2018 NY tax return Results...

Discussion in 'The Tiki Bar' started by mnm99, Feb 2, 2019.

  1. mnm99

    mnm99 Well-Known Member

    Oct 2, 2015
    Long Island
    2004 340 SeaRay Sundancer
    Twin 8.1 Merc
    I'm getting my taxes done today. I'll post back if it was good or bad for me. I'm curious to see how other people made out with the changes.
     
  2. Craig

    Craig Active Member GOLD Sponsor

    495
    Feb 8, 2007
    Maryland
    2006 320 Sundancer
    twin 350 Horizon V drives
    Sucked for me in Maryland. Loss of work expense deduction was the killer.
     
    Last edited: Feb 2, 2019
  3. wyrman

    wyrman Active Member SILVER Sponsor

    974
    Jul 12, 2012
    Tri-Cities, Wa
    2007 310 Sundancer
    Twin 350's, V drives
    1994 18' Bluewater bowrider
    We made out better, have to pay appx $470.00 less than last year.
    We have zero deductions, so we use the general deduction.
     
  4. JVM225

    JVM225 Well-Known Member GOLD Sponsor

    Apr 8, 2008
    Farmingdale, NY
    2002 410 Sundancer, Monaco Edition.
    3126 Cats.
    Won’t know until I go to the accountant in the middle of March, but I expect to pay more this year.
    The limit on the SALT deduction is going to hurt. and although the market was down overall last year, capital gains were good so that will add to the damages.
     
  5. boatman37

    boatman37 Well-Known Member

    Jun 6, 2015
    pittsburgh
    2006 Crownline 250CR. 5.7 Merc BIII
    Previous: 1986 Sea Ray 250 Sundancer. 260 Merc Alpha 1 Gen 1
    5.7 Merc BIII
    Dropped ours off to the CPA the other day. Usually takes him a couple of weeks so we will see. We usually itemize but doubt we will be doing that this year
     
  6. mnm99

    mnm99 Well-Known Member

    Oct 2, 2015
    Long Island
    2004 340 SeaRay Sundancer
    Twin 8.1 Merc
    Well the results are in...So I got back around $800 in state, but owed $6200 in federal. My wife and I both claim Married 0. Last year we owed $1600. Now we made $4000 more and paid $3100 less in Federal taxes. Ar least I accounted for it and put away 5K during the year just to give back. You do the math We got screwed by this great tax plan. Such BullS***!
     
  7. play dough

    play dough Active Member

    239
    Aug 29, 2011
    Michigan
    1997 330 Sundancer, 7.4L MPI V-Drive / 2007 Crestliner 1750 Fishhawk
    7.4L MPI Mercruiser / 115 Mercury Optimax
    Don't blame Washington. I'm guessing they're finally getting what you owe them as you can no longer deduct all of your sky high state and local taxes. Seems to me to be a state taxation issue.
     
    BStew and Golfman25 like this.
  8. Woody

    Woody Well-Known Member PLATINUM Sponsor

    Nov 20, 2007
    N. Wisconsin/Lk Superior
    2005 420DA
    Cummins 6CTA8.3
    When you say you 'paid $3,100 less in Federal taxes' do you mean less withholding from your paycheck? That's what it sounds like to me.

    If so, it looks like you came out about the same, maybe a bit better considering your income was higher by 4,000. Sounds like you just have to get your withholding straightened out.

    It would be interesting if you went to Jaybeaux survey and figured your effective tax rate for this year and last. Total tax liability/taxable income
     
    Last edited: Feb 3, 2019
  9. Bridog

    Bridog Well-Known Member GOLD Sponsor

    Oct 4, 2006
    Gulf Shores AL / Brick NJ
    2016 19SPX OB
    Mercury 150 4S OB
    Im curious if the property tax cap had anything to do with your results since you live in NY?
     
  10. mnm99

    mnm99 Well-Known Member

    Oct 2, 2015
    Long Island
    2004 340 SeaRay Sundancer
    Twin 8.1 Merc
    Guys, Please don't start the "hey you guys are finally paying what you should, It's your state ect... stuff" The thread was for NEW YORK, and I was just wondering what other NEW YORK people are getting. Thanks.
    Yea $3100 less taken from federal. All said and done because of the less deductions I did owe around $1800 more then last year. When I saw my paycheck go up, I put that amount away. Whoever figured out what amount should be deducted was way off. Just pisses me off when the government was touting that were getting more money in our checks now, just for me to give it all back and some. I feel bad for people that didn't put money away like I did. I am now filing single/married AND taking out additional money. Single married they will take out as much as I can so I at least break even next year. Last year I had 43K in Itemized deductions. This year was 27K.
     
  11. mnm99

    mnm99 Well-Known Member

    Oct 2, 2015
    Long Island
    2004 340 SeaRay Sundancer
    Twin 8.1 Merc
    Absolutely. My real estate takes are $15600 alone.
     
  12. Creekwood

    Creekwood Well-Known Member GOLD Sponsor

    Apr 26, 2009
    Oakville and Georgian Bay, Ontario
    '97 330 Sundancer, Raymarine C80 suite with radar, Mercury 310 Hypalon w/8hp Yammie 2stk
    2X 454 carbs w/ vDrives
    If you get your taxes done by a professional and have for a few years, you can ask them to run you a multi-year comparative summary that will show your income and taxes over that period. All decent tax preparation software does that and results are sometimes surprising because you can see the true picture of what has actually changed in your taxes, not what the overstuffed politicians will spout from the podium to get elected.
     
  13. Bridog

    Bridog Well-Known Member GOLD Sponsor

    Oct 4, 2006
    Gulf Shores AL / Brick NJ
    2016 19SPX OB
    Mercury 150 4S OB
    I used to live in Jersey, so I know your pain. Sorry about your results. At least now you can plan for it this year and get ahead of it. Good luck
     
  14. Jaybeaux

    Jaybeaux Active Member SILVER Sponsor

    526
    Jan 3, 2016
    Upper Potomac River
    420 Sundancer 2004
    Naught On Call
    Cummins 6CTA-8.3's with V-Drives
    9KW Onan Genset
    You made more money, paid $3,100 less in federal taxes, and are complaining about the New Tax Law? I'm lost.

    While I appreciate you sharing your experience, you haven't told us anything. If I said last year I got a $25,000 refund and this year paid $10,000, that really doesn't tell you much. That's why in my survey (other thread) I am asking people to express their total tax liability (tax paid) as a percentage of their Taxable Income (income after all deductions, exemptions, etc. The figure upon which your federal tax is based).

    Jaybeaux
     
  15. MonacoMike

    MonacoMike Well-Known Member PLATINUM Sponsor

    Sep 15, 2009
    Indiana lakes and Lake Michigan
    2000 Cruisers 3870
    8.2 Mercs
    85 Sea Ray Monaco 197
    260hp Alpha 1

    And as I posted in the other tax thread,
    Why does this conversation keep going back to what one will "owe" or "got back"? What did one earn? What did they pay on the earning? What percentage is that to compare with last year or other returns?

    MM
     
  16. mnm99

    mnm99 Well-Known Member

    Oct 2, 2015
    Long Island
    2004 340 SeaRay Sundancer
    Twin 8.1 Merc
    Okay, here are the numbers, I was off a bit now that I'm looking at this year and last year return. Why are you lost? Yes I made more money and paid less in federal taxes, BUT I have to give it all back and some. I didn't make out better then last year. Without getting into dollar for dollar and deductions.
    Last year I owed 780 and because my federal deduction was a little short. This year My deduction was A LOT short, by $7,281. That is the difference from my witholding and what I owe. SO I put away 5K knowing I would have to give it back, But I'm still short $2,281. So as I said, Just giving it all back and some. The more you make, the more they take. Unless your a millionaire and own a business. Okay I'm done...When is boating season again!! LOL
    thumbnail (4).jpg thumbnail (15).jpg
     
    Last edited: Feb 3, 2019
  17. MonacoMike

    MonacoMike Well-Known Member PLATINUM Sponsor

    Sep 15, 2009
    Indiana lakes and Lake Michigan
    2000 Cruisers 3870
    8.2 Mercs
    85 Sea Ray Monaco 197
    260hp Alpha 1
    And we are still lost because we didn't not have the actual data needed to find the answer.

    MM
     
  18. JVM225

    JVM225 Well-Known Member GOLD Sponsor

    Apr 8, 2008
    Farmingdale, NY
    2002 410 Sundancer, Monaco Edition.
    3126 Cats.
    Mine are 17k and I fully expect to pay more this year to the feds because of the cap on SALT deductions but as much as I’d like to blame the feds, it isn’t their fault that our state and local government and school districts are so expensive to run. It’s our own fault and the rest of the country shouldn’t have to subsidize it.
    I pay taxes to a state government where the governor decided to give away free tuition in state colleges to anyone making less than about 120k or so a year, people move to from other states because of the liberal entitlement policies here and both the leaders in the state assembly and state senate have been indicted and convicted in recent years, a county where the county executive and his wife have been indicted, and a township where the town supervisor has been indicted, all for corruption. One of our Village Mayors was indicted a few years back for it, and my school district is one of more than 50 in my county. Basically, all the layers of government exist locally to provide appointed positions to political party operatives so they can supplement their income and get taxpayer provided benefit packages.
    Whose fault is it that the sales tax in my county is 8.625%?
    Should some poor schmuck in Idaho have to subsidize all of that? Is it a Trump’s fault that we keep electing the same local thieves and choose to have all those isolated school districts each having their own top heavy and well paid administrations?
    Honestly, I’m in favor of a flat federal tax rate with zero deductions so people who live in places like we do wake up and see how much their local governments waste.
    I was glad when they did away with the consumer interest deductions back in the 80’s because it pissed me off that I was subsidizing people who couldn’t handle their credit cards responsibily.
    I can remember the dire warnings about how it was going to kill retail business and especially the car business because people wouldn’t spend money or buy cars anymore if they couldn’t write off the interest.
    I wish they would do away with the home mortgage interest deduction too. Why the hell should I subsidize people who take monster mortgages?
     
    Last edited: Feb 3, 2019
    ttmott and FootballFan like this.
  19. Golfman25

    Golfman25 Active Member

    340
    Sep 12, 2009
    IL
    281
    V8
    The withholding tables are written for average folks. NY folks pay above average state taxes so they need to account for that.
     
  20. Golfman25

    Golfman25 Active Member

    340
    Sep 12, 2009
    IL
    281
    V8
    We are lost because that makes no sense. If you make more money and pay less in federal taxes, you are in fact better off. The amount you owe or get refunded based on your withholding is meaningless. The only line that matters is Line 15 of your 1040 -- Total Tax.
     

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