 years, I'm putting off realizing 2k per year, every year, for 12 months, then I realize it. It's not even that really, because if I lowered my withholdings I would just be realizing it all year, not 2k at the beginning of the year. Even compounded the interest is miniscule and no, it's not income I can invest, I spend it every year. I already have nearly maxed out 457(b) contributions and 529 account contributions, that's where the money I can afford to invest goes.

So you'll be adjusting your W4 to ensure the level of refund you desire for 2019?

Also, did you pay more or less Federal Taxes in 2018 vs 2017?

It’s hard to do a direct apples to apples comparison because I make more and I am putting more away in my 457(b) (tax-deferrred) account, but yes, the loss of the SALT deduction appears to have caused my effective tax rate to go up, ever so slightly. No I am not adjusting my W4.

IRL both of those groups are independent contractors who have numerous options to legally write off business expenses.

Womp womp

https://m.huffpost.com/us/entry/us_5...b033a799429900