WWTBAM Bored

We did the first runthrough on our taxes this weekend, and I was favorably impressed by the way that the tax forms had been streamlined. These are much shorter and easier to deal with if you don't have a lot of unusual items (which most people don't). Even though he probably didn't oversee it personally, it happened on Trump's watch, so I'm giving him the overall credit for making things easier and shorter and quicker for most people.

silverscreenselect wrote:We did the first runthrough on our taxes this weekend, and I was favorably impressed by the way that the tax forms had been streamlined. These are much shorter and easier to deal with if you don't have a lot of unusual items (which most people don't). Even though he probably didn't oversee it personally, it happened on Trump's watch, so I'm giving him the overall credit for making things easier and shorter and quicker for most people.

I'd happily accept the longer forms if it meant I could save the extra money I'm paying to fund a tax cut for billionaires. --Bob

Bob78164 wrote:

silverscreenselect wrote:We did the first runthrough on our taxes this weekend, and I was favorably impressed by the way that the tax forms had been streamlined. These are much shorter and easier to deal with if you don't have a lot of unusual items (which most people don't). Even though he probably didn't oversee it personally, it happened on Trump's watch, so I'm giving him the overall credit for making things easier and shorter and quicker for most people.

I'd happily accept the longer forms if it meant I could save the extra money I'm paying to fund a tax cut for billionaires. --Bob

https://www.nationalreview.com/2018/04/ ... -problems/

silverscreenselect wrote:We did the first runthrough on our taxes this weekend, and I was favorably impressed by the way that the tax forms had been streamlined. These are much shorter and easier to deal with if you don't have a lot of unusual items (which most people don't). Even though he probably didn't oversee it personally, it happened on Trump's watch, so I'm giving him the overall credit for making things easier and shorter and quicker for most people.

I screwed up by not paying attention. The standard deduction is now $24k (married filing jointly). My mortgage company pays my property taxes. They pay them in December each year, though they are not due until Jan 31. It has always been advantageous for them to pay them early. But this year, my actual deductions came up about $2k short and I took the standard deduction. I should have had my mortgage company wait until January to pay this year's taxes and then pay next year's in December as usual. Now I will be a year behind in "doubling up". I also made a large contribution to our church's building fund in October when I got my stay bonus from my previous employer. I should have held onto that until January as well.

I should sue my accountant.

BackInTex wrote:I screwed up by not paying attention. The standard deduction is now $24k (married filing jointly). My mortgage company pays my property taxes. They pay them in December each year, though they are not due until Jan 31. It has always been advantageous for them to pay them early. But this year, my actual deductions came up about $2k short and I took the standard deduction. I should have had my mortgage company wait until January to pay this year's taxes and then pay next year's in December as usual. Now I will be a year behind in "doubling up". I also made a large contribution to our church's building fund in October when I got my stay bonus from my previous employer. I should have held onto that until January as well.

I should sue my accountant.

They're all incompetent crooks ya know.

Beebs52 wrote:

BackInTex wrote:
I should sue my accountant.

They're all incompetent crooks ya know.

Hey! I may be incompetent but I'm not a crook.

If I sue and win, is my income tax free? Would my, er, my accountant's loss be deductible? Hmmmm.... (maybe I am a crook).

flockofseagulls104 wrote:

Bob78164 wrote:

silverscreenselect wrote:We did the first runthrough on our taxes this weekend, and I was favorably impressed by the way that the tax forms had been streamlined. These are much shorter and easier to deal with if you don't have a lot of unusual items (which most people don't). Even though he probably didn't oversee it personally, it happened on Trump's watch, so I'm giving him the overall credit for making things easier and shorter and quicker for most people.

I'd happily accept the longer forms if it meant I could save the extra money I'm paying to fund a tax cut for billionaires. --Bob

https://www.nationalreview.com/2018/04/ ... -problems/

Well there's a shocker. Someone who works for ALEC and who doesn't bother citing data to support the claims he's making likes the billionaires' tax cut.

Let me be clear. I wouldn't mind paying more taxes to make people's lives better. I'd bear this increase without complaining about the amount (as opposed to the way of allocating the increase) to support causes such as college tuition support, child care, or a host of other priorities. But I'm pissed off that I'm paying more taxes so that Donny and his cronies can afford yet another yacht.

And by the way, it's Democrats who already tended to live in "donor" states and Republicans who tend to live in states already receiving more than their fair (per capita) share of federal dollars. Capping the SALT deduction only made that worse.

So far, about the only good thing to come out of this tax bill is a Congressional map of Orange County that's now bright blue. --Bob

BTW, HR Block Tax Cut has me getting a $1 refund. Yep, 100 cents. I was hoping for more, but glad I'm not paying.

BackInTex wrote:BTW, HR Block Tax Cut has me getting a $1 refund. Yep, 100 cents. I was hoping for more, but glad I'm not paying.

Seriously? You prefer to give the government an interest-free loan? I always prefer to owe as much as I'm allowed to owe without paying a penalty. --Bob

flockofseagulls104 wrote:

Bob78164 wrote:

silverscreenselect wrote:We did the first runthrough on our taxes this weekend, and I was favorably impressed by the way that the tax forms had been streamlined. These are much shorter and easier to deal with if you don't have a lot of unusual items (which most people don't). Even though he probably didn't oversee it personally, it happened on Trump's watch, so I'm giving him the overall credit for making things easier and shorter and quicker for most people.

I'd happily accept the longer forms if it meant I could save the extra money I'm paying to fund a tax cut for billionaires. --Bob

https://www.nationalreview.com/2018/04/ ... -problems/

I don't know how lucky we are to have survived the 1950s with those horrible 90% top marginal rates. It's a wonder we didn't become another Venezuela.

silverscreenselect wrote:

flockofseagulls104 wrote:

Bob78164 wrote:I'd happily accept the longer forms if it meant I could save the extra money I'm paying to fund a tax cut for billionaires. --Bob

https://www.nationalreview.com/2018/04/ ... -problems/

I don't know how lucky we are to have survived the 1950s with those horrible 90% top marginal rates. It's a wonder we didn't become another Venezuela.

The funny thing is, millionaires are actually moving into California. The people who are leaving are the middle class and poor who can't afford our housing prices. That's a real problem, and it's one I'm inclined to attribute to overregulation of the construction industry here, but it's got nothing to do with our tax rates or our tax structure. --Bob

Bob78164 wrote:

silverscreenselect wrote:

flockofseagulls104 wrote:
https://www.nationalreview.com/2018/04/ ... -problems/

I don't know how lucky we are to have survived the 1950s with those horrible 90% top marginal rates. It's a wonder we didn't become another Venezuela.

The funny thing is, millionaires are actually moving into California. The people who are leaving are the middle class and poor who can't afford our housing prices. That's a real problem, and it's one I'm inclined to attribute to overregulation of the construction industry here, but it's got nothing to do with our tax rates or our tax structure. --Bob

Funny, when we were transferred to LA back in 83, for a promotion, because they couldn't get many of us middle class sorts to move there due to high state income tax and...the company subsidized our mortgage rate. Taxes and real estate goofiness all around.

Also, it was a fairly large company. Eastman Kodak. You may have heard of it...before it tanked. The Yellow Mother was just too slow to get with the times. Nice severance package tho.

Beebs52 wrote:Also, it was a fairly large company. Eastman Kodak. You may have heard of it...before it tanked. The Yellow Mother was just too slow to get with the times. Nice severance package tho.

Beebs killed Kodak.

I knew it.

Vandal wrote:

Beebs52 wrote:Also, it was a fairly large company. Eastman Kodak. You may have heard of it...before it tanked. The Yellow Mother was just too slow to get with the times. Nice severance package tho.

Beebs killed Kodak.

I knew it.

Entirely possible. I was the quota queen in Rochester for a bit.

silverscreenselect wrote:We did the first runthrough on our taxes this weekend, and I was favorably impressed by the way that the tax forms had been streamlined. These are much shorter and easier to deal with if you don't have a lot of unusual items (which most people don't). Even though he probably didn't oversee it personally, it happened on Trump's watch, so I'm giving him the overall credit for making things easier and shorter and quicker for most people.

I'll give trump credit for making my tax rate on my net earnings just 21%.

BackInTex wrote:I screwed up by not paying attention. The standard deduction is now $24k (married filing jointly). My mortgage company pays my property taxes. They pay them in December each year, though they are not due until Jan 31. It has always been advantageous for them to pay them early. But this year, my actual deductions came up about $2k short and I took the standard deduction. I should have had my mortgage company wait until January to pay this year's taxes and then pay next year's in December as usual. Now I will be a year behind in "doubling up". I also made a large contribution to our church's building fund in October when I got my stay bonus from my previous employer. I should have held onto that until January as well.

I should sue my accountant.

You may have been better off paying your property taxes in December: https://www.marketwatch.com/story/how-t ... 2018-02-05

https://www.marketwatch.com/story/10-th ... 2017-12-20