Tax cut 2018, new federal withholding

jtiger12
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jtiger12
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.
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GeorgiePorgie 2/8/2018 1:24pm
2/8/2018 1:24pm
Claim zero. And say you would like an additional $500 withheld from every pay and never do your taxes again for the rest of your life. The irs will never nag you about it.
JAFO92
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JAFO92 2/8/2018 1:24pm
2/8/2018 1:24pm
Uncle Tony wrote:
I got more in my check
My wife did too, about $200 bucks more a month.
SCR
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SCR 2/8/2018 2:00pm
2/8/2018 2:00pm
I knew it. Trumps gonna ruin everything.

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Falcon
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Falcon 2/8/2018 3:32pm
2/8/2018 3:32pm
Are you factoring in the difference in your total tax for 2018? This will be the first year that all the tax breaks will go into effect. Your total withholdings may be wrong, but remember you won't have to pay out nearly as much this year.

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.
newmann
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newmann 2/8/2018 3:46pm
2/8/2018 3:46pm
What is this "tax return" I keep hearing of? You mean your money?
smashingpumpkins167 2/8/2018 3:51pm
2/8/2018 3:51pm
newmann wrote:
What is this "tax return" I keep hearing of? You mean your money?
It's an interest free loan that you supply to the feds every year. I'm surprised you didn't know that.
GeorgiePorgie 2/8/2018 4:15pm
2/8/2018 4:15pm Edited Date/Time 2/8/2018 4:15pm
My take home increase seems to be right around 250-300 mark. So, hey....that’s like the govt paying for my racing every month. 500-600 bones gets me a lot of gas and entry fees.
SCR
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SCR 2/8/2018 4:19pm
2/8/2018 4:19pm
Uncle Tony wrote:
You're tempting the devil SCR
Ha Ha. Your probably.
Uncle Tony
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Uncle Tony 2/8/2018 4:33pm
2/8/2018 4:33pm
Falcon wrote:
Are you factoring in the difference in your total tax for 2018? This will be the first year that all the tax breaks will go into...
Are you factoring in the difference in your total tax for 2018? This will be the first year that all the tax breaks will go into effect. Your total withholdings may be wrong, but remember you won't have to pay out nearly as much this year.

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.
Here you go
Brad460
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Brad460 2/8/2018 5:24pm
2/8/2018 5:24pm Edited Date/Time 2/8/2018 5:25pm
My federal tax withholdings went down 21%. My co-workers were all between 14% and 21%...most at 20%.

My company had the new tables loaded in January.

Anyone saying “no change” ( wombie ) is leaving out the rest of the story...
Yzf916
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Yzf916 2/9/2018 2:57am
2/9/2018 2:57am
Imagine that. Letting working people KEEP more of THEIR money. That THEY earn. Through THEIR hard work. To spend as THEY see fit. 100% of the people that I know got more in their paychecks this week. How is it that the SJW on this site saw no change? Please explain. Or is he just in denial to push an agenda?
71Fish
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71Fish 2/9/2018 4:12am
2/9/2018 4:12am
I got a bit more. I need to do the math and see how It will shake out for tax returns next year.
jtiger12
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jtiger12 2/9/2018 5:55am
2/9/2018 5:55am Edited Date/Time 2/9/2018 5:56am
Falcon wrote:
Are you factoring in the difference in your total tax for 2018? This will be the first year that all the tax breaks will go into...
Are you factoring in the difference in your total tax for 2018? This will be the first year that all the tax breaks will go into effect. Your total withholdings may be wrong, but remember you won't have to pay out nearly as much this year.

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.
Absolutely did. Her payroll dept sent out an email this morning. Apparently they made the rate cut retroactive to sometime in early January, and prorated her bonus down from 25% tax to 22%.

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el moto diablo 2/9/2018 7:09am
2/9/2018 7:09am
Never understood why people like a large refund. I calculate my withholding show my refund is almost nothing. Why give Uncle Sam an interest-free loan?
newmann
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newmann 2/9/2018 8:01am
2/9/2018 8:01am
Brad460 wrote:
My federal tax withholdings went down 21%. My co-workers were all between 14% and 21%...most at 20%. My company had the new tables loaded in January...
My federal tax withholdings went down 21%. My co-workers were all between 14% and 21%...most at 20%.

My company had the new tables loaded in January.

Anyone saying “no change” ( wombie ) is leaving out the rest of the story...
You can make a voluntary donation but it appears as if only 3 million or so gets donated each year. Out of all the rich celebrity screamers out there, none of them support their own cause.
Falcon
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Falcon 2/9/2018 9:17am
2/9/2018 9:17am
el moto diablo wrote:
Never understood why people like a large refund. I calculate my withholding show my refund is almost nothing. Why give Uncle Sam an interest-free loan?
This is the best plan, if you want the most profitability. Keep that money in your own bank!

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). Cool
jtiger12
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jtiger12 2/9/2018 10:10am
2/9/2018 10:10am Edited Date/Time 2/9/2018 10:13am
el moto diablo wrote:
Never understood why people like a large refund. I calculate my withholding show my refund is almost nothing. Why give Uncle Sam an interest-free loan?
All depends on your situation! We owe taxes every year, even though my wife and I both claim 0. When we file this year, I will have paid more in federal taxes than some it techs gross in a year, and I will still have to stroke a 7400 dollar check to uncle sam.

Looking forward to the increased standard deduction, maybe things will turn for the better for us for at least a couple years.
tcannon521
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tcannon521 2/9/2018 10:18am
2/9/2018 10:18am Edited Date/Time 2/9/2018 10:20am
I’ve not talked to my CPA yet but from everything I’m reading my tax liability will go up for 2018. I will be losing a lot of unreimbursed business expense tax breaks. Also, thank goodness I built my home in 2017. I would have lost almost $40,000 in additional federal tax deductions building it in 2018.
Brad460
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Brad460 2/9/2018 11:23am
2/9/2018 11:23am
tcannon521 wrote:
I’ve not talked to my CPA yet but from everything I’m reading my tax liability will go up for 2018. I will be losing a lot...
I’ve not talked to my CPA yet but from everything I’m reading my tax liability will go up for 2018. I will be losing a lot of unreimbursed business expense tax breaks. Also, thank goodness I built my home in 2017. I would have lost almost $40,000 in additional federal tax deductions building it in 2018.
If you're relying on "everything you're reading" consider the complete opposite is actually true...

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 Laughing
MR. X
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MR. X 2/9/2018 1:57pm
2/9/2018 1:57pm
10 grand cap on SALT taxes next year.
smashingpumpkins167 2/9/2018 2:04pm
2/9/2018 2:04pm
Uncle Tony wrote:
I got more in my check
JAFO92 wrote:
My wife did too, about $200 bucks more a month.
That's about a dollar per hour. Congratulations on the raise.

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)
tcannon521
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tcannon521 2/9/2018 3:03pm
2/9/2018 3:03pm
tcannon521 wrote:
I’ve not talked to my CPA yet but from everything I’m reading my tax liability will go up for 2018. I will be losing a lot...
I’ve not talked to my CPA yet but from everything I’m reading my tax liability will go up for 2018. I will be losing a lot of unreimbursed business expense tax breaks. Also, thank goodness I built my home in 2017. I would have lost almost $40,000 in additional federal tax deductions building it in 2018.
Brad460 wrote:
If you're relying on "everything you're reading" consider the complete opposite is actually true... There was a good article last month which analyzed taxes from 3...
If you're relying on "everything you're reading" consider the complete opposite is actually true...

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 Laughing
My initial basis is from me reading over the actual bill and analyzing the changes. I’m not a CPA but I have a good grasp after reading over it. Hopefully I’m wrong, but I know I won’t be.
tcannon521
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tcannon521 2/9/2018 3:04pm
2/9/2018 3:04pm
smashingpumpkins167 wrote:
That's about a dollar per hour. Congratulations on the raise. It sure will simplify things though. We bought some potentially income producing property and we won't...
That's about a dollar per hour. Congratulations on the raise.

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)
Technically true but real world will not play out that way if inflation keeps coming from Trump’s policies.
MR. X
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MR. X 2/9/2018 3:13pm
2/9/2018 3:13pm
tcannon521 wrote:
My initial basis is from me reading over the actual bill and analyzing the changes. I’m not a CPA but I have a good grasp after...
My initial basis is from me reading over the actual bill and analyzing the changes. I’m not a CPA but I have a good grasp after reading over it. Hopefully I’m wrong, but I know I won’t be.
Isn't it like 500 pages ? That's a lot of research just for fun.

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