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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
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Re: Did anyone notice more money in their recent paycheck due to a tax change?
Posted by NervousNell
Posted by LSP2005
The new tax law is giving with one hand and taking away with the other. I would try to save what ever additional weekly money received in order to pay for the taxes due in 2019 for 2018. I know personally we will loose out on so many itemized deductions because of the new tax law.
We don't itemize anymore since DH retired.
Does anyone know how it will affect people who take the standard deduction?
I know you can't deduct more than $10k in property tax and state tax combined.
Anything else?
Generally speaking, I think you'll be ok if you take the standard deduction. We itemize so unfortunately, the cap on what we can deduct will hurt us.
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Posted 2/2/18 3:31 PM  |
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mommy2B3
2 boys 2 girls!!!!
Member since 7/08 3324 total posts
Name:
M
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Re: Did anyone notice more money in their recent paycheck due to a tax change?
Posted by Hofstra26
Posted by NervousNell
Posted by LSP2005
The new tax law is giving with one hand and taking away with the other. I would try to save what ever additional weekly money received in order to pay for the taxes due in 2019 for 2018. I know personally we will loose out on so many itemized deductions because of the new tax law.
We don't itemize anymore since DH retired.
Does anyone know how it will affect people who take the standard deduction?
I know you can't deduct more than $10k in property tax and state tax combined.
Anything else?
Generally speaking, I think you'll be ok if you take the standard deduction. We itemize so unfortunately, the cap on what we can deduct will hurt us.
I agree, my accountant said those who don’t itemize should actually make out well with these new tax laws, at least for the first few years, they change at a certain point too. So hopefully you do well since you don’t itemize!
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| Posted 2/2/18 4:25 PM |
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NervousNell
Just another chapter in life..
Member since 11/09 54921 total posts
Name:
..being a mommy and being a wife!
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Re: Did anyone notice more money in their recent paycheck due to a tax change?
Posted by mommy2B3
Posted by Hofstra26
Posted by NervousNell
Posted by LSP2005
The new tax law is giving with one hand and taking away with the other. I would try to save what ever additional weekly money received in order to pay for the taxes due in 2019 for 2018. I know personally we will loose out on so many itemized deductions because of the new tax law.
We don't itemize anymore since DH retired.
Does anyone know how it will affect people who take the standard deduction?
I know you can't deduct more than $10k in property tax and state tax combined.
Anything else?
Generally speaking, I think you'll be ok if you take the standard deduction. We itemize so unfortunately, the cap on what we can deduct will hurt us.
I agree, my accountant said those who don’t itemize should actually make out well with these new tax laws, at least for the first few years, they change at a certain point too. So hopefully you do well since you don’t itemize!
I hope so! We have been getting slammed with taxes since DH retired, so I am hoping for some relief.
Our property tax is under $10K and only I pay state tax (DH's pension is not state taxable) so I am hoping something works out for us for once!
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| Posted 2/2/18 4:29 PM |
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Re: Did anyone notice more money in their recent paycheck due to a tax change?
We itemize and usually get a small refund. Now with the SALT cap and loss of personal exemptions we are going to owe. This “extra money” is just going to add to the amount we owe. 
Message edited 2/3/2018 4:57:35 AM.
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| Posted 2/3/18 4:57 AM |
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MichLiz213
Life is Good!
Member since 7/07 7979 total posts
Name:
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Did anyone notice more money in their recent paycheck due to a tax change?
Just did the math. +$51.83 for me bi-weekly, +$33.69 bi-weekly for DH. We bought a house 9 months ago so I have no point of reference on our new normal yet.
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| Posted 2/3/18 6:04 PM |
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Salason
♥
Member since 6/05 9878 total posts
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Re: Did anyone notice more money in their recent paycheck due to a tax change?
Posted by lisa0807
I got $56 more bi-weekly. I am not sure that everyone will get screwed at the end of the year, tax rates are down so your tax liability at the end of the year will be lower.
There are calculators online that will help you determine what your tax liability will look at the end of 2018.
Unfortunately tax rates aren't down for everyone. My tax rate is going up and my paycheck is higher as well so the net effect will just be that my taxes owed at the end of the year will be higher. I hate this new plan.
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| Posted 2/5/18 11:28 AM |
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