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8/2/2006
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Forest H Ill, MD
US
My wife works for a very large company, she just got her latest paystub with her new federal withholding taken out. By some pretty simple calculations, they are taking way too little out for what she would owe at the end of the year.
Just wondering if any of you guys have seen the change in your paystubs yet.
Just wondering if any of you guys have seen the change in your paystubs yet.
The Shop
I just finished my taxes and got a sizeable return. My tax lady informed me that if everything else stays the same, it will be nearly 4x as large next year for us.
My company had the new tables loaded in January.
Anyone saying “no change” ( wombie ) is leaving out the rest of the story...
Pit Row
I usually line my taxes up so I can get a small refund... more so that I don't have to find additional cash in my budget to pay at the end of the year, than trying to get a windfall. If I get back a few hundy it's a nice little bump for the month and the interest I'd be earning anywhere else is pretty insignificant.
This year though, we're getting back a little more than I would have liked and it will be massively more next year. Looks like I'm going to reduce my withholdings. Or better yet, dump more into my 401(k).
Looking forward to the increased standard deduction, maybe things will turn for the better for us for at least a couple years.
There was a good article last month which analyzed taxes from 3 different couples..all 3 expected their 2018 tax liability to increase based on "everything they read"- Turns out they will all see a large reduction. Best part- One couple were liberal professors and were SO pissed when they found out they would be getting a big tax refund due to the tax reform bill
It sure will simplify things though. We bought some potentially income producing property and we won't get close to 24k work of write offs so we won't have to itemize.
(Correct me if I'm wrong in my line of thinking)
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