Taxes
02-07-2019 | 02:03 PM
#122
Line Holder
Joined: Mar 2017
Posts: 277
Likes: 7
An old neighbor of mine loved to brag about his creative tax returns. Long story short....he dumped his girlfreind and she reported him to the IRS.
02-07-2019 | 02:28 PM
#123
Gets Weekends Off
Joined: Apr 2011
Posts: 5,816
Likes: 5
From: retired 767(dl)
02-07-2019 | 02:43 PM
#124
Banned
Joined: Dec 2018
Posts: 648
Likes: 0
Yep. I'll bet you if you ask 100 people on the street what they paid in taxes, that a great number will say "I got back $XXX". Most people have no idea what they paid in tax. That's why if we ever got rid of the withholding part of a paycheck there would be riots in the street.
02-07-2019 | 04:48 PM
#125
Line Holder
Joined: Oct 2007
Posts: 1,503
Likes: 2
From: Fairly local
He's talking about the vast majority of US workers (the other 8 or 9 in 10) who, if all of a sudden they had to write monthly or quarterly checks instead of withholding, would freak out.
But you knew that.
02-07-2019 | 08:31 PM
#127
Gets Weekends Off
Joined: May 2015
Posts: 2,960
Likes: 0
From: Power top
02-08-2019 | 08:50 AM
#128
New Hire
Joined: May 2018
Posts: 8
Likes: 0
I made 40k more in 2018 vs 2017, all my deductions the same yoy. 2018 refund 2.8K, and that’s paying 3K AMT. 2019 payment due 1.3K, 0$ AMT. The difference is what he took away, union dues 5.7k+ deduction, perdiem deduction well north of 10K... my effective tax rate several points higher. I’m a conservative, but Trump tax hike is taking food off my table. He ain’t no friend of labor.. that’s what we, pilots, all are, we know that, right???
02-08-2019 | 09:02 AM
#129
Gets Weekends Off
Joined: Jul 2014
Posts: 429
Likes: 0
The AMT killed me. Very happy with the change in my 2018 taxes. Every Delta pilot was going to be tossed into the AMT with a few years with Delta. They may think they are not saving anything now but they will have significant savings in future years.
There was however another option. I flew with one pilot who refuses to use TurboTax because it always threw him into the AMT. He simply filled out the forms by hand and avoided that pesky AMT.
There was however another option. I flew with one pilot who refuses to use TurboTax because it always threw him into the AMT. He simply filled out the forms by hand and avoided that pesky AMT.
I've been told of things that were to my knowledge intentional tax fraud as well. I don't believe there is a limitation on the gubmt prosecuting a deliberate fraud. Pretty dangerous territory. OFG
02-08-2019 | 09:21 AM
#130
Line Holder
Joined: Jun 2015
Posts: 1,997
Likes: 177
2017->2018
Income went down about $19k
2017->2018
Taxes went down about $8k
2017 17.2% Fed effective rate
2018 15.6% Fed eff. rate (Means everything)
2017 Huge refund
2018 Owe a little (Means nothing. Difference? Withholding changes)
Income went down about $19k
2017->2018
Taxes went down about $8k
2017 17.2% Fed effective rate
2018 15.6% Fed eff. rate (Means everything)
2017 Huge refund
2018 Owe a little (Means nothing. Difference? Withholding changes)
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