Tax time

BlueFox
BlueFox Posts: 15,251
Sitting in the office waiting to have my taxes done. Bad feeling about it this year.
Lumin X1 file player, Westminster Labs interconnect cable
Sony XA-5400ES SACD; Pass XP-22 pre; X600.5 amps
Magico S5 MKII Mcast Rose speakers; SPOD spikes

Shunyata Triton v3/Typhon QR on source, Denali 2000 (2) on amps
Shunyata Sigma XLR analog ICs, Sigma speaker cables
Shunyata Sigma HC (2), Sigma Analog, Sigma Digital, Z Anaconda (3) power cables

Mapleshade Samson V.3 four shelf solid maple rack, Micropoint brass footers
Three 20 amp circuits.

Comments

  • mhardy6647
    mhardy6647 Posts: 32,922
    edited March 2019
    Well, look at it this way -- do you really want the Man workin' on your money all year interest free? ;) I mean, a big refund equates to a zero interest loan by the taxpayer to those who collect the taxes (trying to stay apolitical here)! :)

    Got ours back a coupla weeks ago. Came out OK, all in all, I'd say. Got a little back from the Federales and the state (certain out of state investments are taxed by NH); owed MA a little bit (my adjunct professor income is in MA and I guess I under-withheld a bit). Put the refunds (which were nominal) back towards the 2019 estimateds.

    When I retired and formed my little consulting LLC, I said to Mrs. H (who has been doing our -- not uncomplicated -- taxes since day one) that it was probably time to switch to using a CPA. Our lawyer directed us to one who's been just a joy to work with. This time of year is so much less stressful in our house now than it used to be :p

  • JPete
    JPete Posts: 295
    Broke even this year. I’d rather get all mine up front instead of trying to get the feds to pay me back. Bunch a damn crooks they are.
    Lexicon RT-10, Parasound P5, McCormack DNA 0.5, Polk SDA CRS+, SVS Sub
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  • BlueFox
    BlueFox Posts: 15,251
    Wasn’t as bad as I thought it would be from the tax increase that went into effect this year. I prepaid $20K last year to cover my SS and rental income. With the tax increase I have to pay another $8K on top of the $20K. I feel pretty good since I thought it would be even worse.

    Now that it is out of the way it’s time to order the Lumin X1. :)

    Lumin X1 file player, Westminster Labs interconnect cable
    Sony XA-5400ES SACD; Pass XP-22 pre; X600.5 amps
    Magico S5 MKII Mcast Rose speakers; SPOD spikes

    Shunyata Triton v3/Typhon QR on source, Denali 2000 (2) on amps
    Shunyata Sigma XLR analog ICs, Sigma speaker cables
    Shunyata Sigma HC (2), Sigma Analog, Sigma Digital, Z Anaconda (3) power cables

    Mapleshade Samson V.3 four shelf solid maple rack, Micropoint brass footers
    Three 20 amp circuits.
  • mrbiron
    mrbiron Posts: 5,711
    Wow...my measly $3500 bill doesn’t sound so bad. Taxes adjusted for next year :(
    Where’s the KABOOM?!?! There’s supposed to be an Earth shattering KABOOM!!!
  • BlueFox
    BlueFox Posts: 15,251
    I retire the end of April, so other than SS, and rental income for the rest of the year it had better be a lot lower. LOL
    Lumin X1 file player, Westminster Labs interconnect cable
    Sony XA-5400ES SACD; Pass XP-22 pre; X600.5 amps
    Magico S5 MKII Mcast Rose speakers; SPOD spikes

    Shunyata Triton v3/Typhon QR on source, Denali 2000 (2) on amps
    Shunyata Sigma XLR analog ICs, Sigma speaker cables
    Shunyata Sigma HC (2), Sigma Analog, Sigma Digital, Z Anaconda (3) power cables

    Mapleshade Samson V.3 four shelf solid maple rack, Micropoint brass footers
    Three 20 amp circuits.
  • Thorton
    Thorton Posts: 1,324
    Right now we're about $5K increase from last year. I'll finish tomorrow for the total.
    _____________________________________________________________________________________________
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  • ZLTFUL
    ZLTFUL Posts: 5,640
    $4200 owed to Feds, $1800 refund from state.

    We lost all of our home office deductions which sucks because we both work from home 100% of the time. But the tax changes included a change to the home office tax deductions to only apply to self employed.
    "Some people find it easier to be conceited rather than correct."

    "Unwad those panties and have a good time man. We're all here to help each other, no matter how it might appear." DSkip
  • Thorton
    Thorton Posts: 1,324
    ZLTFUL wrote: »

    We lost all of our home office deductions which sucks because we both work from home 100% of the time. But the tax changes included a change to the home office tax deductions to only apply to self employed.

    We lost this on my wife's side too. Sucks.
    _____________________________________________________________________________________________
    Ethernet Filter: GigaFOILv4 with Keces P3 LPS
    Source: Roon via ethernet to DAC interface
    DAC: Bricasti M1SE
    Pre/Pro: Marantz AV8805
    Tube Preamp Buffer: Tortuga TPB.V1
    Amp1: Nord One NC1200DM Signature, Amp2: W4S MC-5, AMP3: W4S MMC-7
    Front: Salk SoundScape 8's, Center: Salk SoundScape C7
    Surround: Polk FXIA6, Surround Back: Polk RTIA9, Atmos: Polk 70-RT
    Subs: 2 - Rythmik F25's
    IC & Speaker Cables: Acoustic Zen, Wireworld, Signal Cable
    Power Cables: Acoustic Zen, Wireworld, PS Audio
    Room Treatments: GIK Acoustics
  • Upstatemax
    Upstatemax Posts: 2,623
    Trump made my bank balance great again.

    I had a bunch of cash set aside ready to hand it over. Instead I only owe $1,000.

    I was happy till I remembered that I had someone coming over to estimate replacing my driveway...
  • Joey_V
    Joey_V Posts: 8,505
    Even after having claimed 0 for the year, my overall tax bill was still an extra $31,000 owed. Blech....
    Magico, JL, Emm, ARC Ref 10 line, ARC Ref 10 phono, VPI, Lyra, Boulder, AQ Wel, SRA Scuttle Rack, Bluesound
  • Emlyn
    Emlyn Posts: 4,346
    End result for me is not much difference in the end result for Federal but big changes in getting there. Got more in take home throughout tax year 2018 than tax year 2017 because of the reduced tax rates but left about $8K on the table because of the $10K limit on State and local tax deductions. If “The Man” sees fit to raise that SALT limit without raising the tax rates, I would be golden. Not likely that’s going to happen!

    No difference in State taxes because of no change in rate and no limit on SALT deductions there.
  • mark090852
    mark090852 Posts: 993
    I'm sure this is not news to any of you, but I wanted to mention it just in case. For those of you that are self employed or are small business owners, the new tax regulations for tax year 2018 allow for a 20% deduction on qualified business income. Of course there are taxable income limits, but it's worth looking into if you haven't already done that. I'm self employed and it saved me a bundle over tax year 2017.
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  • sbb2112
    sbb2112 Posts: 134
    Running a business over the last couple years has definitely been easier. I really wasn’t having a good time prior. Hopefully the tax climate stays put and forward progress too.
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  • huggies
    huggies Posts: 149
    Damn, seeing some of you're tax bills, you're all a bunch of rich mf'ers.... lol I had a slightly higher AGI this year compared to last year. This was due to loss of a couple deductions, since I actually made less money this year. However, my overall tax bill dropped. I make approx 100k each year, just for reference. One thing to keep in mind this year, and future yrs, they changed the tax withholding schedules. So, even though I didn't change my W4 settings, single/no dependents, the Feds withheld less money out of each paycheck. Thus the reason a lot of people think they are paying more in taxes when in reality that's not true, for most of middle class anyways. Some of you are clearly upper middle class..... ;)
  • treitz3
    treitz3 Posts: 18,230
    I like keeping my money throughout the year....IE, every paycheck. We ended up getting back $600 for both state and Fed, where in prior years, we would get back 4-5K every year.

    Our bank accounts have never looked better and our debt is dwindling down to very little, even after I bought the wife a Tahoe for Valentine's Day.

    I can dig it!

    Tom
    ~ In search of accurate reproduction of music. Real sound is my reference and while perfection may not be attainable? If I chase it, I might just catch excellence. ~
  • steveinaz
    steveinaz Posts: 19,521
    I gave in to laziness after doing my own taxes since I was 16, and hired a CPA.
    Source: Bluesound Node 2i - Preamp/DAC: Benchmark DAC2 DX - Amp: Parasound Halo A21 - Speakers: MartinLogan Motion 60XTi - Shop Rig: Yamaha A-S501 Integrated - Shop Spkrs: Elac Debut 2.0 B5.2
  • sbb2112
    sbb2112 Posts: 134
    I wish I could do my own taxes. There are many forms that I file that, unless you study the tax code all the time, I didn't know existed. They haven't come to take me away yet so my cpa must know what they are doing. It is a very complicated mess as far as I can see. There are forms my cpa has prepared by another specialized cpa/tax attorney to include in the return. Sure would be nice if simplified but I don't see too much agreement on much of anything as far a simpler code.
    Main System
    Marantz AV8802A PrePro
    Marantz MM7025 Amp rear surrounds
    McIntosh MC7205 Amp center, ceiling and mid surrounds
    McIntosh MC300 Amp front mains
    Oppo 203 Bluray
    Polk SDA-SRS with VR3 monastery crossovers
    Polk FX1000 Mid surrounds
    Klipsch RP-440C Center channel
    Klipsch RP-15M Rear surrounds
    SVS prime elevation ceiling surrounds
    Rythmik F15HP sub
    Samsung 8500 curved screen 65" LED 4K
    Mac Mini Server

    Office System
    Musical Fidelity M6s dac/preamp
    Oppo 103D Bluray
    Polk SDA-SRS 2
    Parasound HCA-1500A
    Polk PSW 650 sub
    Microrendu
    Roku Ultra
    Mac Mini Server
  • codycatalist
    codycatalist Posts: 2,662
    Crap I make a little bit over 52k a year and to me that's doing well. Damn yall rich.
    Just a dude doing dude-ly things

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  • audioluvr
    audioluvr Posts: 5,420
    I still have 11 days to go...
    Gustard X26 Pro DAC
    Belles 21A Pre modded with Mundorf Supreme caps
    B&K M200 Sonata monoblocks refreshed and upgraded
    Polk SDA 1C's modded / 1000Va Dreadnaught
    Wireworld Silver Eclipse IC's and speaker cables
    Harman Kardon T65C w/Grado Gold. (Don't laugh. It sounds great!)


    There is about a 5% genetic difference between apes and men …but that difference is the difference between throwing your own poo when you are annoyed …and Einstein, Shakespeare and Miss January. by Dr. Sardonicus
  • BlueFox
    BlueFox Posts: 15,251
    I had mine done last Friday, but I just can't get motivated to send them my money. LOL.
    Lumin X1 file player, Westminster Labs interconnect cable
    Sony XA-5400ES SACD; Pass XP-22 pre; X600.5 amps
    Magico S5 MKII Mcast Rose speakers; SPOD spikes

    Shunyata Triton v3/Typhon QR on source, Denali 2000 (2) on amps
    Shunyata Sigma XLR analog ICs, Sigma speaker cables
    Shunyata Sigma HC (2), Sigma Analog, Sigma Digital, Z Anaconda (3) power cables

    Mapleshade Samson V.3 four shelf solid maple rack, Micropoint brass footers
    Three 20 amp circuits.
  • tonyb
    tonyb Posts: 32,902
    You have to compare apples and apples between tax years. Most of us saw a raise in our weekly checks, making your yearly income more, while the tax tables were adjusted to capture that also. So you may get back less at the end of the year, but more money in your pocket on a weekly basis.

    That's for normal working stiffs.

    If your considered poor, a single mom, etc., you got back around 20- 30% of your income. The tax system has always been a "rob from Peter to pay Paul" type of thing. Problem has always been that there is too many Pauls and not enough Peters. :)
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  • cfrizz
    cfrizz Posts: 13,415
    What I got back from the feds 396.00 ended up being paid to the state 522.00. the blasted 12% tax on dividends has been wiping out any money I would get from the feds for a few years now.
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  • audioluvr
    audioluvr Posts: 5,420
    My tax liability increased 38% because they eliminated travel expenses, work related expenses such as clothing and union dues a deduction. First time in decades I've owed money. That's why I'm waiting until 11:59pm on April 15th to send them money.
    Gustard X26 Pro DAC
    Belles 21A Pre modded with Mundorf Supreme caps
    B&K M200 Sonata monoblocks refreshed and upgraded
    Polk SDA 1C's modded / 1000Va Dreadnaught
    Wireworld Silver Eclipse IC's and speaker cables
    Harman Kardon T65C w/Grado Gold. (Don't laugh. It sounds great!)


    There is about a 5% genetic difference between apes and men …but that difference is the difference between throwing your own poo when you are annoyed …and Einstein, Shakespeare and Miss January. by Dr. Sardonicus
  • steveinaz
    steveinaz Posts: 19,521
    We typically owe uncle sam around $1500, but get about $1800-$2400 back from Arizona.
    Source: Bluesound Node 2i - Preamp/DAC: Benchmark DAC2 DX - Amp: Parasound Halo A21 - Speakers: MartinLogan Motion 60XTi - Shop Rig: Yamaha A-S501 Integrated - Shop Spkrs: Elac Debut 2.0 B5.2
  • billbillw
    billbillw Posts: 6,163
    We normally pay the Fed a little and get a little back from the state. This year, we paid both. About an $1000 flip because the swap between loosing deductions and gaining credits cause an increased taxable income, which translates to higher state tax almost every time. With the lower withholding though the year, overall, we paid about the same in total taxes.
    For rig details, see my profile. Nothing here anymore...
  • krazypolk
    krazypolk Posts: 745
    I was counting on a refund but now I'm not so sure.
  • gudnoyez
    gudnoyez Posts: 8,056
    We are never in a hurry as we always owe, but hit the Jackpot this year we only owed $180 Federal, and $118 State and $ 105 for the tax preparer. So happy to say the least.
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  • pitdogg2
    pitdogg2 Posts: 24,474
    Dang like winning the lotto Steve :)