I just did my taxes - Page 52 - Antsmarching.org Forums - Dave Matthews Band Discussion
Old 01-14-2019, 09:32 AM   #1531
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Re: I just did my taxes

depends on if you are taking depreciation deductions leading up to the sale. if you aren't I think you're fine
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  • Old 01-14-2019, 10:05 AM   #1532
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    Re: I just did my taxes

    Quote:
    Originally Posted by YouNeverKnow25 View Post
    depends on if you are taking depreciation deductions leading up to the sale. if you aren't I think you're fine
    this is interesting, I did not know about this. I do the home office expense, but I don't think I'm taking many deductions. I'm looking at my tax return from last year now in the Form 4562 section - looks like previous year deductions were $676, and this year was about $1200, bringing the total to $1,800. I assume that amount will get taxed when I go to sell? I think I'm reading this right.
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    Old 01-14-2019, 10:06 AM   #1533
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    Re: I just did my taxes

    are the deductions specifically for depreciation? if not I think you're fine
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    Old 01-14-2019, 10:40 AM   #1534
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    Re: I just did my taxes

    Quote:
    Originally Posted by YouNeverKnow25 View Post
    are the deductions specifically for depreciation? if not I think you're fine
    I'm not sure. do you know where in my tax return I could find that?

    there are values entered in for home depreciation on my Form 8829, but I'm not seeing deductions at all for that.
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    Old 01-14-2019, 11:10 AM   #1535
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    Re: I just did my taxes

    I think I figured it out - I claimed $676 in depreciation for my home office this past year, and $648 the year before (and nothing before that). so I've only claimed the home office depreciation for 2 years, for a total of about $1,200 . so, I should really only be taxed 25% of about $1,200. that's not bad. phew, I was scared for a minute haha.
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    Old 01-14-2019, 12:15 PM   #1536
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    Re: I just did my taxes

    So TurboTax is forcing people to upgrade to Deluxe if you have student loan interest beacue the IRS has a new form or some shit. Anyone file using something else?
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    Old 01-14-2019, 01:15 PM   #1537
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    Re: I just did my taxes

    Quote:
    Originally Posted by JRS1386 View Post
    So TurboTax is forcing people to upgrade to Deluxe if you have student loan interest beacue the IRS has a new form or some shit. Anyone file using something else?

    I use FreeTaxUSA (https://www.freetaxusa.com/) but I have no idea what the best software is.



    I don't claim to know anything about taxes. Can everyone expect a higher refund due to the tax changes? I'm married with 3 kids.
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    Old 01-14-2019, 01:41 PM   #1538
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    Re: I just did my taxes

    Quote:
    Originally Posted by Dehalo212 View Post
    I use FreeTaxUSA (https://www.freetaxusa.com/) but I have no idea what the best software is.



    I don't claim to know anything about taxes. Can everyone expect a higher refund due to the tax changes? I'm married with 3 kids.
    Definitely not if you have kids (i.e. dependents). Single and married with no dependents are likely to get a bigger refund if they didn't adjust their tax withholdings.
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    Old 01-14-2019, 01:49 PM   #1539
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    Re: I just did my taxes

    Quote:
    Originally Posted by 42graystreet View Post
    Definitely not if you have kids (i.e. dependents). Single and married with no dependents are likely to get a bigger refund if they didn't adjust their tax withholdings.
    Even with the child credit going from $1,000 to $2,000? That's disappointing to hear.
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    Old 01-14-2019, 01:52 PM   #1540
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    Re: I just did my taxes

    Quote:
    Originally Posted by Dehalo212 View Post
    Even with the child credit going from $1,000 to $2,000? That's disappointing to hear.
    Not enough to cover the loss of your $4,050 deduction for each kid. But I'm no tax expert either. I just so happened to read an article this morning that mentioned this specifically.
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    Old 01-14-2019, 02:58 PM   #1541
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    Re: I just did my taxes

    Quote:
    Originally Posted by 42graystreet View Post
    Not enough to cover the loss of your $4,050 deduction for each kid. But I'm no tax expert either. I just so happened to read an article this morning that mentioned this specifically.
    It would depend more on if you itemize your taxes or not, right? For people who don't itemize, I was under the impression that they probably would save money because the standard deduction increased. For people who do itemize, it will depend on what they are itemizing because there were a lot of restrictions placed on what can be deducted compared to before.

    https://www.forbes.com/sites/kellyph.../#3b7529a3677d

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    Old 01-14-2019, 03:10 PM   #1542
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    Re: I just did my taxes

    According to that article I posted, basically, the new standard deductions/credits lead to a tax increase if you have more than 1 child. If you itemize, then it depends on what you itemize. However, the other side of the coin is that the marginal tax rates decreased. So most people will probably see reduced taxes from the lower tax rates, but likely some tax increase that will eat into that tax savings if you have more than 1 child.

    For me, it will be really difficult to know if the new tax law saves me money or not because I've always itemized and the new law has limits on the things I itemize. So part of the law really sucks for me, but the lower tax rates help somewhat and they added new business tax credits. I wouldn't be surprised if my taxes increase a little bit under the new law, mostly because of the $10,000 cap on deducting state and local taxes.

    I'll be curious to know how the new tax law affects most people.

    Last edited by Benny003; 01-14-2019 at 03:11 PM.
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    Old 01-14-2019, 03:44 PM   #1543
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    Re: I just did my taxes

    Quote:
    Originally Posted by Benny003 View Post
    According to that article I posted, basically, the new standard deductions/credits lead to a tax increase if you have more than 1 child. If you itemize, then it depends on what you itemize. However, the other side of the coin is that the marginal tax rates decreased. So most people will probably see reduced taxes from the lower tax rates, but likely some tax increase that will eat into that tax savings if you have more than 1 child.

    For me, it will be really difficult to know if the new tax law saves me money or not because I've always itemized and the new law has limits on the things I itemize. So part of the law really sucks for me, but the lower tax rates help somewhat and they added new business tax credits. I wouldn't be surprised if my taxes increase a little bit under the new law, mostly because of the $10,000 cap on deducting state and local taxes.

    I'll be curious to know how the new tax law affects most people.
    Aside from the limit on state and local taxes, what other things that you itemize have limits? Starting to get worried about my taxes now.
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    Old 01-18-2019, 10:35 AM   #1544
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    Re: I just did my taxes

    Quote:
    Originally Posted by Noles20 View Post
    Aside from the limit on state and local taxes, what other things that you itemize have limits? Starting to get worried about my taxes now.
    I think there are business expense limitations now as well. So if you personally itemize business expenses and deduct them on your tax return, you'll need to be careful about that. There could be other limitations too. I'm not an expert on all of the changes.
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    Old 01-18-2019, 10:38 AM   #1545
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    Re: I just did my taxes

    importantly, it's not just state and local taxes that are capped at 10,000---it's state, local, and property taxes that combine to be maxed out at 10,000
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    Old 01-18-2019, 10:40 AM   #1546
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    Re: I just did my taxes

    (not that you didn't realize that Benny, but just want to point out that there are some people that think "state and local" taxes refer to income tax only; but property taxes are lumped in there too)
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    Old 01-18-2019, 10:53 AM   #1547
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    Re: I just did my taxes

    Quote:
    Originally Posted by YouNeverKnow25 View Post
    (not that you didn't realize that Benny, but just want to point out that there are some people that think "state and local" taxes refer to income tax only; but property taxes are lumped in there too)
    Yes, that is correct. It super sucks for me because I have over $8,000 in property taxes each year and Minnesota's income tax is 9.875%. I'm still pissed that my House representative voted in favor of limiting the SALT deduction knowing he represented one of the highest taxed districts. Luckily, he got voted out in November.
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    Old 01-18-2019, 11:00 AM   #1548
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    Re: I just did my taxes

    my property taxes are fucking insane too. much more than eat up the SALT deduction on its own
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    Old 01-23-2019, 08:29 AM   #1549
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    Re: I just did my taxes

    I read an article that said you are no longer to deduct expenses for purchases that you make for your job that are unreimbursed (uniforms, equipment, supplies etc) and union dues are also no longer deductible. I have a feeling that I am going to pay a lot more than last year.
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    Old 01-23-2019, 08:42 AM   #1550
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    Re: I just did my taxes

    the standard deduction also went up bigly, so I wouldn't go all doom and gloom just yet
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    Old 01-23-2019, 08:45 AM   #1551
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    Re: I just did my taxes

    Just finished up my taxes with my accountant; getting back about $100 more than I expected courtesy of a larger DC-state (not a state?) refund. That, coupled with my bonus coming in around March, will make for a less-budget-intense trip to Italy!
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    Old 01-23-2019, 11:11 AM   #1552
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    Re: I just did my taxes

    I am a single filier and standard deduction type of guy. I've only entered the W2 for my current employer (since last May) and I'm already getting a $3500 refund which is over a thousand more than recent years. That will go north of $4K when I enter the W2 for my previous employer. My taxes and refunds have been pretty consistent for a number of years. This significant increase in my refund is much larger than it really needs to be, I'm sure. Someone remind me what I need to do about this? I really don't need Trump keeping this much money from me interest free.
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    Old 01-23-2019, 11:38 AM   #1553
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    Re: I just did my taxes

    Quote:
    Originally Posted by 42graystreet View Post
    I am a single filier and standard deduction type of guy. I've only entered the W2 for my current employer (since last May) and I'm already getting a $3500 refund which is over a thousand more than recent years. That will go north of $4K when I enter the W2 for my previous employer. My taxes and refunds have been pretty consistent for a number of years. This significant increase in my refund is much larger than it really needs to be, I'm sure. Someone remind me what I need to do about this? I really don't need Trump keeping this much money from me interest free.
    Do you file Single-0 or Single-1?
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    Old 01-23-2019, 11:46 AM   #1554
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    Re: I just did my taxes

    Quote:
    Originally Posted by Dave&Tim41 View Post
    Do you file Single-0 or Single-1?
    I'm double-checking with my employer what I put down as the number of allowances on my W4. I believe it's 1.
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    Old 01-23-2019, 11:52 AM   #1555
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    Re: I just did my taxes

    Ridiculous that I can't deduct all of my childcare expenses. One daughter full time / one daughter after school + summers cost me over 15k in childcare last year. Yes, I take advantage of all deductions and such.
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    Old 01-23-2019, 11:55 AM   #1556
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    Re: I just did my taxes

    Quote:
    Originally Posted by Lee3691 View Post
    Ridiculous that I can't deduct all of my childcare expenses. One daughter full time / one daughter after school + summers cost me over 15k in childcare last year. Yes, I take advantage of all deductions and such.
    Yeah, it's dumb how poorly we help people raise families in the US. My first daycare payments will be starting in March.
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    Old 01-23-2019, 12:16 PM   #1557
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    Re: I just did my taxes

    I pay my nanny [rhymes with plunder the grable] so I don't get jack shit for a deduction. that's the only way they'll accept the job though.
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    Old 01-23-2019, 12:56 PM   #1558
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    Re: I just did my taxes

    At least there is a 50% chance your banging her, so you get that too*







    *day care cost too much
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    Old 01-23-2019, 07:15 PM   #1559
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    Re: I just did my taxes

    day care is insane. we're having a baby in february and im already dreading those costs for 2...almost $1600/month
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    Old 01-23-2019, 08:51 PM   #1560
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    Re: I just did my taxes

    Quote:
    Originally Posted by Benny003 View Post
    Yeah, it's dumb how poorly we help people raise families in the US. My first daycare payments will be starting in March.
    Same. Looking at about $800/mo I think. Still gotta finalize everything.
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