Tax Returns! What mods are you buying?

[roastbeef]

Originally Posted by wfdeacon88

People should be looking at the after tax income total year over year... a VAST majority of Americans pay LESS in total taxes. The reason tax returns are lower, is because exemptions are linked to a larger standard deduction.

this turned out to be nonsense in my specific situation. i verified this with my cpa because i was curious about it. i paid about $3k less, but actually got about $5k less than i got in previous years.

[M3 Number 86]

"I don't buy mods"

[commedeschatons]

lots of gas

[Bemo]

Originally Posted by roastbeef

this turned out to be nonsense in my specific situation. i verified this with my cpa because i was curious about it. i paid about $3k less, but actually got about $5k less than i got in previous years.

Between our tax returns + additional money we kept with each paycheck, we came out ahead this year, while our income also grew, YoY.

[wfdeacon88]

Originally Posted by roastbeef

this turned out to be nonsense in my specific situation. i verified this with my cpa because i was curious about it. i paid about $3k less, but actually got about $5k less than i got in previous years.

Do you live in a high tax state/city? Cali or NY? The law does change how much the federal government subsidizes over budget/over taxed state and local govts. I think this is fair as everyone shouldn't have to pay for states that have out of control spending/taxes.

[roastbeef]

Originally Posted by wfdeacon88

Do you live in a high tax state/city? Cali or NY? The law does change how much the federal government subsidizes over budget/over taxed state and local govts. I think this is fair as everyone shouldn't have to pay for states that have out of control spending/taxes.

California. I got more back from the state than the feds.

[wfdeacon88]

Originally Posted by roastbeef

California. I got more back from the state than the feds.

Sure but that's not what I'm saying.... State Tax deductions to Federal taxes are no longer allowed to the levels they were.... Previously, people in high state tax jurisdictions could offset federal with state taxes, but not anymore. It's more fair bc people in low state tax areas were paying higher % of federal income tax.. essentially, it was rewarding high tax states with lower federal taxes, which is bullshit. just because California is a complete disaster and can't afford to pay for it's welfare state, that doesn't mean everyone else should have to subsidize it.

[roastbeef]

I see what you're saying now. Regardless, I'm working middle class and conservative. Doesn't matter what I think or feel- it's making my wallet thinner.

[vroomM3]

Huh?

[InnerBlueSkies]

All my extra $$$ is being set aside until I get back my first blackstone. I know it's not a very good prediction but if there is copper I'm calling deansbimmer. Otherwise, it's a 64 to 100k odometer gamble.