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Have Bar, Will Travel
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9,738 Posts
Discussion Starter #1
Figured it's coming might as well have a thread for it.


Anyone done their 2018 taxes yet. I just finished and it was or rather could have been easier this year. I ended up with the standard deduction line since I didn't get over that line. 24,000 for married.

my mortgage interest really isn't that high and neither is the property taxes (all is all I would have been at 19K ish if curious and that included child tax credit that I don't get much of.

Still - didn't have to pay in. I might break even next year as I've adjusted my withholdings last november based on estimates.

First time in 5 years I haven't had to pay in. (last year I paid federal 20 dollars more than I got back from state - closest I've ever gotten it)

Anywho. This year worked out but I suspect next year won't. Wifey will be paid more in 2019.

Hope it goes well for the rest of you
 

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DW can't take a J... or a D
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2,312 Posts
I ranted and raved about this shitsmurf tax bill from the first time it was published. My effective tax rate decreased from 17.87% to 17.36%. I'm not going to do any somersaults over the sheckles he saved me (while adding $2T to the 10 year deficit, despite the fact that these tax cuts expire in a few years), but I'll eat my tablespoon of crow.

<Cognitive Dissonance Warning>
I am still perturbed that I am no longer able to deduct property tax or mortgage interest, those things that 'the man' were telling me made buying a home worth it'.
 

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Have Bar, Will Travel
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9,738 Posts
Discussion Starter #3
If my house interest was higher I'd get over that line - (either the % of the amount). I don't get to count medical expenses since I don't seem to pay enough there. (that whole percentage of your adjusted gross or whatever)

And wifey's student loan interest still counts for a while but that might end.

Doesn't really matter for me though since I didn't have enough last year to not pay in - this year even without the child tax credit I would have gotten a return. So it improved for me but my state taxes and etc aren't astronomical.


I could see where if I lived anywhere else that whole math would have gone the other way.
 

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DW can't take a J... or a D
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2,312 Posts
Left almost twelve grand on the table in things I used to be able to deduct. I'd be much, much better off living somewhere else, which is the plan.

And before anyone comes with the usual snarktastic reply of "well the federal government shouldn't be subsidizing you". Piss off, my state (and the other affected states) are subsidizing you. Also, deducting state taxes has been part of the Federal tax code since it was conceived...being that this is the united states and all.
 

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Have Bar, Will Travel
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9,738 Posts
Discussion Starter #5
since it was conceived? I'm curious over that bit.

But as far as the subsidizing - I don't know. Wasn't there a chart one time of which states took more fed funds than they made?

I suspect my state's in the middle of that list and if I recall correctly only 4 or so states were net positive.

I don't know - admittedly it works out for me know but I don't see why you should get to deduct all of your state taxes as lowing your federal taxes. Some sure - but not all I guess.

Ideally I'd still like to see the flat tax incorporated, but now that i know more of the details of the turnip tax change it's not all that great but I suspect for people under the 100K line - and not living in a spendy state - will probably see some benefit.

I'm glad my company didn't move the withholdings automatically I will say that.
 

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DW can't take a J... or a D
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2,312 Posts
Both statements are true. Coincidentally, some of the states with the higher local taxes refused to ratify the 16th amendment. If I'm going to put on my libertarian hat for a second, EVERY state should have higher taxes than the federal government, because the government does too god damn much and has no reason to do it efficiently.

There are plenty of sources that show the net cash flow of federal receipts to benefits. NJ, NY, CA - all pay way more than they get back.
 

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Born in a class 5 hurricane
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11,467 Posts
<Cognitive Dissonance Warning>
I am still perturbed that I am no longer able to deduct property tax or mortgage interest, those things that 'the man' were telling me made buying a home worth it'.
Buy a bigger house?
 

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Have Bar, Will Travel
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9,738 Posts
Discussion Starter #9
Why FL?


Admittedly I've checked into 2 jobs down there but not sure I want to work for either company (small charter airlines). But I used to live in FL so part of my impetus.


Also considering TX
 

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Suffering Fools
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15,279 Posts
Last year we were very close to our deductions being the same as the standard, and since the mortgage interest goes down every year we would have probably done standard this year even if it hadn't gone up so much.

Had we not bought the plug-in-hybrid, we would have paid about $2k less than last year.
 

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DW can't take a J... or a D
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2,312 Posts
Why FL?


Admittedly I've checked into 2 jobs down there but not sure I want to work for either company (small charter airlines). But I used to live in FL so part of my impetus.


Also considering TX
Climate, #1. Also relatively low property taxes and zero personal income tax. Texas would be high on my list except for the lack of water and the Cowboys.
 

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Suffering Fools
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15,279 Posts
Lack of water? Maybe in west Texas, but the rest of us have had more than we wanted over the last couple years.
 

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Fake bacon lover
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11,254 Posts
/\ Shut up Beavis! The damn Yankee's will figure out we got lakes galore in this State and they will all start flooding in. Florida is perfect :D



**but that property tax. Uh, yeah, it is high in parts of TX. (but probably not northern state high?)



Too be fair, the cost of living in Texas (IMO) is pretty awesome. A big plus is the amount of house you can buy for your buck down here. Now the trendy areas (ATX) are getting populated as smurf and I try to avoid them mostly, there are plenty of very nice parts of this state.

Now far WTX? uh... Oh yeah, plenty of jobs in Midland/Odessa! (gawd is that part of the state just awful). Get down to Alpine, true its dry, but it really does have its own beauty.
 

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DW can't take a J... or a D
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2,312 Posts
Lakes don't do it for me, this guy needs tides in his life. That's the other trade off though, even though I'm in NJ I live in the woods and have a nice bit of the earth to myself. Florida won't have that. Texas would.
 

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Administrator
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8,257 Posts
Add another pissed off individual here.

I usually almost always have a net zero bill for both state and federal. This year; we owe $2800.
 
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