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Tax Season

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Many early filers who are Trump supporters are pretty pissed. They are getting hit with huge tax bills as a result of the Trump tax cuts. Most people aren't early filers. One can only see what unfolds as April 15th comes around. Not one loophole for the corporations or top 1% got closed as promised, but a lot of deductions that the middle class used got eliminated or capped.

 

Many Trump supporters are venting their anger on twitter. Many who got refunds are finding out they now owe thousands of dollars as a result of the new tax laws.

 

This is going to get interesting.

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5 mins ago, Gotcow? said:

Who are these early filers and what level of gross are we talking about?

Way too early to tell. It all depends, but what is clear is many early filers are getting hit with surprise tax bills or getting smaller refunds than before. It is projected that more will end up paying and the average refund of those who will get one will be smaller and for 2019 people will have to have more withheld to prevent owing money. 

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19 mins ago, sfbaytf said:

Many early filers who are Trump supporters are pretty pissed. They are getting hit with huge tax bills as a result of the Trump tax cuts. Most people aren't early filers. One can only see what unfolds as April 15th comes around. Not one loophole for the corporations or top 1% got closed as promised, but a lot of deductions that the middle class used got eliminated or capped.

 

Many Trump supporters are venting their anger on twitter. Many who got refunds are finding out they now owe thousands of dollars as a result of the new tax laws.

 

This is going to get interesting.

Most of the middle class takes the standard deduction... that is verifiable fact.  The standard deduction was doubled.

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It is a good thing election day is about as far from tax day as you can get on a calendar, or these tax raising politicans would never get reelected. 

Those magnanimous politicians wouldn't have it set up that way on purpose,  would they?

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1 hour ago, sfbaytf said:

Way too early to tell. It all depends, but what is clear is many early filers are getting hit with surprise tax bills or getting smaller refunds than before. It is projected that more will end up paying and the average refund of those who will get one will be smaller and for 2019 people will have to have more withheld to prevent owing money. 

Odd that I am hearing just the opposite from those that I know that have filed early.

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I got a 3k tax bill this year, instead of 1.5k refund we got last year. Apparently wife and I didn’t update the new withholding amount  from last year based on the new taxes. I use turbo tax(did taxes today) using standard deductions for the past 8 years. Looks like Monday we will be taking more out for this year. 

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4 hours ago, sfbaytf said:

Many early filers who are Trump supporters are pretty pissed. They are getting hit with huge tax bills as a result of the Trump tax cuts. Most people aren't early filers. One can only see what unfolds as April 15th comes around. Not one loophole for the corporations or top 1% got closed as promised, but a lot of deductions that the middle class used got eliminated or capped.

 

Many Trump supporters are venting their anger on twitter. Many who got refunds are finding out they now owe thousands of dollars as a result of the new tax laws.

 

This is going to get interesting.

I read that too... only I *read* it.


They are not getting hit with huge tax bills... their taxes are what they are... and they are by and large lower under the new tax law.

 

The press wrote that article hoping it would be repeated this way.


What they are "hit with" is not all their tax being withheld... so they have to pay it via non withheld funds.

 

They are paying the same... and that amount is lower.

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They should compare what they paid in taxes last year vs. this year (as well as taxable income) & not just the refund.

 

And yes - if you have a big mortgage in NJ, NY, CT & MA odds are you will be paying more taxes.

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13 hours ago, Slacker said:

Most of the middle class takes the standard deduction... that is verifiable fact.  The standard deduction was doubled.

I've itemized since the day I bought my house, like most middle class homeowners i would think...no?

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5 mins ago, jettyjockey18 said:

I've itemized since the day I bought my house, like most middle class homeowners i would think...no?

Depends on your property taxes, mortgage interest, charitable contributions, health care expenses & dependents versus income. Those are the major categories unless you have your own business.

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3 hours ago, jettyjockey18 said:

I've itemized since the day I bought my house, like most middle class homeowners i would think...no?

70% of Americans take the standard deduction. 30% itemize.

 

 I would assume that you are correct that most people with a mortgage do itemize.

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