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Replies: 21
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CU Medallion [73569]
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You married jungers filing taxes
Feb 25, 2019, 10:27 AM
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Any us guys getting above the increased standard deduction?
I haven't itemized but my house interest is low so I doubt I go above it.
I could almost go ez form now I think
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Hall of Famer [23994]
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Probably a lot less people itemizing this year since the std
Feb 25, 2019, 10:29 AM
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deduction is like $10000 higher
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CU Medallion [73569]
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It's 24k for married***
Feb 25, 2019, 10:29 AM
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Oculus Spirit [85013]
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YES***
Feb 25, 2019, 10:30 AM
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Oculus Spirit [85013]
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and home interest was about $5,500***
Feb 25, 2019, 10:32 AM
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CU Medallion [54758]
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Haven't yet, but will finish 'em up soon
Feb 25, 2019, 10:44 AM
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I've put all our incomes in, with SOME deductions....seems like we're getting back at least $2300 fed/state, but still about $14k shy of matching/exceeding the std ded.
However, I have a shitton of expenses and 3x mortgage interest/taxes/insurances/etc (yay rentals!) and donations to go thru. I honestly think that I'll spend all the time calculating and entering that, just for it to total $23,987 or something.
That said, does anyone (maybe henry®) know...if rental expenses ultimately don't affect my return (assuming i don't hit the std ded), can I carry any of that over to next year? This hasn't been an issue past 10 years
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CU Medallion [50635]
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accts do all my work so i don't know for sure
Feb 25, 2019, 11:58 AM
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some expenses like a new hvac system are deducted over time
some like a new toilet are deducted in 1 year
then you gots your depreciation which is a little each year over time
so to some up it depends.
we actually had no expenses last year but we still getting some long term deductions
DGUARCHITECT
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Oculus Spirit [97634]
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I get all the deductions from business, so we never file
Feb 25, 2019, 10:48 AM
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jointly. Haven't finished this year, so maybe that changes. But we increase our refund by several grand filing separate.
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CU Medallion [54758]
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go on....***
Feb 25, 2019, 10:56 AM
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Oculus Spirit [97634]
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Well, we will see what this year brings.
Feb 25, 2019, 11:01 AM
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New laws and such. We got another Tigglet, so there's that too, so we will see how that goes.
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CU Medallion [54758]
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what I mean is, how does filing separately increase your
Feb 25, 2019, 11:05 AM
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return several grand?
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Oculus Spirit [97634]
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I don't know exactly, but I have a CPA for that.
Feb 25, 2019, 11:17 AM
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I've been TOLD, it's because of my business expenses which I deduct versus my wife, her salary, and no deductions. I also have other income from real estate she doesn't have. Property taxes she doesn't have on family land, etc. Wife's salary is higher than mine, but our takehome is about equal. But then I have maybe 20% of my salary added as deductions (phone, internet, property taxes, etc.). Just been told almost every year it works out better for us to file separately. The way I understand it, all the deductions go on my filings, and not on hers, and it works out better that we file separately. I know it was a $2,500 difference on the refund last year because I asked to see the difference. I know I get a huge refund and wife gets a very small one, but collectively we come out ahead doing it this way. Then I always end up spending that on her credit card (mostly) then IPTAY/tix with the remnants.
This year may be very different. We will see.
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All-In [26968]
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Well above.
Feb 25, 2019, 10:54 AM
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Tithing has perks.
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All-In [26968]
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But still owed multiple Ks to fed this year.
Feb 25, 2019, 11:08 AM
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So there you go.
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Oculus Spirit [80935]
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I'll let you know sometime around April 10.
Feb 25, 2019, 11:02 AM
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I know I have to pay; I don't even want to think about until after March.
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Heisman Winner [137654]
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Headed to CPA in a few hours, so I may have an idea then.
Feb 25, 2019, 11:57 AM
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First time I'm paying somebody to do my taxes. So adult. Not sure if like.
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All-TigerNet [13764]
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Best money i ever spent.
Feb 25, 2019, 12:38 PM
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I hand my guy a pile of paper and i don't have to deal with that #### anymore. One or two emails usually takes care of something i missed.
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All-In [26968]
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I have too much fun doing tax returns
Feb 25, 2019, 1:09 PM
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Mine surely isn't as complex as those who have their own businesses, but I really enjoy it. I like dealing with numbers, and I like the organization of it all. I'm a weirdo, yes.
I currently do the taxes for another family, for free/fun. Maybe I should open up shop.
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CU Medallion [54758]
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is this a family you're friends with? I'd think that'd be
Feb 25, 2019, 1:25 PM
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weird/awkward to share financials like that
A neighborhood friend works for Edward Jones, and is another of our mutual neighborhood frand's financial guy....seems super odd to me
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All-In [26968]
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It's family family.***
Feb 25, 2019, 1:38 PM
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Heisman Winner [137654]
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My dad is the same. He spent years working for H&R Block in
Feb 25, 2019, 1:53 PM
[ in reply to I have too much fun doing tax returns ] |
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the '70s and '80s during tax season, not because he needed the money, but because he LIKES doing taxes. I got precisely zero of those genes.
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Orange Blooded [2986]
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Did not make it above the standard deduction.
Feb 25, 2019, 1:42 PM
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However, definitely paying less taxes.
So, winning?
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Replies: 21
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