Taxes

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02-11-2019 | 07:18 AM

#151

dogismycopilot

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Joined: Sep 2008

Posts: 208

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Narrowbody B, made about 30k more this year than last year, 3 kids, mortgage, and enough personal deductions to itemize. Despite the extra income, my effective tax rate was about 1% lower this year than it was last year. I aggressively adjusted my withholding last year and ended up with a larger tax return this year than last year.

02-11-2019 | 07:57 AM

#152

gloopy

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Joined: Jul 2010

Posts: 12,823

Likes: 169

From: window seat

Quote:

Originally Posted by GunshipGuy

I don't understand why people get so focused on what they got back in a refund, or how much they had a check to write out.

Right. I think there's a market for that service. Send someone money every check for a year, they hold it for free, then you get it back a few months into the following year interest free. I think people would do that easily.

You could then add a follow on service like "mortgage interest deduction emulator" where they give you like 10K a year, and the following year you pay them what the decduction on that would have been worth (say 3-4K?) and keep the change. #savvy

02-11-2019 | 03:13 PM

#153

Corndog

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Joined: Sep 2014

Posts: 60

Likes: 0

From: 737B

Our CPA is asking for a form 1095 (healthcare tax form). I havent received anything like that in the mail and info on deltanet is for last year. Should I expect it to show up in the mail?

Thanks very much.

02-11-2019 | 03:16 PM

#154

2StgTurbine

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Joined: Feb 2010

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Quote:

Originally Posted by Corndog

I got mine about 5 days ago.

02-11-2019 | 03:19 PM

#155

Corndog

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Joined: Sep 2014

Posts: 60

Likes: 0

From: 737B

OK Thanks, I'll look out for it

02-11-2019 | 05:05 PM

#156

2StgTurbine

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Joined: Feb 2010

Posts: 2,842

Likes: 93

Quote:

Originally Posted by Corndog

OK Thanks, I'll look out for it

If you don't get it, it's not a big deal. It is simply proof that you have employer provided healthcare and therefore don't need to pay the tax for not having health insurance. If you get audited, you could show the IRS your paystub from December 2018 as proof.

02-11-2019 | 06:03 PM

#157

SideSticker

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Joined: Mar 2017

Posts: 277

Likes: 7

Thanks for all the Virginia ave grocery options. Having real food will definitely make my time there more enjoyable.

02-11-2019 | 06:25 PM

#158

Bucking Bar

Can't abide NAI

Joined: Jun 2007

Posts: 12,078

Likes: 15

From: Douglas Aerospace post production Flight Test & Work Around Engineering bulletin dissembler

Quote:

Originally Posted by PNWFlyer

Well, your chances of an audit are low. But if it happens, chances of fines are high.

Jail is possible, but only if you fly around telling your pilot friends how you evade taxes.

Some Status Reps are kind of famous for claiming to live in one State, working in another, and representing pilots in a third, while actually earning most of their pay in Georgia. ... and yes, politics have gotten so ugly that folks have picked up the phone ... some people just make their lives too complicated trying to screw everyone else.

02-11-2019 | 07:44 PM

#159

notEnuf

Racketeer

Joined: Mar 2015

Posts: 13,248

Likes: 707

From: N60.4858 W149.9327

Quote:

Originally Posted by Bucking Bar

The location/base models is obsolete and needs to be changed. Flying continues to free flow around the system. Every crew resources newsletter states no base owns any flying. With new aircraft coming and old airplanes consolidating and being closed your Lat/long at any given time is meaningless. Add 365 AEs and 24 month locks and you couldn’t chase the flying if you tried. This BTW is also why VBs were a terrible idea. There is no baseline for any amount of flying in any fleet in any base.

02-11-2019 | 08:07 PM

#160

PRS Guitars

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Joined: Dec 2013

Posts: 2,329

Likes: 4

From: A320 CA

Quote:

Originally Posted by trip

My taxes went up also.

Married, three kids, file jointly, made a little more then last year, house is paid off.

1. Standard deduction doubled to 24K up from 12.5K.
2. Lost the personal exemptions that totaled 20.5K
3. Child tax credit went down.
4. AGI and tax paid went up because of the above.

For number 3, you need to remember that the child tax credit used to be $1,000 per kid and phased out above $110k. So, unless you were on 1st year pay you wouldn’t get it at all. Under the new rule, you get $2k per kid under 17 and $500 older than that. The phase out is now at $400k.

So, how old are your kids and did you make less than $110k last year?

If you made over that and have 2 kids under 17 and one over, you’re getting a $4500 credit under the new rules vs zero under the old rules.