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bid_time

Michigan

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Posted: 02/08/19 07:47am Link  |  Print  |  Notify Moderator

There are a lot of people on this thread that shouldn't give tax advice; they're not very good at it. OP, I suggest you talk to a qualified professional and don't get your tax advice on the internet.





tomman58

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Posted: 02/08/19 08:01am Link  |  Print  |  Notify Moderator

I agree with bid time.
Don't grow old and not have debt, you just lose, lose and lose.
Your investments to the IRAs there is no good news for people on a fixed income.


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It must be time to go, the suns out and I've got a full tank of diesel!
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Super_Dave

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Posted: 02/08/19 08:12am Link  |  Print  |  Notify Moderator

bid_time wrote:

There are a lot of people on this thread that shouldn't give tax advice; they're not very good at it. OP, I suggest you talk to a qualified professional and don't get your tax advice on the internet.
That seems to be the inherent flaw in forum posting, as many don't fully read the post. I was asking if anyone had already done their taxes and had a definitive answer.


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Desert Captain

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Posted: 02/08/19 08:25am Link  |  Print  |  Notify Moderator

Just did my taxes {Turbo Tax} and got the rude surprise that awaits most folks who have yet to do so...

We always take the standard deduction which has been nearly doubled to $24,000. Our income and estimated tax payments were virtually the same as last year. I was expecting a nice refund given the increase in the standard deduction but... Our taxes went up!

Turbo Tax always takes me through a hundred questions in a search to see if we should itemize {we never do} and the standard deduction is always our best path. In completing these question TT showed that for the first time the interest on our RV loan is no longer deductible, it always had been in the past.

So with a taxable income of $42,000 and the new standard deduction of $24,000 we paid more then ever before. Looks like they nearly doubled my taxes... Arrrrg!

[emoticon]

* This post was edited 02/08/19 08:57am by Desert Captain *





justme

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Posted: 02/08/19 04:25pm Link  |  Print  |  Notify Moderator

This is not a good venue to get tax advise.

Ralph Cramden

US

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Posted: 02/08/19 05:04pm Link  |  Print  |  Notify Moderator

Desert Captain wrote:

Just did my taxes {Turbo Tax} and got the rude surprise that awaits most folks who have yet to do so...

We always take the standard deduction which has been nearly doubled to $24,000. Our income and estimated tax payments were virtually the same as last year. I was expecting a nice refund given the increase in the standard deduction but... Our taxes went up!

Turbo Tax always takes me through a hundred questions in a search to see if we should itemize {we never do} and the standard deduction is always our best path. In completing these question TT showed that for the first time the interest on our RV loan is no longer deductible, it always had been in the past.

So with a taxable income of $42,000 and the new standard deduction of $24,000 we paid more then ever before. Looks like they nearly doubled my taxes... Arrrrg!

[emoticon]


Check your math.

westernrvparkowner

montana

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Posted: 02/08/19 07:28pm Link  |  Print  |  Notify Moderator

Ralph Cramden wrote:

Desert Captain wrote:

Just did my taxes {Turbo Tax} and got the rude surprise that awaits most folks who have yet to do so...

We always take the standard deduction which has been nearly doubled to $24,000. Our income and estimated tax payments were virtually the same as last year. I was expecting a nice refund given the increase in the standard deduction but... Our taxes went up!

Turbo Tax always takes me through a hundred questions in a search to see if we should itemize {we never do} and the standard deduction is always our best path. In completing these question TT showed that for the first time the interest on our RV loan is no longer deductible, it always had been in the past.

So with a taxable income of $42,000 and the new standard deduction of $24,000 we paid more then ever before. Looks like they nearly doubled my taxes... Arrrrg!

[emoticon]


Check your math.
Agreed. If your income has not changed and you have always taken the standard deduction in the past, your taxes will decrease due to the simple math of higher deductions and the fact that rates decreased across the board.
There are many people finding they are receiving lower refunds this year. But that is due to the fact the withholding tables were adjusted to reflect the new tax rates. Less money was withheld from their checks, so there is smaller refunds even though their actual taxes decreased. It is amazing the number of people who equate the size of their refund to the amount of taxes paid. It has been said that the worst legislation ever was the laws that instituted withholding by employers. Until that time, you had to actually pay your taxes, so you actually saw how much it was. Now many people have no concept of how much taxes they actually pay since they never see the money and they are so out of touch they don't realize those amounts withheld out of their checks is actually money they earned and are now paying directly to the treasury.

babock

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Posted: 02/08/19 11:55pm Link  |  Print  |  Notify Moderator

The standard deduction for married couples did increase from $12,700 to $24,000 but you lost 2 personal exemptions of $4050 each so that supposed windfall for the increase in the standard deduction kinda got offset. If you itemized before and don't itemize this time, you very well may pay more tax now.

babock

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Posted: 02/08/19 11:58pm Link  |  Print  |  Notify Moderator

ItsyRV wrote:

babock wrote:

In 2018, only RVs with motors can be considered a second home for mortgage interest purposes.

May not be true. The section of the code that states that turns out to be in the business section for deductions. Unless the RV is owned by a business that section doesn't seem to apply to personal owned RV's. The article that originally caused the confusion has been corrected by many newer articles from tax professionals.
Yep...appears you are correct. I was talking to a friend of mine who owns a large accounting company a few months ago and even he wasn't sure.

Ralph Cramden

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Posted: 02/09/19 06:01am Link  |  Print  |  Notify Moderator

westernrvparkowner wrote:

Agreed. If your income has not changed and you have always taken the standard deduction in the past, your taxes will decrease due to the simple math of higher deductions and the fact that rates decreased across the board.
There are many people finding they are receiving lower refunds this year. But that is due to the fact the withholding tables were adjusted to reflect the new tax rates. Less money was withheld from their checks, so there is smaller refunds even though their actual taxes decreased. It is amazing the number of people who equate the size of their refund to the amount of taxes paid. It has been said that the worst legislation ever was the laws that instituted withholding by employers. Until that time, you had to actually pay your taxes, so you actually saw how much it was. Now many people have no concept of how much taxes they actually pay since they never see the money and they are so out of touch they don't realize those amounts withheld out of their checks is actually money they earned and are now paying directly to the treasury.



Outstanding post.

Last night the local news in Pittsburgh paraded out a load of bums on the screen, who were screaming bloody murder that the amount of their refund was lower than last year. I wish I could see their paystubs. as I would bet none of them we're paying a red cent in federal taxes regardless.

* This post was edited 02/09/19 07:15am by an administrator/moderator *

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