Just got my tax packet from my CPA… Compared to last year, I paid a lot more this year in taxes, but I did make more.
Looking at % from last year to this year, I paid 29.6% for federal and state last year (deducted $73,900) and this year I paid 34.5% for federal and state (only getting to deduct $43,408)
Didn’t do the calculations if it were under the same rules for 2017 with increase in income… but bummed about the deductions. Figured that was 65% of $30K I would have kept. Oh well…April 12, 2019 at 9:21 am MST #206040TimParticipantStatus: AccountantPosts: 3312Joined: 09/18/2018Compared to last year, I paid a lot more this year in taxes,Click to expand…
What was the effective tax rate for Federal only last year and this year.Was it close to the 34.5% vs 29.6%? Not being nosy, the effect of the impact on taxes is my suggustion, not the cause.April 12, 2019 at 9:36 am MST #206047What was the effective tax rate for Federal only last year and this year.
27.4% for 2018
23.4% for 2017
I’m married filling jointly, not sure if that matters to you.April 12, 2019 at 9:40 am MST #206050borgParticipantStatus: PhysicianPosts: 30Joined: 03/21/2019
Yep, our property taxes exceed the $10K, not sure if we get to deduct our rental property’s taxes too or if that goes away…April 12, 2019 at 11:33 am MST #206081GasFIREParticipantStatus: PhysicianPosts: 231Joined: 01/08/2018
About the same income 2017 vs. 2018. Effective tax rate went down from ~31% to 24%. 199A passthrough was very valuable.burritosParticipantStatus: PhysicianPosts: 529Joined: 04/23/2018
About the same income 2017 vs. 2018. Effective tax rate went down from ~31% to 24%. 199A passthrough was very valuable.Click to expand…
Yes on this. I didn’t even know what it was, till my accountant told me. Does the entire deduction go away if you make above the combined 415k? Or you just don’t get to deduct the income above 415k?April 12, 2019 at 2:03 pm MST #206103jacoavluModeratorStatus: Physician, Small Business OwnerPosts: 2461Joined: 03/01/2018
I’ll pay about $18k less tax on about $40k more gross income. Child tax credits plus no more AMT more than makes up for significant decrease in itemized deductions, for me. Effective federal rate down from 22% to 15%.
The Finance Buff's solo 401k contribution spreadsheet: https://goo.gl/6cZKVAApril 12, 2019 at 9:41 pm MST #206155gahoo35ParticipantStatus: ResidentPosts: 8Joined: 03/27/2017
2017: AGI – 350k, Effective Federal tax rate: 21.83%
2018: AGI – 415k, Effective Federal tax rate: 21.36%April 13, 2019 at 3:58 am MST #206164jfoxcpacfpModeratorStatus: Financial Advisor, Accountant, Small Business OwnerPosts: 8342Joined: 01/09/2016
Yes, in flyover in a moderate tax state. Total tax bill about 2k more.Click to expand…
I would love to analyze your comparative results and report back to the crowd. This is quite unusual. I hope to post a report on client experience after the dust has settled.