Tax bill

[BaltimoreSkins]

Anybody else seeing fluctuations in their pay since this went into effect? My pay stub has fluctuated abut $60 every single pay period. I have not seen a trend or consistency.

[Schneed10]

My company put the new tax tables into effect with the paychecks that came out Feb 23. Take home pay went up.

Every company should be implementing the new tables sometime in February. They're all working to do so as soon as possible. But if your company is late with it don't worry, you'll still get your money when you go to file your tax return. The longer it takes your company to install the new tax tables, the bigger your tax return will get. It's all coming to you, one way or another.

As for fluctuations in your take home pay, you may have other things influencing it. The tax tables going into effect will not cause things to go up and down, just adjust to a new normal. Take out your stubs and look for changes in deductions.

[BaltimoreSkins]

So I should expect stability soon. We are ten month employees so we auto transfer to live off the two months we don't get paid, knowing how much we can/should transfer definitely makes it easier.

[Giantone]

For the Tax year 2017 my taxes stayed the same, the Mrs for 2018 sees $5.63 more a month as a school teacher and it does not effect my retirement check. My tax man showed what my taxes will look like next year , my state will be the same my federal I will owe $257 if I leave as is,it has been adjusted.

[TheMalcolmConnection]

So I trust my tax person, but my biggest concern is possibly OWING next year. She said that even though we get around $3,000 back each year (we take zero deductions), next year we might have to pay in. That would seriously chap my ass considering we're not getting THAT much extra to cover that in our paychecks. Anyone else hear this from their tax person (or notice it when preparing your own)?

[Giantone]

Originally Posted by TheMalcolmConnection

So I trust my tax person, but my biggest concern is possibly OWING next year. She said that even though we get around $3,000 back each year (we take zero deductions), next year we might have to pay in. That would seriously chap my ass considering we're not getting THAT much extra to cover that in our paychecks. Anyone else hear this from their tax person (or notice it when preparing your own)?

...........yes ,my Tax man is a professional and has been doing this for years.

[TheMalcolmConnection]

Originally Posted by Giantone

...........yes ,my Tax man is a professional and has been doing this for years.

So he's saying the same thing? You don't have to answer if you don't want, but do you typically get a pretty large return and now he's saying you might have to pay in?

[MTK]

I find it hard to believe there would be that drastic of a swing from getting 3k back to owing $. My tax guy hasn’t mentioned anything yet

[TheMalcolmConnection]

I agree. I think combined my wife and I get an extra $200 per paycheck... Just really worries me because that pays for our vacation each year.

[Giantone]

Not a tax man so I am repeating and I could be wrong! We got around 1200/1500 on good years back. This year he has a print out of out taxes as we did for this year and then if we leave everything as is for next year and it's in the deductions ,we itemize the Mrs spends about 2700 out of pocket on school supply's .He says we will be hit on those things on our Federal , he says our state should still be the same.



...........live in Maryland .

[MTK]

You can always check with the IRS, everyone has different situations

[Giantone]

Originally Posted by TheMalcolmConnection

I agree. I think combined my wife and I get an extra $200 per paycheck... Just really worries me because that pays for our vacation each year.

I admit I thought it would be worse ,I adjust my federal withholding so we will be fine . My brother up in NJ has property taxes of over $23,000(ocean front) and will only be able to claim 10 grand that's all.

[mooby]

Here's a follow up report on the savings from the tax bill.

Personally my paycheck went up, but it's hard to tell how much is from the tax cut and how much is from the salary bump due to my promotion that went into effect right around the same time. My tax return was higher than last year's, but not by much.

Tax cut savings flow to company stockholders, trickle to hourly workers

[Giantone]

And now the other side of Trump and Ryan's tax bill.................
https://www.yahoo.com/huffpost/avera...054836423.html


Average Tax Refunds Down 8.4 Percent As Angry Taxpayers Vent On Twitter
HuffPost Mary Papenfuss,HuffPost Sat, Feb 9 12:48 AM EST
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Average tax refunds were down last week 8.4 percent for the first week of the tax season over the same time last year, according to the Internal Revenue Service. Dipping refunds are inflaming a growing army of taxpayers stunned by the consequences of the Trump administration’s tax law — and the effects of the partial government shutdown.

The average refund check paid out so far has been $1,865, down from $2,035 at the same point in 2018, according to IRS data. Low-income taxpayers often file early to pocket the money as soon as possible. Many taxpayers count on the refunds to make important payments, or spend the money on things like home repairs, a vacation or a car.

The IRS had estimated it would issue about 2.3 percent fewer refunds this year as a result of the changes in the federal tax law, according to Bloomberg. MSNBC reports that 30 million Americans will owe the IRS money this year — 3 million more than before Trump’s tax law.


chico this is an OPINION piece...........


https://www.fatherly.com/love-money/...arents-refund/

I am a father of two in a dual-earner household, sitting smack-dab in the middle of the middle-class. It’s February and I am terrified to do my 2018 taxes. It’s not because taxes are hard. It’s not because I’m seeing middle-class Trump supporters become apoplectic on Twitter as they calculate their tax bill. It’s because for the last three years I’ve been a remote worker itemizing my tax returns and, in 2017, House Republicans and President Trump stripped me of crucial deductions. So I hesitate to file. Because I know it’s going to be bad and I don’t want to find out just how bad.

I have, for the last three years enjoyed a refund. And the money I received from that refund often went back to my community. One year my wife and I bought a couch from a local business. The next we bought a bed from a local business. Other times, of course, we’ve used the refund to pay down debt. Either way, I am not expecting a refund this year. I’m expecting to write a check.

[TheMalcolmConnection]

Only difference in my taxes this year was my wife is making $6,000 more. We got almost $1,200 less in our return this year. YAY.