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How much income tax did you pay in 2018?

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  • Avatar Larry Ragman 
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    Status: Other Professional
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    Joined: 08/30/2018

    We paid 70k in just state income taxes and 35k in property taxes. That’s a 100k that we were not able to deduct on our federal  taxes this year. So I had to write a check for 22k last week. Not happy at all with the new tax law!

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    Why are you unhappy with the federal law and not unhappy with the state laws for costing you $105k?

    Avatar Dusn 
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    Status: Physician
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    Joined: 01/02/2018

    Paid over 6 figures.

    It fine b/c The only way to cut taxes is by cutting the biggest costs: Medicare, medicaid spending, which will undoubtedly first mean cuts to our reimbursement. (They never seem to want to negotiate down the crazy high costs of the meds). Either way we lose.

    Or they could just keep borrowing debt to pay for
    It and we can have our cake and eat it too.. until we can’t.

    #198341 Reply
    Avatar Dusn 
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    Status: Physician
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    Joined: 01/02/2018

    Or I guess they could try to close the loopholes that seem to allow many far wealthy than we are to pay nothing in taxes. Something strange is going on when my physician colleagues in Canada make more than I do but do not pay higher taxes.

    #198342 Reply
    CordMcNally CordMcNally 
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    Or I guess they could try to close the loopholes that seem to allow many far wealthy than we are to pay nothing in taxes.

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    What loopholes allow wealthy individuals to pay nothing in taxes?

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
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    #198348 Reply
    Liked by ENT Doc
    ENT Doc ENT Doc 
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    What state is that where you pay a 80% marginal rate? Are we talking about a province in France?

    #198350 Reply
    Avatar Vesalius 
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    What state is that where you pay a 80% marginal rate? Are we talking about a province in France?

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    That would be NY state.  The highest overall rate is between 9 and 10 percent, but the highest marginal rate is 80% when you go over the tax cliff.

    #198364 Reply
    ENT Doc ENT Doc 
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    Can you point to some income tax guidance from the state that describes this?

    #198369 Reply
    ACN ACN 
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    Status: Physician
    Posts: 489
    Joined: 01/08/2016

    Sounds like your state of NY sucks. Close behind California. I’ll stay here in flyover country making more and paying less.

    If you're ever having a bad day, just remember in 1976 Ronald Wayne sold his 10% stake in Apple for $2,300.

    #198370 Reply
    Jarpee Jarpee 
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    Status: Physician, Small Business Owner
    Posts: 94
    Joined: 02/06/2017

    My effective rate was 17.32%, down from 18.55% in 2017 where I made less money…. (only half a year of attending salary in 2017)

    #198389 Reply
    Lithium Lithium 
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    Earnest refinancing bonus

    I saw a news story that indicated the governor of Illinois was proposing not only a progressive income tax, but also a cliff in which once you exceed a certain income, the tax is no longer marginalized.  I have no idea why high earners would live in states like New York or Illinois when they can just pack up and work in Pennsylvania/NH or Indiana.  How do the hospitals in Peoria and Albany recruit any doctors?

    #198393 Reply
    Dreamgiver Dreamgiver 
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    Status: Physician
    Posts: 620
    Joined: 03/09/2017

    The K1s from our partnership and some
    Of our RE and alternative investments won’t be issued for a few more months so don’t know yet. I’d be upset at your state for such outrageous reale estate and income tax bills, not the feds. Up to this point, tax payers in more fiscally responsible states were subsidizing your crazy state spending.

    #198395 Reply
    Liked by Zaphod
    Avatar InfoRPh 
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    Status: Pharmacist
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    Joined: 08/04/2017

    Since a flat state income tax is in the Illinois constitution, the path to implementing a graduated tax in Illinois requires a constitutional amendment which passes by 3/5 majority in the legislature and voter referendum approval as well.

    More likely it’s going to end up being an increase on the flat tax for everyone since that’s the path of least resistance.

     

    As for our numbers, we paid $26,000 less in federal taxes this year, but we also made less money (AGI was $27,000 less).  As a % of AGI, our federal taxes went down to 17% from 23%.

    #198399 Reply
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    Zaphod Zaphod 
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    Splash Refinancing Bonus

    Cant find any info on this so called cliff in NY state taxes. Is this a Manhattan tax? Even on the state calculator stuff it doesnt come up and I put an income of 100M.

    #198400 Reply
    Liked by MaxPower, ENT Doc
    Lordosis Lordosis 
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    Status: Physician
    Posts: 317
    Joined: 02/11/2019

    I saw a news story that indicated the governor of Illinois was proposing not only a progressive income tax, but also a cliff in which once you exceed a certain income, the tax is no longer marginalized.  I have no idea why high earners would live in states like New York or Illinois when they can just pack up and work in Pennsylvania/NH or Indiana.  How do the hospitals in Peoria and Albany recruit any doctors?

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    Family.  That is about it.

    I could work anywhere.  I could live in most climates.  But being close to family is sometimes worth the cost of living in a crappy state.

     

    I live in NY and yes the taxes suck but I was never taxed at 117% ???  Not sure what is going on there.

    “Never let your sense of morals prevent you from doing what is right.”

    #198405 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
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    Joined: 02/11/2019

    I paid a little more but made a lot more.  Overall the rate should be better.  Where is the most accurate place to get your Gross income from?  Sorry for the dumb question.

    “Never let your sense of morals prevent you from doing what is right.”

    #198411 Reply

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