 Tax time (by Hoosier [IN]) Mar 15, 2019 5:59 PM
 Tax time (by Deanna [TX]) Mar 15, 2019 6:26 PM
Tax time (by Shelby [IA]) Mar 15, 2019 8:10 PM
Tax time (by Robert J [CA]) Mar 15, 2019 8:50 PM
Tax time (by Wilma [PA]) Mar 16, 2019 12:38 PM
Tax time (by Hoosier [IN]) Mar 16, 2019 12:53 PM
Tax time (by Hoosier [IN]) Posted on: Mar 15, 2019 5:59 PM
Message:
Wow...CPA just informed me we're getting $5,500 refund. 2018 was an unusual year...wife retired and my income dropped (I'm self-employed in addition to running the rentals) so income dropped substantially and we were paying estimated quarterly taxes based on 2017 income at the behest of our CPA. I don't like getting large refunds...so I spoke with the CPA and we adjusted estimated quarterly payments appropriately for 2019 tax year.
There were a few other contributing factors too, such as the new tax law, QBID, and the health care subsidy credit since our income was so low and we are under 65.
How has your experience been with your 2018 taxes?
--99.92.xxx.xxx |
Tax time (by Deanna [TX]) Posted on: Mar 15, 2019 6:26 PM
Message:
DH always likes to overpay to make sure we get a good refund. He doesn't mind giving Uncle Sam a free loan... The last few years, we generally get back something around $6-$9k, depending.
The CPA should be done with the taxes on Monday, and I missed a giant chunk of last-minute conversation on the subject of DH's side biz (he pays quarterly on that, but annually on his main job and my side gigs as well), but it sounds like it will be double or triple what we got back last year.
DH was very anxious about this year's tax returns, with all the negative press. The CPA reassured him that certain things he was concerned about only kicked in at income levels higher than what we were at, and reassured him that we weren't doing anything that would lead to a giant tax refund this year but lead to problems in the future. And, of course, living in TX, the SALT reforms don't affect us as much as other places.
So I think we'll be very pleased with the numbers when they come in on Monday. Which is good-- because it will get plunked right back into the economy in the form of roof repairs! :P --96.46.xxx.xx |
Tax time (by Shelby [IA]) Posted on: Mar 15, 2019 8:10 PM
Message:
We got back the same amount as last year ($7200) and last year we paid in $1300 quarterly plus paid in $5300, this year we got another $2000 back and pay in $1700 quarterly. But my husband’s income was down $30k from previous year. Rental income was same, less expense this year. --173.26.xx.xxx |
Tax time (by Robert J [CA]) Posted on: Mar 15, 2019 8:50 PM
Message:
Let's see. After paying a Business Tax, Apartment Unit Tax, A Rent Stabilization Tax, Property Tax, Utility Tax, City Tax, Trash Tax, Water Tax, Sewer Tax, Vehicle Registration Tax, License Tax, Sales Tax (9.5%), State Tax (13.3%) and Federal Tax's -- I doubt that I'm going to get anything back. Probably I'm going to have to pay more for a Road Tax, Freeway Tax, Homeless Tax, Gas Tax and more.....This is California where the middle class gets hit hard. Not rich enough to sue the Government and not poor enough to get aid. Just in the middle and taxed to death.. --47.156.xx.xx |
Tax time (by Wilma [PA]) Posted on: Mar 16, 2019 12:38 PM
Message:
The new tax law stuff really threw my estimated payments off - I went with the "Safe Harbor" of 100% of last year's tax bill paid via estimated payments and withholding.
I hadn't counted on the QBI deduction applying to my small potatoes rentals, but it did - and I also didn't realized that the same would go for my REIT mutual fund holdings. Nice!
The other surprise was that my just-graduated college student being a dependent for one last year gained for me a $500 "other dependent credit". Really nice!
So, even though our other investments didn't perform as well in 2018 as 2017, we still got a couple thousand back.
Still, I'd rather just break even - I don't like giving Uncle Sam interest-free loans! --71.175.xxx.xx |
Tax time (by Hoosier [IN]) Posted on: Mar 16, 2019 12:53 PM
Message:
Amen Wilma...sounds like you are all over things! --99.92.xxx.xxx |
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