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So who did their taxes, did you end up in the red?

Hack

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Good topic. I have to go home and compare last year to 2017. I know there weren't any huge changes, but I don't know to the dollar whether I ended up paying more or not. I did get a fair number of bonuses last year - so it might not be a completely fair comparison.
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Wolvee

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We've done really well over the last 15 years to have to owe but this year we got a couple unplanned bonus and with the new Trump tax law, we're getting a return even though we didn't want it. We have the option to apply it directly to upcoming PP tax so that's what we did.

You don't want to have a return. You want to surf the line so you're not giving the Gov. an interest free loan and that you don't have to pay an unplanned amount of tax. I know a lot of low income people that practically get more back than they made.
 

95CobraR

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It was a good year for me. I had income from a LLC in which I was just emailed the Form 1065. This creates the Schedule E forms since a LLC pays no taxes. My Sch E was passive income from which I could lose money so filed differently from other Sch E in which you are not on the hook if the Partnership goes BK (a LLC is a partnership).

I combined it with the Form 1099's that are on online. I had a greater income with less Federal tax in 2108 and plan it for 2109.

I live in a low tax red-State so the new Salt Tax limits did not affect me.
 

Dusten

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So with all the tax changes in 2018, who has filed their taxes and now owes $ instead of getting a refund, even AFTER making the appropriate changes in 2018 per IRS calculations?

Some folks are ending up like this - $8k owed:
https://www.cbsnews.com/news/federal-tax-refund-2019-irs-colorado-woman-tax-bill-left-her-in-tears/

I didnt. But thats because for the first time In years I got the child tax credit. We still itemized, but the 4k in child credits bumped us from owing 1800 to getting 2200 this year. My wife just got a substantial raise, and im changing careers mid year(retiring military) so we'll have to re-evaluate then to ensure we don't get that much back.
 
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Cobra Jet

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LLC pays no taxes?
 

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95CobraR

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If it's pass-through to your personal 1040.
Yes.
The LLC does the taxes owed for all of the partners (all CPA fees are fully deductible on a LLC and no longer on a 1040). The CPA sends the form to you that is noted on the rear of Sch. E (it passes the profits/losses to you). The front page of Sch E is about rental income (or losses). You net the two numbers which goes on Form 1040.

The LLC also pays all taxes as any business entity (property taxes, social security taxes for employees, unemployment taxes on employees, etc. etc.). The net is taxed as ordinary income. Qualified income (dividends and long term gains) are taxed lower in each tax bracket. Your LLC will also separate earned income from qualified on the form.
 

CAL Captain

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Mine's not as complex: I'm a single-member LLC with some K-1s and some other stuff that makes it no fun to do myself.
 

95CobraR

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I finally got my records together today.

It's mostly qualified dividends together with my wife's losses in rental income (girls are bad at math).

I am certainly in a lower tax situation.
 

tom_sprecher

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We send the package for both corporations to the account last Friday. :fingerscrossed:
 

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95CobraR

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We send the package for both corporations to the account last Friday. :fingerscrossed:
You'll be good unless you had an especially good year which I doubt will be a problem: You will net more after tax.

We need lower taxes in GA. I noticed GA ended up with one of the biggest budget surpluses of any State that is not looking to lower State Tax Rates.

I also read the in the Georgia Alumni magazine that our new Gov. Kemp and his wife are UGA graduates. Gov. Kemp is the 4th Generation in his family to get a GA degree. They live in Athens according to UGA (I thought they lived in Gainsville, GA?).

Go Dogs.
 

CAL Captain

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You'll be good unless you had an especially good year which I doubt will be a problem: You will net more after tax.

We need lower taxes in GA. I noticed GA ended up with one of the biggest budget surpluses of any State that is not looking to lower State Tax Rates.

I also read the in the Georgia Alumni magazine that our new Gov. Kemp and his wife are UGA graduates. Gov. Kemp is the 4th Generation in his family to get a GA degree. They live in Athens according to UGA (I thought they lived in Gainsville, GA?).

Go Dogs.
Haha! Living in California as I do, you’d think I would never get to Athens, ever. But I do. My home church is actually there (St. Stephens Anglican Catholic) as is a great deal of my business. I also have a strategic business partner in Winder. Pretty areas.
 

95CobraR

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Haha! Living in California as I do, you’d think I would never get to Athens, ever. But I do. My home church is actually there (St. Stephens Anglican Catholic) as is a great deal of my business.
You'd never think that I get to CA? I lived (rented) in Santa Barbara during the high times of the Central Coast Cult wine producing years. I know a lot of guys there including an early Porsche 911 community.

My wife really wanted to buy there, but the CA takes would kill me. I still hang out on the gun forum::
https://www.calguns.net/calgunforum/index.php
These guys are really serious dudes.

CA is a great place to visit, but you have to be a really rich dude to live there.
 

CAL Captain

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You'd never think that I get to CA? I lived (rented) in Santa Barbara during the high times of the Central Coast Cult wine producing years. I know a lot of guys there including an early Porsche 911 community.

My wife really wanted to buy there, but the CA takes would kill me. I still hang out on the gun forum::
https://www.calguns.net/calgunforum/index.php
These guys are really serious dudes.

CA is a great place to visit, but you have to be a really rich dude to live there.
Yeah, then you know why we came back after 20 years of Texas summers. Nothing like the Central Coast.

HA, I'm on calguns, too. Trying to figure if it's worth it working to get a CCW here (I have TX and UT still). SLO county is hit or miss on issuing.

We're not rich but we do have to sacrifice some things to live here. Like sanity.
 

95CobraR

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...HA, I'm on calguns, too. Trying to figure if it's worth it working to get a CCW here (I have TX and UT still). SLO county is hit or miss on issuing..
It was simple to me. I stay in CA sometimes (I'd never carry a gun--mostly, sorta, except maybe in a safe or car).

I have a GWCL (GA Weapons Carry License). I have never pointed a gun at anyone. I just shoot paper targets. This license is good in all of the southern states.

My best gun by far is a simple Colt 1991.45 ACP. I practice with it. It's really good .
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