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2018 federal taxes

J

jim buford

Member
I am a small operator but I want to throttle those pols in Washington that promised doing taxes this year was going to be so simple. It is much more complicated than in the past. On top of that the personal exemption is eliminated. Never, never trust a politician. And to think they work for us.
 
You sound angry.
Have a coffee and calm down.
Just be glad your still alive to be be paying taxes.
A lot of people died yesterday and won't be doing theirs.
 
Mine's at the preparers. I'm on pins and needles. I jump and feel sick every time the phone rings wondering if it's her with bad news.
 
You have a right to be angry.. So am I but doesnt seem to be much we can do about it.. VOTE but even that sometimes seems futile...I havent done mine yet but I put money asside just for that reason... most years in past I have to pay state couple hundred and get couple hundred back from fed.. nice balance..

I use to do turdo tax but with the fees they charge to electronic file, etc. I went back to accountant..wasnt a whole lot of price diff so why not.. I believe she has saved me money to... seems to know and understand better then I..

On another note property taxes in nebraska are out of control..my property valuation has gone up and like wise the taxes that go with.. property taxes on my place have double in the last 5 years..

Then when I look at $2.00 gas that we pay now instead of 3.50 couple years ago.. always seems to balance out somewhere....MAYBE.. at 1500 gallons a year for truck thats..$3000.00 compared to $5250.00

my two cents
 
No kidding Jim.
I was excited to do mine this year, looking forward to changes.
Now that I'm getting into it... ITS ALL THE SAME!! They just shifted things around, re-arranged the numbers. Add here, take away there. Net effect is really just more paperwork (in my situation) than before.
I'm sure for "someone" out there, the simple 1040 is enough.
 
Good comment Butch ..... or some are still alive and do not pay any taxes. Those are living below the poverty line (which wouldn't be much fun) or extremely wealthy and they pay peanuts compared to what they should pay.
 
I am in that bracket we were warned about,the ones that would see a tax increase.However,the CPA knew it,and increased pour quarterlies to cover it.I lost a lot of deductions
under the new laws.The increased standard deduction helped,but it looks like I will only have to pay in about $1500.I made less money in 18 than 17,but my overall increase is
about $2200.This did not come as a shock,I was told I was in the increase segment from the day it passed.
 
I thought Ted Cruze had a good idea of getting rid of the IRS and you could file on a post card.
But there was likely a hidden angle to that idea too ! lol.
 
I don't own a business so I can not talk about that, but my taxes went down 1000.00 dollars this year
 
I just hope those that voted for him suffer the worst, but it probably won't work out that way! Meanwhile our National debt is rising at an unprecedented rate, faster than ever before, and the top 1% are getting a big tax break!
 
Married filing jointly for 2018 = 24,000 standard deduction, 2017 was 13,000 standard deduction plus 4050 per person so a husband and Wife with no children at home and who cannot itemize have a net gain of 2950 in deductions for 2018. Anyone who pays high property tax on a single family home or lives in a high state income tax state and pays mortgage interest on a home would still have to beat 15,950 in itemized deductions to come out better than before, most people 55 plus, regardless of income, will come out ahead and those with children at home who are in the 25% or lower tax bracket will also come out ahead, which will be the majority of middle class filers. If someone has children the tax credit was doubled from 1000 to 2000, a tax credit is worth a postive multiple of whatever a persons tax bracket is while a tax deduction is only worth a percentage, huge difference. Farm and business deductions were not affected, most farmers will write off their property taxes on schedule ''F'' as always and any farm or business property mortgage interest paid.
 
I voted for him, would have voted for him twice if my party could cheat with abandon like your party is allowed to. I got a little racket called a ROTH IRA, one for me and one for my Wife, plus a Roth 401K, so have fun paying tax if you do, which I doubt, because I won't be and guarantee you I will never lose a wink of sleep over it. I've paid plenty through the years. Your hero o'zero caused the debt calamity and just think of all those staunch demon-rats in the top 1% laughing like hyenas at you dupes and useful idiots who support them blindly.
 
With the way the school lands funds get distributed, it's not going to change. Cherry county loses a couple million dollars in the deal. Something might happen if there's a coordinated effort to stop renting that ground, but we know some butthead would rent all of it.
 
Were you concerned, when the previous president raised the debt more in 8 yrs. than all the preceding presidents combined.
 
Nope us working class folks put him in office and he's done good for us.Now the folks that can afford two or three homes can afford to vacation non stop all Winter they need to pay more.
 
mvphoto31367.jpg
 
(quoted from post at 09:02:02 02/14/19) I just hope those that voted for him suffer the worst, but it probably won't work out that way! Meanwhile our National debt is rising at an unprecedented rate, faster than ever before, and the top 1% are getting a big tax break!
Click to expand...

Do the math Russ. Everyone's taxes went down the same percentages. Why should yours go down and someone in a higher bracket go up? What's fair about that?

Fair share? EVERYONE would pay the same percentage if the tax code was really fair and a certain party wasn't trying to buy votes by being unfair. Then grabbing even more votes with earned income credit and child care credits.

https://www.wsj.com/articles/top-20-of-americans-will-pay-87-of-income-tax-1523007001

Whats fair about that? When those on the bottom didn't pay a darned thing?

IMO a flat tax, 10 or 11% should do it. No IRS as it won't be needed. No complicated tax code either. And everyone pays. If you are on assistance it goes down the same percentage and well call that a tax too. Then everyone is treated equally and fairly!

Stop listening to those who try to convince you that folks who are successful should be punished by paying more. You want to reward folks for failing and punish those who succeed? The Soviet Union tried that. No one was left to pay for the failures.

Rick
 
Well at least they didn't raise taxes like the last bunch,far more millionaires in the Blue party in Congress than the Red party these days.Anyway once your gals Mean Green program is
put in none of us will have to worry about paying taxes because no one will have a decent job.
 
I agree if the income tax system were fair everyone would pay the same percentage of their income in taxes.Its counterproductive to penalize people for being productive and working hard.
 
I haven't done mine yet but I've itemized deductions for years and never came close to the new standard deduction. That was with two mortgages and the taxes on two properties. Only two years I can remember that I could deduct some medical. Almost like everything is deducible now. I keep hearing on the news how so many are getting less or no refund. Total BS. Refund only means you were overpaying all year, an interest-free loan to Uncle Sam. I never hear anyone talking about what percentage they actually paid.
 
I must be the same place money wise as you. Both of us retired and ALWAYS got enuf back from State to pay the Federal. Now, we still get back from State but we're over $2000.00 short for Federal. Home paid for and both on pensions. Went to Pension offices and increased our withpldings $100,00 a month, so the Tax cut is really an income cut for us.
 
National debt is expanding because of the nnalert spending. Nothing to do with the top 1% not paying their "fair" share. And while we're at it can someone define fair share?
 
"[b:654c4848f0][i:654c4848f0]no one will have a decent job[/i:654c4848f0][/b:654c4848f0]"

Or a window to throw it out of.
 
My point was mainly the simplicity that was supposed to be done with a simple postcard is total BS. Most local IRS offices are now permanently closed and the nearest one for me is 100 miles away and you must make an appt first. I have tried for hours to reach by phone at different IRS numbers and the prompts just simply take you around in circles. They don't want to talk to anyone. I don't mind waiting my turn but can never get to the point I am on hold.

Mine is a simple question that one of you may know. I was in the livestock business but not since 2017. However, in 2018 I started selling off my assets related to the business such as gates, wire panels, fence posts and the like. They are all cash sales but I don't want to hide anything. I have decided to start buying and selling farm equipment but need to set up and file a schedule C rather than the ususal F for 2018. Does anyone know if I just value everything at the beginning of 2018 and use it as my beginning inventory for figuring cost of goods sold or some other procedure? I finally called my local congressman and he is to get back with me. thanks for any help.
 

I do my own profit/lost statement every mount I know where I am at by the beginning of last quarter of the year... I know if I can coast and spend money like a drunk sailor are get my arse in gear ... I hand it over to a CPA and let them chiffer out what I owe its as EZ as that...

IRA's and bonds took a big hit the last haft of last year If you have them use the lost if it will help ya...

MAGA
 
Great economy,2 great US Supreme court picks,better economic growth than we've had in years,just Making America Great Again really better than ever.Go ahead keep drinking your Mean Green
Cool Aid.
 
Being your own accountant is right up there with being your own lawyer and doctor in the end it'll cost you.I pay about $500 a year to my accountant and he's worth every penny of it,probably
saves me more than that.
 
Are you on the verge of cursing our grandchildren AGAIN??

Wishing for others to suffer? Shame on you!!

Just so you know, there has been wasteful spending on BOTH sides of the aisle. There have also been plenty of tax manipulation by both sides as well.

So, please take your political rhetoric to some political forum somewhere else.
 
I noticed we got a preemptive strike from our CPA firm regarding tax preparation. In part because Minnesota hasn't coordinated too well with the feds, we've been told to expect a bigger bill for preparation this year. From everything I've heard and read, I don't think it's just an excuse to jack up our bill. These preparers have treated us more than fairly for many years. I trust them more than I trust the government's tax grabbers.
 
The last tax preparer I used 50 years ago cost me money and I had to file and amended return. since then I have done my own.
 
I will start by stating that I am not an accountant or tax professional but I have reported sales of previously depreciated assets in the past. If the assets that you sold in 2018 were previously depreciated farm assets then you most likely owe recapture tax. if those assets were entirely depreciated out against income on previous years schedule F then the net amount received in the current sale is taxable at the taxpayers ordinary income rate. I would just list the total dollar amount received in the sales on line 1 with my other earned income. If you sold anything for more than you originally paid you should be able to pay the capital gains rate on any amount exceeding the original purchase price but would still owe your normal tax rate on the original basis amount since that'll was the amount depreciated, but that is additional paperwork. Alternatively, you probably could report the sale as business income on a schedule C if you have a business profit exceeding the original basis of those assets, I would think that the IRS don't care which line or form they get paid on as long as they get paid, it is an interesting question.
 
Jim my CPA told me something about as a small business you can take 20 percent of the income off the top this year you might want to ask about that. Said it was new this year. Now i dont know all the info on or about that but something to ask about.
 
Not meaning to offend anyone but for any buisnesses to do their own taxes now a days just ain't right bright. You are gonna lose.
 
The assets were totally depreciated out in prior years and I recognize I would normally need to handle as ordinary income. However, I am converting them to business property and filing for expenses involved in setting up and operating the new business and the cost of disposing of the property. With that in mind would you convert them to beginning inventory of the new business? If I was not venturing into a new business using these assets as a business sale I would just show as ordinary income and file as you suggest. Thanks again.
 
National debt is expanding because of the nnalert spending. Nothing to do with the top 1% not paying their "fair" share. And while we're at it can someone define fair share?
 
Anybody who quotes a refund number in context regarding their total fed income tax liability just doesn't understand. Sorry.
Wife and I enjoyed a ~20% reduction in what we paid to federal government. But we not a small business either.
Jim B
 
I'm not angry at paying taxes but I sold a lot of stuff last year for cash that I could not even report but I do it that way. My problem is with the system that you try to comply with but they make it extremely hard to do so.
 
(quoted from post at 17:47:21 02/14/19) Agree, my accountant has saved me thousand$ over the years with his knowledge of the tax code plus his good advice.
Click to expand...
When my wife was part owner of a business they required us to use their accountants (BDO) to do our personal taxes....and the company paid for it. After the company was sold I used them the next year and the tax bill was close to $800! They filed 4 pages in order to get me a diesel fuel tax credit and the credit was less than their per page charge! I carefully went over the return and figured out how they came up with every line and have done my own returns since then. We will see how this year goes, but from what I have seen we won't be affected much by the changes...
 
When you say take it off the top do you mean 20% of income you don't have to count if it is a startup? I will check it out. Thanks
 
I have filed a 1040A form for years, at least ever since I have been retired. This year it does not exist. The new 1040 is printed on unobtainium also the instructions. I will not electronic file. So waiting.
 
For all the nay sayers out there. Compared to a years or 2 ago how much are they withholding providing you are not earning anymore? Don't look at what the return amount is. Normally at the end of the year I write Uncle Sam a check to make up the difference. This year I'm actually going to get a little back. AND THEY ARE NOT TAKING OUT AS MUCH EACH PAYCHECK (retirement).

But those are the keys for people who receive a pay or retirement check. Income and total pay in after any refunds.

If your income stayed the same then you will see less actually paid in taxes. If your pay went up you may have found yourself in a higher tax bracket.

And as I said, if your income was stable over the last 2-3 years what is your total tax bill? Refund don't mean a thing! It darn sure isn't a savings program!

Rick
 
I think I would clear the books so to speak on the past farm dealings by reporting the sale of any assets which were previously depreceaited or expensed on schedule ''F'' as ordinary income for 2018 simply because I believe that there has to be some type of tax consequence pertaining to the farm enterprise regarding those assets regardless of how you do it and the simplest method seems to be to report as ordinary income this year. The reason I say this is because I think that the IRS would require some sort of transfer from the farm business to the new schedule ''C'' business anyway, and doing so would be more paper work involved. If it actually cost you money to sell these assets, advertising, phone calls, commissions or what have you that expense can be deducted off the top before you report as ordinary income, or subtracted from the adjusted basis, as it may be.
 
(quoted from post at 13:02:02 02/14/19) I just hope those that voted for him suffer the worst, but it probably won't work out that way! Meanwhile our National debt is rising at an unprecedented rate, faster than ever before, and the top 1% are getting a big tax break!
Click to expand...


I love this stuff! The top 20% pay 66% of income taxes!!! The top 1% pay almost 25% of income taxes. Should they pay 100%? Almost everyone in the top 50% among taxpayers, and most income earners below there got a tax cut last year. Stop repeating lies please.
 
Thank you. That may be the way to go. I am about convinced to discuss with a tax accountant even if I don't need them to fill out the forms which I can do.
 
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