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PCIntern

(25,343 posts)
Tue Oct 23, 2018, 08:19 PM Oct 2018

So let me tell you what an IRS agent told me today in my dental chair...

Please...no jokes....LOL.

HE was telling me that he was figuring out his taxes for the coming year, and looked at the tables of withholding and figured out how much they would hold and how much he would get back as a refund based upon his proposed deductions and to his horror, after all he is an accountant, he found that he would owe a fair amount of money still to IRS. Now apparently, IRS employees are not permitted to owe large amounts of money to the government so he did some quick thinking and realized THAT THE WITHHOLDING TABLES HAD BEEN CHANGED BUT THE BRACKETS WERE NOT. This means that yes, you do get more money in your paycheck but at the end of the year you're gonna owe it to IRS and more.

He said that in February, when people get their W-2's they're gonna stroke out when they see their tax bill after they do the forms. Of course, that's after the midterms so the Republicans don't give a damn at that point. After all, they'll be making fun of Speaker Pelosi and possibly even Majority Leader Schumer at that point so it won't mean much....

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So let me tell you what an IRS agent told me today in my dental chair... (Original Post) PCIntern Oct 2018 OP
Republicans are embusteros! Baitball Blogger Oct 2018 #1
Y filibusteros! Xipe Totec Oct 2018 #20
Knew it for quite awhile DownriverDem Oct 2018 #72
Low info voters may assume Dems raised their taxes Qutzupalotl Oct 2018 #2
Coincidence? JoeOtterbein Oct 2018 #3
ok that is weird mikeysnot Oct 2018 #64
I would never let a Trumper near me with sharp instruments, in fact I walked out of a dentist's lagomorph777 Oct 2018 #67
Did he say whether this could only have been done deliberately, or is it incompetence? renate Oct 2018 #4
Anyone who were paying attention to the tax bill. Blue_true Oct 2018 #11
sorry, I was typing with one hand while I was on hold on the phone renate Oct 2018 #27
Welp... Republicans now know that lying blatantly has zero repercussions. Basement Beat Oct 2018 #32
You're wrong. Lying gets them more power. It's their heart and soul. Kablooie Oct 2018 #36
I Don't Think itcfish Oct 2018 #40
Yes, it's not a surprise. Dems told us that was the plan. lagomorph777 Oct 2018 #68
completely deliberate study war no more Oct 2018 #49
wonder how the trumpers KT2000 Oct 2018 #5
Yep. The Dems will be in control when the republican tax bill hit them in the ass. Blue_true Oct 2018 #14
They're already doing it. Mr.Bill Oct 2018 #16
same thing that always happens BigGermanGuy Oct 2018 #47
Remember the rush to get employers to change witholding? ThoughtCriminal Oct 2018 #6
Agree. I increased my withholding because I am worried about this. spooky3 Oct 2018 #28
So did we. The Mouth Oct 2018 #60
I've adjusted my witholding too - I don't know whether it's enough to stave off disaster. lagomorph777 Oct 2018 #69
That's what my tax guy told me when I had taxes done in February blueinredohio Oct 2018 #7
I'm concerned as a self-employed person. Our quarterly payments were increased, but it's Vinca Oct 2018 #8
What you should do now is sit down with the Accountant that you and your husband use. Blue_true Oct 2018 #15
Cant you just send in more every Qtr? 7962 Oct 2018 #75
I would if I knew . . . that's the problem. We have an accountant and are sending in more Vinca Oct 2018 #79
I don't get it - the tax bracket someone would qualify for weren't changed in the withholding tables? Make7 Oct 2018 #9
You are only looking at half the picture... Kensan Oct 2018 #24
I'm sorry... llmart Oct 2018 #25
The "taxable income" is whats left after deductions. You could make 100k a yr & have 9k "taxable" 7962 Oct 2018 #71
I realize that but... llmart Oct 2018 #74
He either misspoke or you misunderstood FBaggins Oct 2018 #10
The brackets don't match the withholding is the point. PCIntern Oct 2018 #12
I think he pointed out that the issue was with withholding. Blue_true Oct 2018 #18
+1, and the general withholding will ... NOT ... cover the outlined with holdings. SALT is going to uponit7771 Oct 2018 #48
And loss of the state tax deduction is MAJOR for millions of taxpayers. lagomorph777 Oct 2018 #70
the R's mantra is screw everyone except for us demtenjeep Oct 2018 #13
This is why I didn't change my withholding jmowreader Oct 2018 #17
My broker called to see if I wanted my withholding lowered on my IRA reuired distribution. SharonAnn Oct 2018 #23
I may increase mine. True Blue American Oct 2018 #52
I heard Rebl2 Oct 2018 #19
Previously, W-4 withholding was based on the personal exemption DeminPennswoods Oct 2018 #22
I hope YOU are the dentist, I wouldn't want to be going to a dentist who is also an IRS agent....... George II Oct 2018 #21
Speaker Pelosi will be to blame. Dawson Leery Oct 2018 #26
Trump Tax Trivia enid602 Oct 2018 #29
Why were you letting an IRS agent do dental work? oberliner Oct 2018 #30
I thought the agent True Blue American Oct 2018 #53
It's The New "IS IT SAFE?" Audit nt smb Oct 2018 #65
K&R MaryMagdaline Oct 2018 #31
I was deducting mortgage interest and property tax, that are now CAPPED. johnnyrocket Oct 2018 #33
Mine are going up. A lot. Squinch Oct 2018 #34
...and a lot of mortgage interest is not even deductible at all. johnnyrocket Oct 2018 #35
Yep. I'm losing that deduction too. And state and city tax and Squinch Oct 2018 #38
My tax bill will be higher Thunderbeast Oct 2018 #37
Kicked superpatriotman Oct 2018 #39
"You doubt my veracity?" nt PCIntern Oct 2018 #41
Absolutely not. superpatriotman Oct 2018 #42
Oh. Thank u. PCIntern Oct 2018 #45
No worries. Republicans will just blame the new Democratic controlled House Yavin4 Oct 2018 #43
The brackets & rates were definitely changed fescuerescue Oct 2018 #44
Back in January I increased my withholding after automatic tax readjustment had given me a raise wishstar Oct 2018 #46
Bush did the same thing True Blue American Oct 2018 #50
I Remember That RobinA Oct 2018 #58
I had some one tell True Blue American Oct 2018 #61
Our tax guy gave us warning of this back in the spring. kairos12 Oct 2018 #51
My taxes are going up significantly dhol82 Oct 2018 #54
The withholding tables are screwed up intentionally Gothmog Oct 2018 #55
Your OP left me feeling you owed us a good joke. Hortensis Oct 2018 #56
I got the bad news when I filed this year DarleenMB Oct 2018 #57
I am not surprised. The Trump Administration told the IRS to play avebury Oct 2018 #59
These guys associated w/this administration are the most corrupt in an administration ever. Honeycombe8 Oct 2018 #62
Do not say that. True Blue American Oct 2018 #63
We already knew this. The "Tax Cut" is an IRS loan. lagomorph777 Oct 2018 #66
Ding. Ding. Ding. Why haven't the press or dems Laura PourMeADrink Oct 2018 #73
I'm a payroll admin Freddie Oct 2018 #76
Wow. You're the pro here. nt PCIntern Oct 2018 #77
We've seen that old trick before. Chemisse Oct 2018 #78
The company I work at warned us at the beginning of the year kwijybo Oct 2018 #80

Qutzupalotl

(14,230 posts)
2. Low info voters may assume Dems raised their taxes
Tue Oct 23, 2018, 08:30 PM
Oct 2018

immediately on taking the majority, never mind that that would be impossible. Lovely gift from Donnie.

JoeOtterbein

(7,697 posts)
3. Coincidence?
Tue Oct 23, 2018, 08:33 PM
Oct 2018

I was at my dentist today and he was ranting about Trump (he knows I'm a solid Dem) and the Rethulicans and their "so-called tax break" the whole time he was trying to find where the pain in my tooth was coming from. He hit me with a "cold" test thing and I almost jumped out of my chair! He really made me laugh though when I saw his little Trump-bird toy with a toy "wall" in front of it on his desk.

Good to know there is more than one solid Dem dentist around!

mikeysnot

(4,755 posts)
64. ok that is weird
Wed Oct 24, 2018, 03:34 PM
Oct 2018

you just mirrored me and my dentist two weeks ago....

My dumb ass dentist is still a trumper, but he know I do not talk politics with dumb ass trump supporters...

I gave it up in 2005 with bush supporters. Made one mistake with my bro in law since.

lagomorph777

(30,613 posts)
67. I would never let a Trumper near me with sharp instruments, in fact I walked out of a dentist's
Wed Oct 24, 2018, 04:20 PM
Oct 2018

office when I discovered he's a Disposable. Plenty of dentists around here, no need to take chances on a crazy one. These are the kind of people who make Marathon Man seem entirely plausible.

renate

(13,776 posts)
4. Did he say whether this could only have been done deliberately, or is it incompetence?
Tue Oct 23, 2018, 08:34 PM
Oct 2018

Either way, this could be huge. How has the DNC missed this?

Blue_true

(31,261 posts)
11. Anyone who were paying attention to the tax bill.
Tue Oct 23, 2018, 09:17 PM
Oct 2018

Would know that republicans were literally writing things into the margins minutes before votes and did not give democrats copies to review. Plus, pretty much 100% of Dems voted against whatever bill that came to a vote, even if republicans refused to allow review of what was being voted on.

But I guess it is still vogue to blame democrats for somehow missing stuff when they were completely sidelined by thugs that had a majority's porogative and no intention of practicing democracy. Please vote and help give democrats a majority instead of finding any reason to blame them, even when they have no blame.

renate

(13,776 posts)
27. sorry, I was typing with one hand while I was on hold on the phone
Tue Oct 23, 2018, 10:20 PM
Oct 2018

This seems like a very important thing to let voters know about before the election, but I hadn't heard anything along these lines. I was just wondering whether the DNC had any plans to get this information in front of voters before the election.

I certainly wasn't blaming Democrats in Congress who all did everything they possibly could to stop this, and I certainly intend to vote. I won't take offense and will just assume that I misinterpreted your post as you seem to have misinterpreted mine.

Basement Beat

(659 posts)
32. Welp... Republicans now know that lying blatantly has zero repercussions.
Tue Oct 23, 2018, 10:53 PM
Oct 2018

The press rarely catches them in a lie when they do it. Headlines for online articles live off of being clickbaits. Once things are finally fact-checked, it's onto the next travesty. Dems will undoubtedly be blamed for this. Because the repugs will have their rhetoric taking over the so called "Liberal media" airways.

Kablooie

(18,571 posts)
36. You're wrong. Lying gets them more power. It's their heart and soul.
Tue Oct 23, 2018, 11:13 PM
Oct 2018

Voters are more willing to believe lies than truth so Republicans are winning over and over again.

(Let's hope that this is a temporary condition though.)

lagomorph777

(30,613 posts)
68. Yes, it's not a surprise. Dems told us that was the plan.
Wed Oct 24, 2018, 04:23 PM
Oct 2018

And that's why the Billionaire Tax Cut is unpopular now. Most folks know there's something fishy about it; they just don't realize the full impact yet.

49. completely deliberate
Wed Oct 24, 2018, 12:17 PM
Oct 2018

Don't you remember during the Bush years? I think it was $300 extra dollars. People were proclaiming how much they could do with this 'bonus' but it turned out to be an 'advance' on their tax return. Shocker!

Blue_true

(31,261 posts)
14. Yep. The Dems will be in control when the republican tax bill hit them in the ass.
Tue Oct 23, 2018, 09:20 PM
Oct 2018

So they will put on their MAGA hats, jump on their tractors and into their longhaul rigs and come to Washington to blame democrats for the shafting that republicans they helped elect gave them.

Mr.Bill

(24,103 posts)
16. They're already doing it.
Tue Oct 23, 2018, 09:32 PM
Oct 2018

Trump is out there saying they are going to do a big tax cut for the middle class. You know, just like the last time was supposed to be. Honest. For sure this time.

 

BigGermanGuy

(131 posts)
47. same thing that always happens
Wed Oct 24, 2018, 11:50 AM
Oct 2018

dems get control as the economy is tanking and policies reps voted on take place.

then the right points to the dems and say "things were fine till you showed up!"

rinse, repeat.

ThoughtCriminal

(14,010 posts)
6. Remember the rush to get employers to change witholding?
Tue Oct 23, 2018, 08:45 PM
Oct 2018

so that employees would see bigger checks? There was a lot of criticism that the re-calculations were going to result in shocked taxpayers in 2019. But they did it anyway.

I've made adjustments and warned my some of my co-workers, but I'm sure they will still be surprised that after years of looker forward to refunds, they suddenly are trying to figure out how to pay more.

spooky3

(34,302 posts)
28. Agree. I increased my withholding because I am worried about this.
Tue Oct 23, 2018, 10:20 PM
Oct 2018

We're in a state hurt by the capping of the state and local tax deductions.

The Mouth

(3,123 posts)
60. So did we.
Wed Oct 24, 2018, 02:38 PM
Oct 2018

RE-upped my witholding to what it was before.

Told everyone who was listening to do the same.

Vinca

(50,168 posts)
8. I'm concerned as a self-employed person. Our quarterly payments were increased, but it's
Tue Oct 23, 2018, 08:52 PM
Oct 2018

never been especially clear if all our deductions remain. Guess we'll find out in a few months. I'm living with the assumption we'll be screwed since we're far, far away from the 1%.

Blue_true

(31,261 posts)
15. What you should do now is sit down with the Accountant that you and your husband use.
Tue Oct 23, 2018, 09:27 PM
Oct 2018

There are still some things that you can do over the next two months and when you are preparing your returns early next year to blunt the impact. You may want to plan on filing for the longest extension that you qualify for to allow you to average out cash outlays into a future quarter (with the adjustment that you make in what remains of this year taken into account).

 

7962

(11,841 posts)
75. Cant you just send in more every Qtr?
Wed Oct 24, 2018, 05:51 PM
Oct 2018

I send in whatever number I think will work out at the end of the year.

Vinca

(50,168 posts)
79. I would if I knew . . . that's the problem. We have an accountant and are sending in more
Wed Oct 24, 2018, 07:12 PM
Oct 2018

than we did last year, but I found the tax law as applied to self-employed people very confusing.

Make7

(8,543 posts)
9. I don't get it - the tax bracket someone would qualify for weren't changed in the withholding tables?
Tue Oct 23, 2018, 09:07 PM
Oct 2018

The brackets on taxable income did have some changes.





Source

Changes to standard and allowable deductions complicates the withholding calculations.

For most people, I think their total tax owed will be lower - although if withholdings from paychecks were excessive, they may get a smaller refund/owe more at the end of the year. Not sure what the brackets have to do with that for most people. It seems the exact opposite would be true if withholding issues were caused by the bracket levels remaining unchanged. Perhaps I'm just looking at it wrong.

Kensan

(179 posts)
24. You are only looking at half the picture...
Tue Oct 23, 2018, 10:11 PM
Oct 2018

The bracket tables can let you calculate your total tax liability. You need the Circular E withholding tables to see how much tax is withheld from your paycheck. That’s where allowances and frequency of pay periods factor in.

Your dentist is discovering the withholding amounts were reduced intentionally, so that take home pay would be slightly more. It creates a short term stimulus since people have a little extra spending money, and those at the lower income scales will end up spending it.

There will be plenty of surprises next April 15 between the changes to itemized deductions for some and the reduced withholding for others. This last tax cut bill was an absolute piece of garbage. Worked fantastic for real estate investors. I wonder how that happened?

llmart

(15,499 posts)
25. I'm sorry...
Tue Oct 23, 2018, 10:16 PM
Oct 2018

but if you are single and your taxable income is less than $9,525 you should freakin' NOT have to pay any taxes!

 

7962

(11,841 posts)
71. The "taxable income" is whats left after deductions. You could make 100k a yr & have 9k "taxable"
Wed Oct 24, 2018, 04:39 PM
Oct 2018

"Total income" is everything you made, "taxable income" is whats left after deductions. I've seen people who make 6 figures have 20k In taxable income.
Thats how so many families end up paying NO income tax; the deductions reduce their taxable income to 0. A married couple has to make over 24000 just to START at zero.

llmart

(15,499 posts)
74. I realize that but...
Wed Oct 24, 2018, 05:07 PM
Oct 2018

over the years most deductions have been eliminated. I would think that most single people don't have that many deductions.

FBaggins

(26,695 posts)
10. He either misspoke or you misunderstood
Tue Oct 23, 2018, 09:09 PM
Oct 2018

The brackets are already published and are definitely lower.

What is true is that for many taxpayers, the change in withholding is larger than their eventual change in taxes owed... so there will be millions with smaller returns or more owed come filing time.

Blue_true

(31,261 posts)
18. I think he pointed out that the issue was with withholding.
Tue Oct 23, 2018, 09:36 PM
Oct 2018

Some deductions that people used to take were modified or eliminated by the tax bill. The impact of that will be felt at filing time.

Anyone that own their own business and normally meet with an accountant once per year, may want to pay for a meeting like this week. The exceptions are people whose business spins off excess cash on a regular basis (there are some like that).

uponit7771

(90,225 posts)
48. +1, and the general withholding will ... NOT ... cover the outlined with holdings. SALT is going to
Wed Oct 24, 2018, 11:51 AM
Oct 2018

... hit a lot of people big time.

lagomorph777

(30,613 posts)
70. And loss of the state tax deduction is MAJOR for millions of taxpayers.
Wed Oct 24, 2018, 04:27 PM
Oct 2018

It will result in a massive shock to the economy.

SharonAnn

(13,766 posts)
23. My broker called to see if I wanted my withholding lowered on my IRA reuired distribution.
Tue Oct 23, 2018, 10:10 PM
Oct 2018

I said "no",let's see how things come out this first year of the tax changes.

Rebl2

(13,303 posts)
19. I heard
Tue Oct 23, 2018, 09:48 PM
Oct 2018

in the last few months that folks will be in a big surprise next tax season, but I thought it was because they weren’t having enough taken out of their paycheck for taxes. Am I correct about this? We found that out this year after hubby retired last year. His former employer wasn’t taking out enough for taxes, so we’ve been playing catch-up this year.

DeminPennswoods

(15,246 posts)
22. Previously, W-4 withholding was based on the personal exemption
Tue Oct 23, 2018, 10:09 PM
Oct 2018

The new tax cuts eliminated the personal exemption while temporarily doubling the standard deduction. In the rush to put whatever extra money a taxpayer might get to show up in paychecks, the whole W-4 withholding form had to be re-jiggered. It was the IRS' best guess at what your withholding would/should be.

I won't be the least bit surprised if people end up owing or not getting much of a refund this year.

George II

(67,782 posts)
21. I hope YOU are the dentist, I wouldn't want to be going to a dentist who is also an IRS agent.......
Tue Oct 23, 2018, 10:08 PM
Oct 2018

....(I know, you said no jokes, sorry!)

I told people right after the "tax cut" that the withholding was being reduced but it will all be paid back in taxes at the end of the year.

They even played with the Standard Deduction and Personal Exemptions.

In 2017 the Standard Deduction was $12,700 and the Personal Exemption was $4,050 for each person in the household.

They boasted that the Standard Deduction would be doubled, but it only went up to $24,000 (NOT $25,400). But they neglected to point out that the Personal Exemption was being eliminated (among other things)

Last year for a family of four, the Standard Deduction and Personal Exemptions were $28,900. This year it's only $24,000 - $4,900 less.

They're doing it with smoke and mirrors and a fancy two-step.

Dawson Leery

(19,348 posts)
26. Speaker Pelosi will be to blame.
Tue Oct 23, 2018, 10:19 PM
Oct 2018

Even though the law was passed on a partisan basis as where Democrats were not allowed to add amendments.

enid602

(8,524 posts)
29. Trump Tax Trivia
Tue Oct 23, 2018, 10:30 PM
Oct 2018

Much is being said about the fact that trump’s tax cuts to the Uber rich and large corporations create such huge deficits that Medicare, Medicaid and SS might soon be history. It’s interesting to note that with the new tax law, the huge amounts that seniors will pay for health care won’t even be tax deductible to the extent that they were before. The deduction for medical expenses is being phased out!

MaryMagdaline

(6,849 posts)
31. K&R
Tue Oct 23, 2018, 10:36 PM
Oct 2018

The post and comments have been extremely informative

I also read that families with 3 or more children will be hurt but I don’t know if that’s true in the final version of the bill.

johnnyrocket

(1,773 posts)
33. I was deducting mortgage interest and property tax, that are now CAPPED.
Tue Oct 23, 2018, 11:02 PM
Oct 2018

My taxes are going up. Meanwhile billionaires get millions extra. Most grotesque tax scam in history.

Squinch

(50,773 posts)
34. Mine are going up. A lot.
Tue Oct 23, 2018, 11:07 PM
Oct 2018

Did you know that some business travel reimbursement is now considered taxable income? There's lots of crazy shit like that in the new law.

johnnyrocket

(1,773 posts)
35. ...and a lot of mortgage interest is not even deductible at all.
Tue Oct 23, 2018, 11:10 PM
Oct 2018

This is a horrible tax bill. It needs to be repealed.

Squinch

(50,773 posts)
38. Yep. I'm losing that deduction too. And state and city tax and
Tue Oct 23, 2018, 11:14 PM
Oct 2018

a bunch of business expenses and on and on and on.

Thunderbeast

(3,380 posts)
37. My tax bill will be higher
Tue Oct 23, 2018, 11:14 PM
Oct 2018

With high property and state income taxes, the SALT limits will expose more income to taxation. With the loss of personal exemption, the tax liability will be significantly higher than last year even with lower rates.

superpatriotman

(6,232 posts)
42. Absolutely not.
Wed Oct 24, 2018, 10:03 AM
Oct 2018

Let me clarify:

I kick posts that interest me and of which I would like further discussion.

There are professionals here who often provide great insight and background or which I do not have.

Thanks for the post, I look forward to following it.

Yavin4

(35,355 posts)
43. No worries. Republicans will just blame the new Democratic controlled House
Wed Oct 24, 2018, 10:05 AM
Oct 2018

Anything negative that happens it will be the fault of Democrats.

fescuerescue

(4,448 posts)
44. The brackets & rates were definitely changed
Wed Oct 24, 2018, 10:33 AM
Oct 2018

Remember, this was a tax giveaway to the rich.

The rich don't care much about withholding tables or even weekly paychecks. They also don't care much about a refund check so that they can buy a big screen tv (or other large purchase) like many of us do. The wealthy -always- owe money at the end of the year.

They DO care about the tax brackets and quarterly payments however.

It's been awhile since I've read the tax bill, however I don't believe it even address withholding tables (those are delegated to the IRS to maintain). The tax bill address tax brackets and tax rates.

wishstar

(5,267 posts)
46. Back in January I increased my withholding after automatic tax readjustment had given me a raise
Wed Oct 24, 2018, 11:39 AM
Oct 2018

I felt in the dark but suspicious of the automatic raise that occurred last January, so I increased my withholding so hopefully I won't owe very much. I prefer to owe a little and not get a refund. My friend's tax preparer told her to not expect as big a refund in April as she usually gets back as she is someone who loves a huge refund.

True Blue American

(17,972 posts)
50. Bush did the same thing
Wed Oct 24, 2018, 12:23 PM
Oct 2018

With his $300 Tax cut. Turned out to be a loan. You had to pay it back when you filed your taxes.

When will people get smart? The tax cuts to the wealthy are permanant this time. Bush’s expired after 10 years.

RobinA

(9,877 posts)
58. I Remember That
Wed Oct 24, 2018, 01:09 PM
Oct 2018

that's when I learned how to change my withholding at my current job. Did it again this time and had to relearn it all over again.

True Blue American

(17,972 posts)
61. I had some one tell
Wed Oct 24, 2018, 02:38 PM
Oct 2018

Me they already got a big tax cut. I reminded them that was last year, the bill had not taken effect yet! People are so dumb!

dhol82

(9,351 posts)
54. My taxes are going up significantly
Wed Oct 24, 2018, 12:29 PM
Oct 2018

I will have my Real estate taxes capped and that will be a big hit.
In addition to having been hit for AMT because I prepaid this years tax, my accountant put me on a quarterly prepayment schedule.
Not amused.

Gothmog

(143,999 posts)
55. The withholding tables are screwed up intentionally
Wed Oct 24, 2018, 12:32 PM
Oct 2018

trump is trying to give the impression that the tax cut gave money to people other than the 1% There will be some upset people next year. My taxes will go up

Hortensis

(58,785 posts)
56. Your OP left me feeling you owed us a good joke.
Wed Oct 24, 2018, 12:36 PM
Oct 2018

But the responses eliminated any desire to laugh. I mean, we all know this is going on, but it at least was next year, only next year's almost here.

DarleenMB

(408 posts)
57. I got the bad news when I filed this year
Wed Oct 24, 2018, 01:02 PM
Oct 2018

My tax preparer informed me that, if everything remained exactly the same, I would owe an additional $2,000 next year.

avebury

(10,946 posts)
59. I am not surprised. The Trump Administration told the IRS to play
Wed Oct 24, 2018, 01:21 PM
Oct 2018

with the withholding tables to make people think that they are getting more from the "tax cut" then they really are. The intentionally withheld too little all year long. This info came out months ago. A lot of people will get hosed at tax time if they haven't been paying attention and preparing for it.

I have been watching my pay check and periodically calculate what I will actually owe, based upon my income. I increased by withholding back in February. I actually will get a really nice refund. I got a raise this year an my raise went into my Medical Health Care Savings Account and State/Federal taxes. My actual take home pay actually went down. Thank God for the HSCA because I am facing hefty dental bills at some time in the future and I am pouring as much pre-tax $ into the account as I can to be ready when the time comes.

Honeycombe8

(37,648 posts)
62. These guys associated w/this administration are the most corrupt in an administration ever.
Wed Oct 24, 2018, 02:38 PM
Oct 2018

Wait until the Trumpers find out.

As for me, I am retired, so I know which bracket and what tax rate for that bracket I'll fall into. So no surprises (I hope).

 

Laura PourMeADrink

(42,770 posts)
73. Ding. Ding. Ding. Why haven't the press or dems
Wed Oct 24, 2018, 04:55 PM
Oct 2018

Figured this out?. Even so, often wondered why I never hear of anyone who gets withholding actually raving about anything. Everyone else going into next April going in blind....not knowing the affect of not itemizing with changed deductions.

Freddie

(9,231 posts)
76. I'm a payroll admin
Wed Oct 24, 2018, 06:21 PM
Oct 2018

Sent the whole company an email about this when the tables changed. TWO people besides myself increased their withholding. Won’t they be surprised.

kwijybo

(220 posts)
80. The company I work at warned us at the beginning of the year
Wed Oct 24, 2018, 07:29 PM
Oct 2018

They are all a bunch of (ex) engineers, mathematicians, etc.

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