2018 Tax Survey

Discussion in 'The Tiki Bar' started by Jaybeaux, Jan 29, 2019.

Did your 2018 tax as a percentage of taxable income go up or down compared to 2017?

Poll closed Apr 29, 2019.
  1. It went up.

    22 vote(s)
    40.7%
  2. It went down.

    31 vote(s)
    57.4%
  3. It stayed the same.

    1 vote(s)
    1.9%
  4. It stayed the same because I voluntarily paid more in taxes than required.

    0 vote(s)
    0.0%
  1. 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
    After all of the discussion about the tax law changes, I thought it may be fun to see how things worked out now that it is time to file. So, here is a simple poll. Calculate the ratio of the tax you paid to your taxable income and compare it to the same value from your 2017 taxes. Maybe this will demonstrate the impact that the new law has on people. I chose taxable income because that is net of deductions and exemptions.

    Example: Taxable Income, Line 43 on 2017 Form
    Total Tax, Line 63 on 2017 Form

    Result: Line 63 divided by Line 43

    Jaybeaux
     
  2. Dave - M

    Dave - M Member

    63
    Aug 29, 2018
    1990 270 Sundancer
    7.4 Mercruiser
    Mine went down a little, maybe not a lot, but better than going up.

    What really aggravates me though is social security. I paid in all the years I worked. Pretty sure, cause I saw the deductions on my pay and they sent me statements over the years. So now that I'm drawing, I have to give part of it back in taxes! Bastards!
     
  3. Stee6043

    Stee6043 Well-Known Member

    Jun 1, 2015
    West Michigan
    1997 Sundancer 400
    7.4L Gassers
    Sheesh...I don't even have all my tax forms yet! I'm a couple weeks away from knowing the total damage...
     
    Windjammer and Chris-380 like this.
  4. Chris-380

    Chris-380 Active Member

    199
    Jan 20, 2019
    Pontoon Beach IL
    380 Sundancer 2000
    454 Horizon w/V drives
    Thy started under Reagan....
     
  5. midexp

    midexp Active Member

    236
    Oct 5, 2016
    Harrison Township, Michigan Lake St.Clair
    1999 40' Sundancer
    454 merc
    The tax reduction I saw in my paycheck this year was lost as when I did my tax returns for 2018, I got a fraction of the refund I have been getting. Thanks Trump!
     
  6. Woody

    Woody Well-Known Member PLATINUM Sponsor

    Nov 20, 2007
    N. Wisconsin/Lk Superior
    2005 420DA
    Cummins 6CTA8.3
    Do you suppose the one thing might have something to do with the other?
     
  7. Chris-380

    Chris-380 Active Member

    199
    Jan 20, 2019
    Pontoon Beach IL
    380 Sundancer 2000
    454 Horizon w/V drives
    It was a scam. My weekly check would of gone up $80. I took that additional out and sent it to the Feds for taxes. I will let you know how it works out. I bet it's the same as last year.....
     
  8. 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
    I second this by a longer shot, They are not due until April 15th or October 15th. You guys must not be entrepreneurs, we are too busy trying to get the new year off to a good start to screw with taxes. We are trying to make money now!!!

    MM
     
    Last edited: Jan 30, 2019
    J.Wilt, Blueone and M Prod like this.
  9. Golfman25

    Golfman25 Active Member

    341
    Sep 12, 2009
    IL
    281
    V8
    It has nothing to do with the "refund." What was your taxes paid/income earned last year and this year?
     
    Jaybeaux likes this.
  10. Blueone

    Blueone Well-Known Member SILVER Sponsor

    Jan 24, 2007
    Lake Erie, Ohio
    2004 420 Sundancer
    Cummins 6CTA 450's
    Plus weekends.... And before boating season starts... I am working 7 days a week right now... Come May ..3 days a week
     
    MonacoMike likes this.
  11. sfergson727

    sfergson727 Administrator TECHNICAL Contributor PLATINUM Sponsor

    Oct 12, 2007
    Washington Park Marina, Michigan City
    '07 340 DA, E97, A75, VV4, Soft Top
    '18 Boston Whaler 15 Montauk
    8.1 Mercruiser V-Drives, Mercury 60 HP Bigfoot
    I'd note that the goal is not to get a refund. Wouldn't you rather have the money now, than give the government a free loan? As long as you didn't have pay additional taxes, and you saw less taken out throughout the year, I'd call that a win.
     
    BStew, Jaybeaux, JVM225 and 1 other person like this.
  12. Woody

    Woody Well-Known Member PLATINUM Sponsor

    Nov 20, 2007
    N. Wisconsin/Lk Superior
    2005 420DA
    Cummins 6CTA8.3
    I think refunds should be re-directed to us Seniors on SS so we can buy more fuel.
     
    OllieC, JoeVid, JVM225 and 3 others like this.
  13. JVM225

    JVM225 Well-Known Member GOLD Sponsor

    Apr 8, 2008
    Farmingdale, NY
    2002 410 Sundancer, Monaco Edition.
    3126 Cats.
    Don’t even have my tax prep appointment with my accountant until mid March. She lets me know what the annual damages are, and I write the checks and mail them at the very last minute before the deadline.
     
    Last edited: Jan 31, 2019
    MonacoMike likes this.
  14. k9medic

    k9medic Active Member

    566
    Mar 27, 2013
    Florida
    1998 420 Aft Cabin
    twin 3116 CATs
    I just punched my last w2 into HRBlock last night. I now owe $2800!!! This is the first time in my tax paying life that I have ever had to pay money. I claim 4 and have a family of 4. I also deduct my mortgage interest, boat interaest and farming losses.

    Compared to last year, we made about $12K more than in 2017. Unfortunately, the fact that I can no longer claim employee business expeneses has casued me a significant tax impact.
     
    Chris-380 and Craig like this.
  15. WV 320 Dancer

    WV 320 Dancer Active Member SILVER Sponsor

    685
    Oct 28, 2018
    2003 Sea Ray Sundancer 320
    Twin 350 MAG - V Drive
    Had a great year at work so yea my check going to the feds will be larger than last year.
     
  16. ZZ13

    ZZ13 Well-Known Member GOLD Sponsor

    Nov 25, 2009
    Lady's Island, SC
    2001 400 Sedan Bridge
    Cummins 450 Diamond
    Mine is pretty basic. I have fixed retirement income and use standard deduction. So we lost the $8100 personal exemptions, but gained $12,700 in standard deductions. So a net gain of $4600 in deductions.
     
    Jaybeaux likes this.
  17. 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
    Ok, so before this deteriorates into "I paid more", or "I paid less", remember that is not what was asked. The question on the table is "How much tax did you pay in 2018 compared to 2017 expressed as a percentage of Taxable Income? To claim that you had to write a check or got a huge refund is irrelevant because we have no way of knowing what your withholding level is/was, was it changed, or did you make more or less money. Frankly, I was trying to keep this "agnostic" by using the percentage so as not to get too personal. So, to give an example:

    Taxable Income (all sources): $100,000
    Tax Liability: $25,000
    Tax Withheld: $27,000
    Refund Due: $2,000

    I'm looking for: 25,000/100,000 = 25%

    So if your 2017 number was 27%, and your 2018 number was 25%, you benefited from the tax law changes. Conversely, if your 2017 number was 25% and your 2018 number was 27%, you took it on the chin.

    Hope this helps.

    Jaybeaux
     
  18. Craig

    Craig Active Member GOLD Sponsor

    496
    Feb 8, 2007
    Maryland
    2006 320 Sundancer
    twin 350 Horizon V drives
    That was the killer for me also. 10k hit for me.
     
  19. JVM225

    JVM225 Well-Known Member GOLD Sponsor

    Apr 8, 2008
    Farmingdale, NY
    2002 410 Sundancer, Monaco Edition.
    3126 Cats.
    Lucky man. I can’t remember the last time I didn’t have to pay.
     
  20. Woody

    Woody Well-Known Member PLATINUM Sponsor

    Nov 20, 2007
    N. Wisconsin/Lk Superior
    2005 420DA
    Cummins 6CTA8.3
    I think the best way would be Tax Liability/Total Income=Effective tax rate. The effective rate generated would reflect all differences in policy between the two tax years, current and last.
     

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