2018 Tax Survey

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

  • It went up.

    Votes: 22 40.7%
  • It went down.

    Votes: 31 57.4%
  • It stayed the same.

    Votes: 1 1.9%
  • It stayed the same because I voluntarily paid more in taxes than required.

    Votes: 0 0.0%

  • Total voters
    54
  • Poll closed .
Just got my returns back from the accountant. As I expected, I basically broke even. No more intemizing for me (IL is a high tax state) -- using standard deduction. Total tax went down about $800. Effective rate decreased 0.5%. Not too shabby.
 
My effective tax rate decreased .88% from 2017 to 2018.
 
My effective tax rate went down 3%, and no AMT = down 5.5% as compared to last year.
 
Just finished mine up, waited until the last minute to file because I knew that I would owe a pretty significant amount because of exercising of stock options. My effective tax rate went from 25.0% last year, down to 23.1% this year.
 
Just finished mine up, waited until the last minute to file because I knew that I would owe a pretty significant amount because of exercising of stock options. My effective tax rate went from 25.0% last year, down to 23.1% this year.

Atta boy!
 
My effective tax rate went from 17.47 all the way up to 17.7. Oh the humanity!!
 
You'll probably have a big hike in state tax coming too, so CA can support all it's new dependents.:p

For sure. It's remarkable how compassionate these people are....with my money.
 
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It ended up coming down .5%. But we had a lot more taxable income in 2018. Unfortunately, that income was phantom and didn't come with $$$ (Never trust in-laws that went to Notre Dame and tell you how smart they are to set up a complex financial arrangement correctly!). The cap on SALT hurt. We would have been down another .5% without that.
 
It ended up coming down .5%. But we had a lot more taxable income in 2018. Unfortunately, that income was phantom and didn't come with $$$ (Never trust in-laws that went to Notre Dame and tell you how smart they are to set up a complex financial arrangement correctly!). The cap on SALT hurt. We would have been down another .5% without that.
 
Just got first pass 2019 Taxes back from accountant. At first glance, effective tax rate went DOWN from 21.6% in 2018 to 21.5% in 2019. That compares to an effective tax rate in 2017 (pre-Trump tax plan) of 27.8%.

Talk amoungst yourselves.
 
Not sure what my % is this year but I am getting about the same back as last year. My income went up slightly this year by maybe a few thousand $$$ so not a noticeable difference. We get back about $1000 less than we did pre-Trump but my paychecks are higher so it about evens out. I just switched companies and my income will be up about $17,000 this year but I will also be paying an extra $10,000 a year for health insurance so likely be a wash, or close to it (after taxes)
 
Boatman, with all due respect, you are missing the point....it is NOT about your refund. It is about the amount of tax you pay as a ratio of your taxable income. I don't have any idea of how or what deductions you may or may not take, and the same could be said about me. At the end of the day, it is, for 2019, Line 16 divided by Line 11b. Do the math.

Happy Boating.

Jaybeaux
 
I think the vast majority of tax payers should be thankful that the tax rate has been going down. I know I am. Now if we can just stop this market sell off due to the Corona Virus. Crazy!
 
Boatman, with all due respect, you are missing the point....it is NOT about your refund. It is about the amount of tax you pay as a ratio of your taxable income. I don't have any idea of how or what deductions you may or may not take, and the same could be said about me. At the end of the day, it is, for 2019, Line 16 divided by Line 11b. Do the math.

Happy Boating.

Jaybeaux
Yes but I haven't seen them. My accountant did them. I know I posted on here last year what it was but don't remember now. Just know it is very similar to last years.
 
My scenario is probably a little unique, as 2017 was a good year as we sold our business. Hopefully i have these tax "problems" in 2022 as we try to sell again....
2017 - 33%
2018 - 19%

If the new tax brackets would have been in place we would have been MUCH better off...... Oh, what kind of boat upgrades i could have bought with the check i wrote to uncle Sam..... 2018 vs 2019 will likely favor pre-Trump tax laws.
 

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