Quote:
Originally Posted by Dominic
Really want to know what Awval's taxes are looking this year...
Well, for one I wished the media or the population in general would understand that the refund amount has nothing to do with the actual total tax amount. Refund is based on your withholding, which can be easily changed by just filling out a form and sending it to HR, but yes, many people don't care about personal finance, and use a refund as "found" money which it isn't. It's literally money you could have every two weeks in your paycheck.
Assuming same income;
A: Would you rather have $10,000 in total tax, but withhold $15,000 and get a $5,000 refund? OR
B: Would you rather have $8,000 in total tax, but withhold $7,000 and owe $1,000.
I would choose B!
In regards to my personal taxes; my effective federal tax rate decreased even while earning more money in 2018. The largest net benefit for my personal taxes is the fact that the child tax credit income phaseout has been dramatically increased which enables me to actually to be able to claim it.
Per the tax plan calculator, the net benefit of TCJA is ~$3000/year for my personal finances.
http://taxplancalculator.com/
As an aside, I actually enjoy doing my taxes. I entered all the information in TurboTax once all the forms came in late January (although I wait until mid-Feb to actually file, I got burned on a late 1099 once).