Have you started taxes yet?

[mefordis]

Dh sat down yesterday and started doing our taxes just to get a rough idea of where we stand. With the new tax changes, it looks like we may actually owe a couple hundred dollars this year instead of getting a refund like we always have.

While disappointing, we were not really surprised because we have read that a lot of people may now owe something unless you changed your withholding last year which we did not.

Still a bummer though.

Anyone else started theirs yet?

We just finished our return and came out way ahead from last year. We are definitely paying less taxes this year than prior years.

 

[Suprachica79]

Did mine Friday, had a sizable return but living in CT really screws us. Cap on property/state income tax was really meant to hurt the Blue states and it did. We paid less in taxes this year than last, but my brother (makes about 1/4 what we do) and sister and brother in law (who make about 60% what we do) paid more. They are considered low-middle and middle class, respectively, and we are considered upper-middle. Looks like that middle class tax cut wasn’t really for the middle class after all.

And non profits will absolutely see a big decrease in donations from the average Joe since they are really not deductible in an applicable sense anymore.

 

[runwad]

Here, https://apps.irs.gov/app/withholdingcalculator/
^it's the withholding table calculator. Work through this and you won't have any surprises next year for those of you that did this year.

I did all our taxes yesterday. I was quite nervous and kept finding other things to do besides sitting down and getting them done. But not because I thought I was going to owe, but because I have kids in college and it's complicated.

I have notes galore. Can use 529 funds for room & board, but not to claim the American Opportunity Tax Credit, that is only for tuition and qualified expenses...what your kid got a scholarship for their housing? That's taxable income to them you have to add it to their income, etc...its a big ole pain in the butt!! But finally this year I didn't have any problems, guess 3rd time is the charm. And the new higher single standard deduction helped my college kids out too, they got back all that was withheld and didn't have to actually "pay taxes" on those scholarships. Yay them!!

 

[Araminta18]

Just sent everything off to our accountant yesterday, since we *finally* got the last form that we needed. This was our first year having a mortgage, so between that and the new tax law, I have no idea how it'll shake out. We'll see!

 

[neverlandsky]

I always do our taxes. Started. Just waiting for 1 more paper. Sold stock with company I’m no longer with, not sure if I’ll get paperwork for that or not. The deadline for that is Feb 15. I have all the info to key in myself, just wanted the hard copy that automatically goes to the IRS and it’s not available online.

Not surprised tax wise with our situation since we always claim the standard deduction. We always claim married with 0 allowances. State we’re looking at within that $1,000 refund. With Federal the CTC makes us have a larger refund. Without CTC we would owe $2,000. Oldest will be turning 17 next year so we’re going to have to withhold extra $$$ per pay period.

 

[tvguy]

I have an appointment with the CPA. That is as far as I have gotten.
I better get busy because my appointment is February 12th.
Although, now I think about it, I only have my W-2. My wife hasn't gotten her's yet. And none of our 1099s have come yet.

We haven't been able to itemize in 19 years, so I suspect the tax law changes will have very little impact on us. Until they banned it, we always claimed an exemption from withholding tables, and had a percentage withheld. That was the only way we could get our withholding anywhere close to the actual tax we owed. The withholding tables aren't even close.

Okay, 6 hours later. Everything together other than my wife's W-2 and our investment 1099s. Those should come in the mail this week.

 

[ronandannette]

Nope. In Canada employers have until February 15 to provide our documents and our filing deadline is April 30.

 

[BearFamily]

Ugh. I’ve always done our taxes, but this year I’m feeling in over my head. I’m responsible for doing them for us, plus my MIL who passed this summer, plus the trust from her estate. I’ve started but not finished all three.

 

[ThisIsJason]

Just finished tonight. Getting back a whopping $32 back from federal. Owe Michigan $251. Believe that is pretty dang close to what it was last year.

 

[kimblebee]

Nope. In Canada employers have until February 15 to provide our documents and our filing deadline is April 30.

Is this for businesses? Your T4 only has to be out by the end of February. Since it’s a Saturday, they have to be postmarked by March 2 this year. Ours always come sooner than later. I’d hate to have to wait until the last minute.

 

[verleniahall]

already done,submitted, and we will get bithbstate and federal returns,

 

[fla4fun]

Filed, accepted, and refund supposed to hit the bank tomorrow. I never itemize, and don’t have any complicated financial things to deal with. I file as soon as I can to try and outwit the identity thieves, but also to try and get my refund as quickly as possible while fewer people are filing. Our company does the income year by check date, so our last check for 2018 was before Christmas, which allowed them to get the W2’s out early too. We can get them online, so we don’t have to wait for them to come in the mail.

I got about $40 less overall as a refund, but got a bigger refund than I estimated, so I don’t have any complaints.

 

[kdonnel]

And non profits will absolutely see a big decrease in donations from the average Joe since they are really not deductible in an applicable sense anymore.

I am an average Joe. I have never donated because it was tax deductible. I have always donated because I felt the cause I was donating to was worthy of my money, time, or goods.

I donated more in 2018 then in prior years.

With a mortgage, state taxes, property taxes, and donations, it was easy to exceed the new larger standard deduction.

I have no plans to change in 2019.

 

[ronandannette]

I use turbotax because it makes it so easy and straightforward. Ours are about 75% done. I’m still waiting for two T4 (don’t know the US equivalent) of mine. When I get them I just have to plug in the numbers and then it’s done. Well, besides playing with our credits to see if it’s better for me or my husband to claim them.

We’re the dopes (please don’t lecture on a better way to do things, we’re very happy with how we do it) that get a huge refund at tax time. It’s like our second Christmas because it’s when we get to splurge a bit. I think mine for the year will be a tattoo..not a huge splurge but still something ‘extra’.

I don't think you're dopes - we do it that way too and use the refund each year to pay our property taxes. Once-upon-a-time we also usually were able to pay for an additional modest vacation out of the deal. Our refunds are substantially smaller in recent years since we can no longer claim DS as a dependent or his private-school tuition as a deduction. (I would feel like I died and went to heaven if we could deduct mortgage interest like the Americans do.)

As far as withholdings go, I'm not even sure if our system allows us to adjust them when one only has regular employment income with at-source withholding. We both only claim the basic personal exemption and I'm not aware you can go lower than that to have them withhold less.

 

[LeslieLou]

Filed mine Jan 30

ETA our refund was approximately the same as last year but I made quite a bit more money. I was very nervous, especially since I didn’t adjust the withholding increase and I knew we wouldn’t be able to itemize since we only had a mortgage for 6 months of the year.
I like big refunds too- makes paying annual life insurance easy and I don’t have to plan to fund a major house project

 

[Katlyn]

I filed for several friends so far. All of them made more than in 2017, had more in their checks during the year and still receiving a refund. One already has her Fed. refund back.

 

[wvjules]

Filed on 1/28. Got state refund on 1/31. Still waiting on federal refund.

My taxes are simple. I never itemized before so I didn’t lose any of those deductions. Tax rate is pretty much the same as last year. I way under withheld last year and owed. Adjusted for this year and get back about $400 federal and $300 state.

 

[kimblebee]

I don't think you're dopes - we do it that way too and use the refund each year to pay our property taxes. Once-upon-a-time we also usually were able to pay for an additional modest vacation out of the deal. Our refunds are substantially smaller in recent years since we can no longer claim DS as a dependent or his private-school tuition as a deduction. (I would feel like I died and went to heaven if we could deduct mortgage interest like the Americans do.)

As far as withholdings go, I'm not even sure if our system allows us to adjust them when one only has regular employment income with at-source withholding. We both only claim the basic personal exemption and I'm not aware you can go lower than that to have them withhold less.

We pay rent so we get to choose who claims it. I think we’re one of if not the only province where you can claim rent. Only one person can claim it so that’s why I play to see who gets the biggest addition to our return. Until a few years ago you could split the amount so one person could claim half and someone else could claim the rest. I don’t know what you’d do if you rented a house with five other people (like my daughter does in B.C.). They don’t let you claim rent so it’s not a worry for them.

We have some medical expenses that either of us can claim as well as some other things.

 

[kdonnel]

Until they banned it, we always claimed an exemption from withholding tables, and had a percentage withheld. That was the only way we could get our withholding anywhere close to the actual tax we owed. The withholding tables aren't even close.

You can still claim 1000 allowances, and then tell them how much to withhold on the next line. There is no rule that says w4 allowances must equal to any number in reality.

 

[ronandannette]

We pay rent so we get to choose who claims it. I think we’re one of if not the only province where you can claim rent. Only one person can claim it so that’s why I play to see who gets the biggest addition to our return. Until a few years ago you could split the amount so one person could claim half and someone else could claim the rest. I don’t know what you’d do if you rented a house with five other people (like my daughter does in B.C.). They don’t let you claim rent so it’s not a worry for them.

We have some medical expenses that either of us can claim as well as some other things.

You can?!? I've never heard of such a wonderous thing - that would have been like a lottery win for all those years we paid $2,000.00/mo in rent.