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 Go Your Own Way
Posts: 4947
   
Location: SE KS | didn't think this took affect until this month - I guess I need to check -.... glad you are all seeing more $$$$$ in your pockets....
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 Lived to tell about it and will never do it again
Posts: 5408
| I quit my job January 25th so I guess I won't know if it would have helped me or not. LOL Hubby gets paid salary and we have an extra $50 taken out of each of his 3 checks per month to cover untaxed bonus money that he receives. I will have to see if his are any different. |
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Lived to tell about it and will never do it again
Posts: 5408
| RoaniePonie11 - 2018-02-07 7:41 AM So I get paid hourly and never work the same hours, but after looking... my tax rate on my checks went from 24.2% to 21.6%. So it saves me about $30 per check. Looking at individual taxes taken out it all came from federal. It's exciting but I am also hoping it doen't bite me at the end of the year. I wanted to share some things my tax guy told me when I went this year. I claim my horses as a business, and I go to school full time, so I also use that on my taxes. He told me the horses will not help me next year, neither will school. He said they are taking away small deductions and giving out large blanket deductions. For example, I will probably be getting married this year  and he said this year is the year to do it because it will go from $12,000 deduction plus whatever for each child to a solid $24,000 deduction across the board no matter if kids are involved or not. That, IMO makes me happy because I no longer have to pay for unemployed ___________ and her 17 kids. Hopefully no one on here is unemployed with 17 kids living off the government...
So does this mean that all of us that have to claim the winnings from ropings/barrel races won't have claim an income/loss for them? The way it is now we claim fee's, milage, shoeing, feed etc. We also claim all our cattle/farm income/loss. |
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 My Heart Be Happy
Posts: 9159
Location: Arkansas | RoaniePonie11 - 2018-02-07 7:41 AM
So I get paid hourly and never work the same hours, but after looking... my tax rate on my checks went from 24.2% to 21.6%. So it saves me about $30 per check. Looking at individual taxes taken out it all came from federal. It's exciting but I am also hoping it doen't bite me at the end of the year. I wanted to share some things my tax guy told me when I went this year.
I claim my horses as a business, and I go to school full time, so I also use that on my taxes. He told me the horses will not help me next year, neither will school. He said they are taking away small deductions and giving out large blanket deductions. For example, I will probably be getting married this year and he said this year is the year to do it because it will go from $12,000 deduction plus whatever for each child to a solid $24,000 deduction across the board no matter if kids are involved or not. That, IMO makes me happy because I no longer have to pay for unemployed ___________ and her 17 kids. Hopefully no one on here is unemployed with 17 kids living off the government...
Do you claim the horses on Sch C? |
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Veteran
Posts: 174
Location: Wisconsin | Looked at my paycheck today. My federal taxes increased. They are taking $8.70 more. |
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I Am a Snake Killer
Posts: 1927
Location: Golden Gulf Coast of Texas | $70 every two weeks and I already set it up to go into 401k! |
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"Heck's Coming With Me"
Posts: 10794
Location: Kansas | mreklaw - 2018-02-11 8:08 AM $70 every two weeks and I already set it up to go into 401k!
I believe the whole idea was to get your money out there and help others make a living. I'm thinking of using mine to have a housekeeper come in every so often and help me out a bit.
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I Am a Snake Killer
Posts: 1927
Location: Golden Gulf Coast of Texas | Frodo - 2018-02-11 2:41 PM
mreklaw - 2018-02-11 8:08 AM $70 every two weeks and I already set it up to go into 401k!
I believe the whole idea was to get your money out there and help others make a living.Ā I'm thinking of using mine to have a housekeeper come in every so often and help me out a bit.
Ā
Are you kidding? Iām trying to make sure I can survive in 6 years when I retire. Believe me I already contribute to the economy!!! |
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