I’m going to be waiting a couple months to do my taxes because I have a small LLC business and I have to get those taxes and my K-1 or 1065 (whatever it is called) back before I do my personal taxes.

To those who’ve done their taxes already, assuming owning a home and you have a family, are you getting back as much as last year or as much as you expected? Poor wording..Is your tax liability similar to last year? Unless you’re a Real Estate investor, in which case, I know uncle Don hooked you up somewhat.

I’m sure most guys/girls aren’t there yet, but for the few that might have finished or are working on them, were there any “Oh crap, I didn’t see that coming” type realizations? I haven’t really studied the new laws, because, well, tax law has got to be one of the most boring, confusing, head scratching subjects on the planet.

Just curious. Thanks.

 

How does the State and Local Tax (SALT) $10k cap affect GA residents? Any idea which box I'd check in my 2017 return to see how much I claimed for this last year?

 

I believe the alimony deduction ends for a divorce finalized after 2018. Before, good to go!

 

Add your property tax and GA income tax liability (not what you had withheld, but what your GA tax bill total is) together. If it’s greater than $10k, it affects you; Meaning your cap is $10k for this deduction (if you itemize).

Schedule A, Itemized deductions is where I would start.

 

I thought flying deductions (union dues, per diem above airline rate, uniform upkeep, etc) were all eliminated? Now some states allow it?

 

Federal tax law vs. state tax law. There’s always been differences. Some states allow it, some states don’t, and some don’t even tax income.

 

I haven't finished my 2018 taxes yet, but I ran my 2017 numbers through 2018 edition of Turbotax - the 2017 taxes using the 2018 tax laws resulted in paying 15% less federal tax. I'm a widebody FO, so that 15% is a decent amount, nothing to sneeze at.

As SailingFun said, the elimination of the AMT is what made the most difference I suspect. Yeah, my State and Local Taxes (SALT) deduction were capped at $10,000 but I wasn't too far above that anyway.

 

That’s good to know. Thanks. With AMT gone, I’m actually hoping for a small refund this year.

 

havent thrown my rental property stuff in turbo tax yet but so far it's showing a nice refund for me...i was expecting to pay this year so thats a nice surprise.

 

I’m showing a nice refund as well which I’m still happily surprised about. I’ve gone over it a few times to make sure there was not some huge errors. Typically I owe a little or have barely a refund in years past. With all the uncertainty I changed my withholdings conservatively to see how this year went. Now that I have a good baseline I’ll adjust from here.