taxes - Page 8 - The HuntingPA.com Outdoor Community
 36Likes
Reply
 
LinkBack Thread Tools
post #71 of 81 (permalink) Old 03-29-2019, 01:41 PM
Frequent Contributor
 
Join Date: Nov 2015
Location: SWPA
Posts: 513
Back To Top
An easier return would be something like this:

W-2
Interest and dividend income
Sales of a few stocks or mutual funds
dependent children
Child care cost

A more complex return would be something like this:

Self-employed taxpayer
Funding his defined contribution pension plan calculation
Several rental buildings as taxpayer is a real estate professional
Determination of rental losses as passive or active
Interest and dividends
Sales of stocks, bonds, options
Passive loss carryovers
Income from a trust that includes interest, dividends and rental income
Determination of advantage of election to expense property under Section 179


And a few other matters that I likely haven't thought of.

That's why a tax software is needed at CPA firms. My daughters return is very simple and I filed their State return directly on the Pennsylvania web site. No cost for that. The software wanted another $40 to file a State return. That's not gonna happen.
Loggy likes this.
Steeltrap is online now  
Sponsored Links
Advertisement
 
post #72 of 81 (permalink) Old 04-05-2019, 05:34 PM
The Man
 
Dogface's Avatar
 
Join Date: Mar 2005
Location: Sullivan County or SEPA
Posts: 8,153
Back To Top
Yes!!
Dogface is offline  
post #73 of 81 (permalink) Old 04-09-2019, 12:32 PM
Moderator
 
Backwoods's Avatar
 
Join Date: Nov 2004
Location: DuBois
Posts: 4,128
Back To Top
Refund was higher than normal because we had another child in 2018, otherwise it would have been almost the same. Take home pay saw an increase as well.

...but those that wait upon the Lord shall renew their strength. -Isaiah 40:31
Backwoods is offline  
Sponsored Links
Advertisement
 
post #74 of 81 (permalink) Old 04-09-2019, 02:24 PM
Part of the Community
 
Join Date: Dec 2003
Location: W. PA
Posts: 177
Back To Top
Quote:
Originally Posted by Backwoods View Post
Refund was higher than normal because we had another child in 2018, otherwise it would have been almost the same. Take home pay saw an increase as well.



Questions:
1) Was your W2 Income higher, lower, or the same as last year?
2) Was your total tax liability higher, lower or the same as last year?
3) Was your Effective Tax Rate (Total Tax Liability/W2 Income) higher, lower or the same as last year?
rugerno1 is offline  
post #75 of 81 (permalink) Old 04-09-2019, 10:25 PM
Regular Member
 
Join Date: Dec 2010
Location: Lititz, PA
Posts: 1,276
Back To Top
I finally got around to doing the taxes for my wife and I. I can without a doubt say that these changes helped us. I saw more back in each check.... and my refund is up 44% over last year.
nomad_archer is offline  
post #76 of 81 (permalink) Old 04-09-2019, 10:56 PM
Hooked on HuntingPa
 
Join Date: Sep 2017
Location: north of pittsburgh
Posts: 269
Back To Top
Quote:
Originally Posted by blackpowder View Post
did the new tax laws help you for 2018?

yes


no
yes they did.
ruger300 is offline  
post #77 of 81 (permalink) Old 04-10-2019, 08:16 AM
Moderator
 
Backwoods's Avatar
 
Join Date: Nov 2004
Location: DuBois
Posts: 4,128
Back To Top
Quote:
Originally Posted by rugerno1 View Post
Questions:
1) Was your W2 Income higher, lower, or the same as last year?
2) Was your total tax liability higher, lower or the same as last year?
3) Was your Effective Tax Rate (Total Tax Liability/W2 Income) higher, lower or the same as last year?
1. Our income was higher.
2. & 3. I honestly have no idea.

...but those that wait upon the Lord shall renew their strength. -Isaiah 40:31
Backwoods is offline  
post #78 of 81 (permalink) Old 04-19-2019, 02:06 PM
Part of the Community
 
Join Date: Dec 2008
Location: 3C
Posts: 194
Back To Top
Anyone who uses Tax software can easily find their effective tax rate in the summary page of their tax report. This is basically the key to finding whether the new tax laws helped or hurt. Personally I had a slightly higher tax rate this year so the new law did not help me.

It's good knowin' he's out there. The Dude. Takin' her easy for all us sinners
pops83 is offline  
post #79 of 81 (permalink) Old Yesterday, 11:18 AM
Regular Member
 
Join Date: Feb 2002
Location: Tower City, PA
Posts: 1,040
Back To Top
This is the first time since I started working that I paid the IRS. Not much around 200.00 bucks. Made the necessary adjustments so it doesn't happen next year. I don't live waiting for the tax return.
Steeltrap likes this.
PA/MDBowhunter is offline  
post #80 of 81 (permalink) Old Yesterday, 12:42 PM
The Man
 
Dogface's Avatar
 
Join Date: Mar 2005
Location: Sullivan County or SEPA
Posts: 8,153
Back To Top
Quote:
Originally Posted by PA/MDBowhunter View Post
This is the first time since I started working that I paid the IRS. Not much around 200.00 bucks. Made the necessary adjustments so it doesn't happen next year. I don't live waiting for the tax return.
You did it right. That is your money. Why let the government hold it for you and then make you beg to get it back.
Dogface is offline  
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the The HuntingPA.com Outdoor Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Posting Rules  
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome