New Witholding is killing me

T

The Sound Guy

Pursuit Driver
Got my first check using the new withholding tables.

Check went up over $100.

I did a rough forecast of what my taxes are really going to be under the new law.

At this level of witholding, I'd owe over $4000 next april!!! Yikes!!

I'm going to try to fix my withholding ASAP. I hope they let me with the new w-4s not being out yet.

Folks, when some accurate calculators come out, check and double check your withholding to ensure it's gonna cover what you need. One thing really hurting me is with GA being a fairly high state income tax state and Paulding Property taxes being so high, I'm losing over $4000 in deductions due to the $10000 limit on SaLT. (State and Local Taxes) The other is losing the $12,000 in exemptions for my and my wife (since I deduct anyway) $16,000 * 25% = the $4000 I would owe.

GOP sucks. Voting Libertarian next time.
 
Gonna be interesting at the end of the year. I plan my quarterly pre-payments based on my actual earning for that quarter, no matter what the pre-printed estimated coupon says. I hate surprises.
 
Well, gotta be honest, (dang you dad!) I did find and fix a glitch in the spreadsheet that makes it not as bad as it looked, but I still need to change the withholding to have more taken out, just not as much as it said before. I may save a little.

However, I hadn't realized just how much of this goes away in 2025. What the heck? The rates roll back, the exceptions come back, the standard deduction rolls back,????

If you are going to go to the trouble of changing the tax law, why not make it permanent? This doing end around the budget rules for political gain is really getting old.

At least I should be close to retirement by then, so I'll soon have the days of real income behind me and will be basking in the wealth of Social Security. :)
 
The Sound Guy said:
Well, gotta be honest, (dang you dad!) I did find and fix a glitch in the spreadsheet that makes it not as bad as it looked, but I still need to change the withholding to have more taken out, just not as much as it said before. I may save a little.

However, I hadn't realized just how much of this goes away in 2025. What the heck? The rates roll back, the exceptions come back, the standard deduction rolls back,????

If you are going to go to the trouble of changing the tax law, why not make it permanent? This doing end around the budget rules for political gain is really getting old.

At least I should be close to retirement by then, so I'll soon have the days of real income behind me and will be basking in the wealth of Social Security. :)
Click to expand...

If I recall hearing correctly, they would have had to have had 60 votes to make the private tax reform permanent.
 
Grey Colson said:
If I recall hearing correctly, they would have had to have had 60 votes to make the private tax reform permanent.
Click to expand...

Yes... if I understand... the 'simple majority' in the Senate went away with the new year... now many issues need 60 votes.

Which brings up a subject I believe we might want to think about:
IMO we really need to make sure the side we are on... HAS 60 votes next year (as in focus on the mid-terms in Nov of 2018).
I suspect if Trump has the votes... he would fix a lot of things... Like the wall, resolving DACA, cleaning out the FBI and DOJ, draining the swamp, seriously shrinking DC, etc!
However without more support... every issue may well go like health care did last summer... where nothing will get done.

IMO: getting a strong majority of MAGA folks in both houses of congress (as well as retiring some really anti-American folks)...
May well be job one for this year!

Thoughts???
 
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