2018 Taxes - Did the tax cut hurt or help you?

[Bailey Guns]

I don't hate taxes. I'll gladly pay my fair share. What I hate is the people who think they're entitled to my money just because the government, at various levels, will take it from me and give it to them.

[Bailey Guns]

Would love to have them remove "withholding" and make everyone cut a check at the end of the year so people SEE how much the govt is taking.

I'd be OK with that.

[USMC88-93]

Identical to previous year, and I received the state return direct deposit in 7 days after filing. The Federal direct deposit took 10 days.

[GilpinGuy]

Identical to previous year, and I received the state return direct deposit in 7 days after filing. The Federal direct deposit took 10 days.

So that government shutdown really f-ed your shit up.

[brutal]

Afraid to even look. I take it up the keister every year. 1st world problem.

[hollohas]

I was able to use the standard deduction for the first time this year. Overall, my effective federal rate went down by about a point. But only because of the child tax credit. However, because of how the state income tax is calculated, my state tax rate actually went up. Colorado is getting a higher percentage of my money this year even though my tax bracket didn't actually change which is lame.

But overall, my combined state/fed tax percentage went down by about 1/2 point so it's a win.

[CHA-LEE]

Got my taxes done today. Refund amount was pretty much the same as previous years. The biggest difference is how much less overall taxes were withheld through the whole year. This was a significant amount (almost 5K) even though we made more this year and still got a refund of about the same amount as last year. Paying 5K less in overall taxes and still getting a refund = WIN in my book.

[newracer]

Past years we usually got a small refund from federal and paid a small amount to state. This year we are paying a small amount to both. Overall tax liability is less than previous years.

[Doc45]

$1k less in fed refund, $150 less from the state. Now my goal is always to not use the .gov as a savings plan but still!!

[Bailey Guns]

1st world problem.

Yeah, we're pretty fortunate. Our total federal tax bill for 2018 is 50% more than 2017! Income was up by 22%. So it's hard to tell how the new tax laws affected us.