Go Back  Airline Pilot Central Forums > Pilot Lounge > Hangar Talk
Pilot killing taxes? >

Pilot killing taxes?

Notices
Hangar Talk For non-aviation-related discussion and aviation threads that don't belong elsewhere

Pilot killing taxes?

Old 02-19-2019, 02:37 AM
  #1  
You scratched my anchor
Thread Starter
 
Al Czervik's Avatar
 
Joined APC: Feb 2011
Posts: 4,872
Default 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.
Al Czervik is offline  
Old 02-19-2019, 03:04 AM
  #2  
Gets Weekends Off
 
labbats's Avatar
 
Joined APC: Jun 2006
Position: A320
Posts: 1,347
Default

Im married with kids.

Saved thousands compared to last year.
labbats is offline  
Old 02-19-2019, 03:06 AM
  #3  
Gets Weekends Off
 
Joined APC: Feb 2008
Posts: 19,221
Default

Originally Posted by Al Czervik View Post
Did you guys take it in the shorts this year as well? Lost 18k in write offs. Ended up paying 60k to Uncle Sam.
Lost 40k in writeoffs, paid 15,000 less in taxes. Very happy! New brackets more than offset deductions.
sailingfun is offline  
Old 02-19-2019, 03:07 AM
  #4  
Gets Weekends Off
 
GraceMonth's Avatar
 
Joined APC: Sep 2017
Position: Left
Posts: 181
Default

Originally Posted by Al Czervik View Post
Did you guys take it in the shorts this year as well? Lost 18k in write offs. Ended up paying 60k to Uncle Sam.
Divorced with kids. Saved 9,000 in taxes. First refund in 6 years.
GraceMonth is offline  
Old 02-19-2019, 03:59 AM
  #5  
The NeverEnding Story
 
BoilerUP's Avatar
 
Joined APC: Sep 2005
Posts: 7,474
Default Pilot killing taxes?

16% lower federal income tax liability despite 10% higher taxable income, compared to 2017.
BoilerUP is offline  
Old 02-19-2019, 04:53 AM
  #6  
Gets Weekends Off
 
jrmyl's Avatar
 
Joined APC: Jan 2006
Position: 747
Posts: 356
Default

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.
jrmyl is offline  
Old 02-19-2019, 05:16 AM
  #7  
Gets Weekends Off
 
Joined APC: Jul 2008
Posts: 854
Default

Adjusted Gross Income increased 7.28%
Total Tax (after credits) decreased 13.16%
Effective Tax Rate decreased from 13.39% to 10.84%
Larry in TN is offline  
Old 02-19-2019, 06:38 AM
  #8  
Gets Weekends Off
 
Joined APC: Aug 2018
Posts: 151
Default

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
MySaabStory is offline  
Old 02-19-2019, 06:49 AM
  #9  
Gets Weekends Off
 
Joined APC: Dec 2005
Posts: 8,883
Default

Originally Posted by Al Czervik View Post
Did you guys take it in the shorts this year as well? Lost 18k in write offs. Ended up paying 60k to Uncle Sam.
How do you owe 60k to the govt?
ShyGuy is offline  
Old 02-19-2019, 06:55 AM
  #10  
Prime Minister/Moderator
 
rickair7777's Avatar
 
Joined APC: Jan 2006
Position: Engines Turn Or People Swim
Posts: 39,097
Default

Originally Posted by ShyGuy View Post
How do you owe 60k to the govt?
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...
rickair7777 is offline  
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
baseball
United
18
08-07-2016 06:43 AM
KnightFlyer
Cargo
25
10-14-2011 05:08 AM
jungle
Money Talk
48
04-13-2010 12:05 PM
wannabepilot
Hangar Talk
0
04-25-2008 09:19 PM
BrownGirls YUM
Cargo
2
07-28-2007 08:30 AM

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Thread Tools
Search this Thread
Your Privacy Choices