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Home > 2019 Tax Season

2019 Tax Season

February 17th, 2019 at 07:44 pm

Apparently I’ve landed myself in retired blog status due to not posting for 3 months. So an update is in order.

It’s that time of year again: tax season. A time of year that I don’t particularly look forward to as i’m Sure to owe taxes again this year. Thankfully, this year will be in the hundreds instead of the thousands. The much hyped middle class tax breaks netted me little & I will miss some of the lost deductions. Oh well, there are worse things to happen than to be gainfully employed (two jobs even!) and to owe a little in taxes.

Posted in General musings, Budgeting, Debt, Personal Finance | 7 Comments »

7 Responses to “2019 Tax Season”

  1. rob62521 Says:
    February 17th, 2019 at 08:53 pm 1550436802
    1550436802

    Hopefully you won't owe a ton and have the money to pay the taxes.

  2. disneysteve Says:
    February 18th, 2019 at 02:56 am 1550458573
    1550458573

    I'm meeting with our accountant on Wednesday. He told me when the Trump plan passed that we should expect to be screwed since we're not in the ultra-rich target demographic that the tax cuts were designed for. I'm just waiting to see how badly the tax increases affect us. And hopefully in a couple of years, the next administration will reverse the hikes. Like you though, I'm very grateful to have my job and my income. If we owe some, that's not the worst thing.

  3. Jenn Says:
    February 18th, 2019 at 03:31 am 1550460677
    1550460677

    I think the only folks who feel screwed are the ones who live in high property tax states like NY and CA since that deduction is capped. We came out better (and wouldn't be considered ultra-rich for sure). The $24k standard deduction is higher than our itemized deductions last year so I didn't bother to itemize. And this year we took advantage of the new $500 credit for dependent kids over the age of 17. Since we didn't itemize, I'm considering not paying for tax software next year..

  4. disneysteve Says:
    February 18th, 2019 at 01:51 pm 1550497897
    1550497897

    That may be true, Jenn, but keep in mind that somewhere close to 20% of the population lives in CA, NY, and NJ alone. Add in a few of the other most-taxed states and you have a pretty significant percentage of Americans in that situation where the tax "cuts" may actually be tax increases. And yes, I live in NJ, so I'm in that group. If you saw your taxes fall, that's great. But a large number of people will see their taxes increase under the new plan.

  5. Jenn Says:
    February 18th, 2019 at 05:57 pm 1550512632
    1550512632

    Ah, that explains why your taxes might be higher. I hope it doesn't turn out as bad as you fear. If it does, maybe you should consider moving across the state line - we'd treat you nicer here in PA! ;-)

  6. disneysteve Says:
    February 18th, 2019 at 07:03 pm 1550516606
    1550516606

    I actually started in PA. Born and raised in Philly. But I’ve been in Jersey since 94.

  7. terri77 Says:
    April 3rd, 2019 at 04:11 pm 1554307886
    1554307886

    I definitely don't live in a high property tax state.

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