Pilot killing taxes?
 

Did you guys take it in the shorts this year as well? Lost 18k in write offs. Ended up paying 60k to Uncle Sam.

Im married with kids.

Saved thousands compared to last year.

Lost 40k in writeoffs, paid 15,000 less in taxes. Very happy! New brackets more than offset deductions.

Divorced with kids. Saved 9,000 in taxes. First refund in 6 years.

Pilot killing taxes?
 

16% lower federal income tax liability despite 10% higher taxable income, compared to 2017.

I ended up getting back about 9000 less than I would have with the old system. There is no way I made 9000 more in my paychecks this year. So yeah, I'm not happy with the loss of all those deductions.

Adjusted Gross Income increased 7.28%
Total Tax (after credits) decreased 13.16%
Effective Tax Rate decreased from 13.39% to 10.84%

It just depends on where you live. “Blue” states are taking it in the shorts. If you live in a “Red” state, you’re winning on your taxes...but losing in life.



Take it easy. I’m just joking.



Kinda

How do you owe 60k to the govt? :eek:

Yeah your accountant can predict your taxes and tell you how much to withhold.

It's actually financially not bad to sit on that cash and earn interest for the year, as long as you're disciplined enough to know how big a check you're going to have to write in Apr, and can save up for it. I'd be perfectly happy with a $50k interest free loan from uncle, just wouldn't trust my wife with it...