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I'm going to do my federal taxes today. I hate doing them. The want to charge me to much to have some one else do them. Everything is paid off. I don't have enough deductions to file long form anymore. Think God we don't have state income taxes in Texas.
 

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Free online for well over a decade. Not sure where paying to do taxes comes in. I never have.
 

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I do it online and just finished it. Cost me nothing and I'm actually getting back a little for once.
 

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We make too much to file for free. And since Trump’s “tax cuts”, we owe money now . 2017, got $800 back...2018, owed $2100. Nothing changed except the tax law. We’ll see what 2029 brings. The wife has been holding out extra, so maybe this year won’t be too bad.


Don’t take life too seriously. You will never get out of it alive.
 

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We make too much to file for free. And since Trump’s “tax cuts”, we owe money now . 2017, got $800 back...2018, owed $2100. Nothing changed except the tax law. We’ll see what 2029 brings. The wife has been holding out extra, so maybe this year won’t be too bad.


Don’t take life too seriously. You will never get out of it alive.
That happened with a lot of people. Owing more.
 

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I've always done my taxes on my own since my first job at 16. I have never had to itemize, just the standard deduction. What blows my mind is that everybody in my family and my wife's family and my friends all pay someone to do them and they all itemize. I don't see how most of them can since they have no high mortgage interest, no major medical bills, etc. but somehow all these tax professionals find ways to itemize for them. I wonder how legal these tax prepare places are?
 

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We make too much to file for free. And since Trump’s “tax cuts”, we owe money now . 2017, got $800 back...2018, owed $2100. Nothing changed except the tax law. We’ll see what 2029 brings. The wife has been holding out extra, so maybe this year won’t be too bad.
Do you do your own taxes? I know you say nothing has changed but did you look close at what has changed in your income from year to year? I don't think the newest tax laws are making most pay more. What changed with the tax law is that not as much tax is being with held. In other words most were paying in too much tax which resulted in a higher return. At the end of the year you are going to pay the tax you owe no matter what, you probably just aren't getting taxed as high during the year as you once were. The improved economy has resulted in higher investment income which in turn results in higher taxes as well.
 

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Do you do your own taxes? I know you say nothing has changed but did you look close at what has changed in your income from year to year? I don't think the newest tax laws are making most pay more. What changed with the tax law is that not as much tax is being with held. In other words most were paying in too much tax which resulted in a higher return. At the end of the year you are going to pay the tax you owe no matter what, you probably just aren't getting taxed as high during the year as you once were. The improved economy has resulted in higher investment income which in turn results in higher taxes as well.
Yes, I do my own taxes. No salary changes, investment changes or anything. Only change was the law. I know many people that had the same issue.


Don’t take life too seriously. You will never get out of it alive.
 

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Do not render a judgement on tax increases or decreases based on what you owe or the size of your refund. There are two factors that influence the owe/refund amount - The amount of your taxes and the amount of your withholding. If the amount of your taxes went down (a good thing) but the amount of your withholding went down more, then your taxes are lower and the amount you owe at the end of the year is greater. These are both good things since you pay less in taxes and the government gave you an interest free loan for the year. Of course, this is provided that the amount you owe doesn't trigger any penalties or interest which is possible but rare.

I lose some respect for people who crow about the size of their refund. All this shows is their level of financial ignorance since a refund indicates they have given the government an interest free loan for the year - a really less than intelligent thing to do, especially if the size of the loan/refund is large.

I make it a point to owe the government each year a fairly large amount but not enough to trigger interest or penalties. This year it will be about $12,000 but it has been as high as $50,000 in an unusual year.
 

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I never really thought about owing on purpose. I have my withholding so that I'm usually +/- $20 at tax time. Close enough. :)

We were just discussing this at work last week. I'll keep my money all year not want it held by government. No big refunds for me but I don't complain if I get $10 back.
 

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  1. Seniors who fill out Form 1040SR must take the standard deduction. Remember that if you're 65 or over, you are entitled to an additional $1,300. For an individual, that would raise the standard deduction to $13,300 for the tax year 2019, the first year that you can use the form.
    Form 1040-SR: Seniors Get a New Simplified Tax Form for 2019
    www.investopedia.com/taxes/seniors-get-new-simplified-tax-form/
That's like the old EZ form. Be nice when my mom qualifies for that. She is using someone to do taxes currently with her complicated filing ever year.
 

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Discussion Starter #13
  1. Seniors who fill out Form 1040SR must take the standard deduction. Remember that if you're 65 or over, you are entitled to an additional $1,300. For an individual, that would raise the standard deduction to $13,300 for the tax year 2019, the first year that you can use the form.
    Form 1040-SR: Seniors Get a New Simplified Tax Form for 2019
    www.investopedia.com/taxes/seniors-get-new-simplified-tax-form/
The 1,300 dollar deduction for people 65 and over is why I didn't have to pay anything in this year. I have been paying federal taxes for over 50 years and S.S. Us old F_ _ kers deserve a brake.
 

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I make it a point to owe the government each year a fairly large amount but not enough to trigger interest or penalties. This year it will be about $12,000 but it has been as high as $50,000 in an unusual year.
All good advice and it sounds like you do quite well. Good for you.

Are you currently adopting foster seniors? Just kidding of course.
 

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I try not to spend my $10 refund all in one place.
 

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Since we have both been self-employed for so long we have an accountant do our taxes because it raises less flags. Last year I was actually an employee but the ol' lady still has her own business. She is getting our taxes done at 11:00 today, so we'll see.

We lost some things we used to be allowed to deduct, like the RV as a second home, but our tax rate did drop some and now the standard deduction for a married couple is $24,400 for 2019... not sure if we have that much to write off this time... will probably go with the standard deduction.
 
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