Who's gonna owe taxes this year?

mnm99

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Oct 2, 2015
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Well this new wonderful, Great for the people tax plan is putting my wife and I in the hole for $7500...Last year we owed $1200. We both claim 0, and I have 1 child that's 19. I put away the difference I saw in my paycheck per month the prepare. I guess $3200 wasn't enough.
 
I’m bracing ourselves. New job, new kid, new house, who knows what’ll happen. I don’t think I’ll be surprised by any number this year.
 
We pay every year, both claiming 0 also. We have zero deductions. I do think the tax cut is going to make it to where we have to pay a lot more this year.
 
The marginal income tax rate in Ontario Canada is 54% of income in excess of $200K. So if you work your a$$ off, are really successful, you get to keep 46% of the bonus over $200K. Its 58% in New Brunswick (and the NB government wonders why they cannot attract business people to invest in New Brunswick). I HATE doing my tax return and I put it off as long as I can.
 
Our accountant already prepared us. The tax cut is a tax increase for me. Thank you Mr. President and Congress.
 
Haven't talked with my tax guy yet so no clue here. We usually get a bit back, but I'm not sure what this tax cut will do to us.
 
Our accountant already prepared us. The tax cut is a tax increase for me. Thank you Mr. President and Congress.
My accountant said the same. Whatever your getting more in your check, put it away. I put away $3200. $7500 though....I'm not a political person and don't take sides but this president REALLY F***** us. At least the blue states..I'm so done. When you feel like your getting ahead, it's always something.
 
Well this new wonderful, Great for the people tax plan is putting my wife and I in the hole for $7500...Last year we owed $1200. We both claim 0, and I have 1 child that's 19. I put away the difference I saw in my paycheck per month the prepare. I guess $3200 wasn't enough.
My accountant said the same. Whatever your getting more in your check, put it away. I put away $3200. $7500 though....I'm not a political person and don't take sides but this president REALLY F***** us. At least the blue states..I'm so done. When you feel like your getting ahead, it's always something.

Where going to take a hit in NYS due to losing the state sales and property tax write-off above 10K. Since NYS property and sales taxes are some of the highest with that deduction going away the Feds will get a net increase in many cases. :( On top of that NYS and locals keeps grabbing more and more even if not directly (ie: through their agencies).

-Kevin
 
My accountant said the same. Whatever your getting more in your check, put it away. I put away $3200. $7500 though....I'm not a political person and don't take sides but this president REALLY F***** us. At least the blue states..I'm so done. When you feel like your getting ahead, it's always something.

My state is efficient, responsible in managing its money and debt. Why should inefficient states get huge tax breaks to cover their lack of fiscal responsibility?

One perspective missing here is most of you are what the politicians call the "rich".

MM
 
That tax cut is going to screw all of us New Yorkers in high property tax counties.
The other states felt like they were subsidizing our high taxes with us getting the full write off from the fed for our high state and local taxes.
Honestly, I think the fault is more with our state and local governments then with the feds. With all the money coming in to them from all the taxes we should have a state of the art infrastructure and the finest schools in the country.
Among the highest property, income, and sales tax rates in the country in one of the most populated states in the country, and the billions of dollars of revenue they generate from tax collected from tourism in NYC you’ve got to ask yourself what went wrong.
Oh wait, could it be all the politicians and their cronies that have gotten locked up by the feds over the last decade for stealing, or the multi billion dollar monument that our governor built to honor his late father? Or maybe it”s our liberal crooked politicians welcoming miscreants, misfits, drug addicts, and lowlifes from other states with open arms and showering them with entitlements?
Nah, they’ll point out to you that it’s Trump’s fault.
 
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...Oh wait, could it be all the politicians and their cronies that have gotten locked up by the feds over the last decade for stealing, or the multi billion dollar monument that our governor built to honor his late father? Or maybe it”s our liberal crooked politicians welcoming miscreants, misfits, drug addicts, and lowlifes from other states with open arms and showering them with entitlements...

... tell us how your really feel ;)

Facts are NYS and local governments love to write checks with our bank accounts. Nassau reassessment impact statement projects a 30% increase on my house without further grievances. Thought it was supposed to make things fair for all - perhaps the idea that the county gets more money is their idea of fair :(

I also love the recent talk about congestion pricing via E-ZPass in NYC to help the MTA fix their problems that should have been managed all along. I am sure they can't wait to push it through so that they have one more revenue (can't call it a tax) stream to try to get the few dollars left after all the other the real taxes.

-Kevin
 
"The other states felt like they were subsidizing our high taxes with us getting the full write off from the fed for our high state and local taxes."

I hear this, but not sure what they mean. Can you explain? Thanks
 
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"The other states felt like they were subsidizing our high taxes with us getting the full write off from the fed for our high state and local taxes."

I hear this, but not sure what they mean. Can you explain? Thanks

The fed budget is a fixed amount that we all need to pay for I'm our taxes. When you were allowed to fully exclude property and sales taxes from states like NY that have high taxes it meant we paid less in Federal taxes than we would have. Thus our contribution is less and the lower taxed states are paying a higher percentage because of it.

-Kevin
 
"The other states felt like they were subsidizing our high taxes with us getting the full write off from the fed for our high state and local taxes."

I hear this, but not sure what they mean. Can you explain? Thanks

Bill & Jane live in Indiana in in a $300K house and earn $175K in income. Their property tax is approximately $3,000 per year, and their income tax is $6,000. They likely would not ever exceed $12,000 in state taxes paid.

In NY the income tax is double Indiana right off the bat and the property taxes I have heard of are unreal. You NY folks will know better, but I would expect a similar couple as above will pay $25,000-$35,000 a year in state taxes.

So when they do their federal taxes the Indiana couple write off $12K, the NY couple write off $30K and the result is the Federal take is less on the NY couple, and many filers do not care if their state is wasteful as they just write it off.

That has changed, no matter where you live, you can write off $10,000 of stater taxes. If your state charges more you still have to pay federal tax on anything over $10,000.

With this law no matter where you live you will pay similar tax federal tax for the same income.

MM
 
It's one of the main reasons that NY and other states got away with killing us with taxes and people allowed it. Now many of the same are complaining. We should be complaining about our state and local taxes and not the federal.

-Kevin
 
Bill & Jane live in Indiana in in a $300K house and earn $175K in income. Their property tax is approximately $3,000 per year, and their income tax is $6,000. They likely would not ever exceed $12,000 in state taxes paid.

In NY the income tax is double Indiana right off the bat and the property taxes I have heard of are unreal. You NY folks will know better, but I would expect a similar couple as above will pay $25,000-$35,000 a year in state taxes.

So when they do their federal taxes the Indiana couple write off $12K, the NY couple write off $30K and the result is the Federal take is less on the NY couple, and many filers do not care if their state is wasteful as they just write it off.

That has changed, no matter where you live, you can write off $10,000 of stater taxes. If your state charges more you still have to pay federal tax on anything over $10,000.

With this law no matter where you live you will pay similar tax federal tax for the same income.

MM

That $300,000 house in Indiana would be $600,000 here in NY. The salary wouldn't be double. This may be true, But NY, NJ and Cali do pay the bulk of the country's federal tax bill. even with the write offs. We may be able to write off , but we pay State tax and also 8.875% sales tax on everything. It's so expensive to live here.
 
I'm looking at about break even. My state tax and mtg interest deductions are about the same as the increased standard deduction. I'll pay the accountant less because it's easier.

Business wise look like we'll save $10,000-15,000. Really helps shore up the balance sheet.
 

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