OT: Tax Refunds

[tigers30cocks0]

For those that have filed, how are you doing on your returns this year? I haven’t filed yet, but just about everyone I have asked says it went down or significantly down. A few have said they owe for the first time in their life. Yikes!

https://www.politico.com/story/2019/02/08/average-tax-refund-down-1158440

 

[GoodWord28]

I'm gonna file mine over the weekend. A rough Calc says it's gonna be close.

 

[tigfan92]

Down about 50% on federal.

 

[Paws14]

In before someone mentions an interest free loan to the government

 

[CU1TruTiger4Life]

Got back $8000

 

[TigerNation2011]

Got back $8000

LOL SO POOR

 

[MBRO]

Going to be a lot of disappointed people this year.

 

[Ron Munson]

You do realize your tax refund is irrelevant right? The only thing that matters is your effective tax rate.

 

[chassc]

Yay!! Is this the tread where some folks will pat themselves on the back because they’ve never gotten a return and never will because they’re not poors?

 

[IMBlessed]

You do realize your tax refund is irrelevant right? The only thing that matters is your effective tax rate.

This is gonna be fun!!!

 

[IcelandTiger]

Still waiting on a few things, but I’m looking about equal (effective tax rate) to last year after making significantly more

I’ll report back

 

[financeNfootball]

 

[Eddyham]

What the heck is a tax refund?

 

[scotchtiger]

You do realize your tax refund is irrelevant right? The only thing that matters is your effective tax rate.

This. If you paid less during the year but got a smaller return, you very well could have come out ahead. There is a small percentage of people that might see an unintended adverse impact, but that will be rare. I’m expecting a significant improvement in effective tax rate and I’m squarely in the “I pay more than my fair share” category.

 

[MBTiger23]

Taking away the home office, mileage, and meals write off for a W-2 sales person was killer.

 

[SlovenskoTiger]

Paid $56. Got back about $1500 on state...changed my exemptions for that as soon as I saw it lol

 

[tigerGUY]

Got back $8000

Un fvcking real. You're on the LARGE public credit card.

 

[scotchtiger]

Taking away the home office, mileage, and meals write off for a W-2 sales person was killer.

Things will adjust. Either comp structure or your filing. My wife is W2 sales, but the employee entity is an S-Corp. All the same issues as you, but now we benefit from the pass through benefit.

 

[JAMCRACKER99]

You do realize your tax refund is irrelevant right? The only thing that matters is your effective tax rate.

and your waist size!

 

[CUPLAYER1]

Bumped up a bracket but have 2 kids. Return was almost identical to last year

 

[CU1TruTiger4Life]

Un fvcking real. You're on the LARGE public credit card.

Why you mad, bro?

 

[scott in nashville]

I bought the economy sized bottle of K-Y.

 

[Trading Tiger]

You do realize your tax refund is irrelevant right? The only thing that matters is your effective tax rate.

Yeah, because that's what the internet specialises in...intelligent people who can think logically.

Obama could have taxed income at 100%, but given everyone a 50% refund, and "most people" would have been thrilled. Trump could have cut taxes to 0%, which would have eliminated refunds, and "most people" would hate him for it.

 

[tigers30cocks0]

Bumped up a bracket but have 2 kids. Return was almost identical to last year

I did as well and am hoping for the same.

 

[SCTexanTiger]

 

[gcsoccer16]

Bumped up a bracket but have 2 kids. Return was almost identical to last year

Same

 

[Julius pitts]

I prepare tax returns and so far our customers are paying less tax.
The refund is irrelevant. Withholding was adjusted last year.

 

[TimmyBobby]

I got $ back but down by 40% compared to recent years

 

[OrangeTigerTower]

Taking away the home office, mileage, and meals write off for a W-2 sales person was killer.

Yep.

And 58,000 miles this year. Ouch.

 

[scotchtiger]

I got $ back but down by 40% compared to recent years

Please describe your effective tax rate year over year. That’s much more relevant than your refund.

 

[tigers30cocks0]

But that’s also not what I was asking.

 

[clemben]

I got hit by the loss of key itemized deductions.

The Republican Congress and President raised my taxes a couple grand.

I'll survive.

What ticks me off is that those deductions that used to go to middle class folks like myself were pulled to pay for changes that help rich folks and trust fund babies like getting rid of the estate tax.

But it will trickle down. Or so I'm told...

 

[Hal Kitzmiller]

Don't worry bro

This. If you paid less during the year but got a smaller return, you very well could have come out ahead. There is a small percentage of people that might see an unintended adverse impact, but that will be rare. I’m expecting a significant improvement in effective tax rate and I’m squarely in the “I pay more than my fair share” category.

For ****s sakes dude. Just tell us how much you make a year! Youve been hinting about it for 5 years. Let me give you a hint. Nobody ****ing cares

 

[IcelandTiger]

I got hit by the loss of key itemized deductions.

The Republican Congress and President raised my taxes a couple grand.

I'll survive.

What ticks me off is that those deductions that used to go to middle class folks like myself were pulled to pay for changes that help rich folks and trust fund babies like getting rid of the estate tax.

But it will trickle down. Or so I'm told...

What percent did you effective tax rate increase?

 

[yeti24]

This. If you paid less during the year but got a smaller return, you very well could have come out ahead. There is a small percentage of people that might see an unintended adverse impact, but that will be rare. I’m expecting a significant improvement in effective tax rate and I’m squarely in the “I pay more than my fair share” category.

I’m TBD but believe a lower effective rate. It has been fascinated talking to some of my former colleagues who work in NYC - live in NJ, CT, and Long Island NY. High end earners and home owners (mid/upper 6, lower 7 figs). Taking a BATH with the SALT cap. Funny enough their fury appears mostly directed to Albany, Trenton, and Hartford and not Washington. So glad I don’t live and work in that shithole anymore.

 

[TimmyBobby]

Please describe your effective tax rate year over year. That’s much more relevant than your refund.

Yes my effective tax rate went up

 

[IcelandTiger]

Yes my effective tax rate went up

What percentage did your effective tax rate go up?

 

[scotchtiger]

Yes my effective tax rate went up

Did your income go up too? If not, what’s driving the increase?

 

[scotchtiger]

I’m TBD but believe a lower effective rate. It has been fascinated talking to some of my former colleagues who work in NYC - live in NJ, CT, and Long Island NY. High end earners and home owners (mid/upper 6, lower 7 figs). Taking a BATH with the SALT cap. Funny enough their fury appears mostly directed to Albany, Trenton, and Hartford and not Washington. So glad I don’t live and work in that shithole anymore.

That was part of the idea behind the SALT cap. The theory was that high tax states were being partially funded through federal tax deductions.

 

[scotchtiger]

Don't worry bro

For ****s sakes dude. Just tell us how much you make a year! Youve been hinting about it for 5 years. Let me give you a hint. Nobody ****ing cares

You okay?