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Old 02-13-2019, 10:50 AM #1
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Default Is anyone owing money in taxes?

My mom said I was overreacting when I said that my paychecks were higher then usual and that my state and federal taxes were messed up. She said I was fine and that I wouldnít owe anything. Now there is all this talk on the news about people either owing money in taxes, or not getting as big a refund as they expected. I am freaking out right now. I am in one of the high tax states. But I didnít make that much money since I only work part time. Of course my uncle who does my taxes is not responding to my calls. Iím really nervous about this.
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Old 02-13-2019, 11:23 AM #2
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Default Re: Is anyone owing money in taxes?

IDK. I haven't done my taxes yet. But I claim single and none so they take the most out of my check. I hope I still get a refund.
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Old 02-13-2019, 11:36 AM #3
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Default Re: Is anyone owing money in taxes?

I would be fine even if I didnít get a refund. I just donít want to owe a lot of money. This one lady on the news owed $10,000. I donít even have half that amount of money.
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Old 02-13-2019, 12:01 PM #4
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Default Re: Is anyone owing money in taxes?

Our tax preparer told us last year that due to the upcoming changes we would have to have an additional 25-30$ withheld from each biweekly paycheck to avoid getting screwed and it saved our butts. She did our taxes and we are getting around 3000$ and she quickly scanned things with the old withholdings and if we hadnt done that we would actually have owed around 600$!
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Old 02-13-2019, 12:10 PM #5
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Default Re: Is anyone owing money in taxes?

This was trumps tax plan for the working poor and middle class, not to withhold as much money so people thought they had more money and spend more money then when tax time came reality slap ya in the face. But if ya make over 250,000 a year or get all yer income from investments ya really do get a tax break. You were right Mountain Dew to suspect yer check was too big.
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Old 02-13-2019, 12:23 PM #6
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Default Re: Is anyone owing money in taxes?

Quote:
Originally Posted by Mountaindewed View Post
My mom said I was overreacting when I said that my paychecks were higher then usual and that my state and federal taxes were messed up. She said I was fine and that I wouldnít owe anything. Now there is all this talk on the news about people either owing money in taxes, or not getting as big a refund as they expected. I am freaking out right now. I am in one of the high tax states. But I didnít make that much money since I only work part time. Of course my uncle who does my taxes is not responding to my calls. Iím really nervous about this.
Since you only work part time--I bet you don't owe. When you are single--no taxes on the first 12,000 you make then the rates are 10 or 12 percent on the money earned above $12,000 until you make over $38, 700. The people who are getting burned are the ones who itemized (had a lot of deductions--especially in high tax states because you can no longer itemize more than $10,000 a year in property/state income taxes--this will make it even harder to pay for shelter in California, NYC and Hawaii). If you made less than $20,000--it is not going to be bad for you. Ten percent of $8,000 equals an $800 tax bill. Using that knowledge, look at your last paystub for 2018 and see what your total earnings were and see if you paid 10 or 12 percent on all earnings over $12,000. Also look on your last paystub to see how much income tax has already been taken out.

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Old 02-13-2019, 02:29 PM #7
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Default Re: Is anyone owing money in taxes?

I made $11,000 last year. Should I owe? If I do How much if anyone would know.
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Old 02-13-2019, 03:32 PM #8
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Default Re: Is anyone owing money in taxes?

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Originally Posted by Mountaindewed View Post
I made $11,000 last year. Should I owe? If I do How much if anyone would know.

I am not a tax expert. My knowledge is just based on doing my families taxes but, from what I have read in the news, you probably will not owe so if you paid anything in then you should get a refund.
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Old 02-13-2019, 03:40 PM #9
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Default Re: Is anyone owing money in taxes?

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Originally Posted by Nowinners View Post
I am not a tax expert. My knowledge is just based on doing my families taxes but, from what I have read in the news, you probably will not owe so if you paid anything in then you should get a refund.
Thanks. Thatís what my mom told me too. Iím just stressed about my financial situation in general so these news stories are just kind freaking me out even more.

I just found out a few minutes ago Iíll have to pay $164 for one of my prescriptions and itís all just really stressful right now.
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Old 02-13-2019, 04:47 PM #10
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Default Re: Is anyone owing money in taxes?

It is best to just break even when it comes to taxes....not owing/ not getting refund. Giving the government your money interest free through the year to get a refund makes bad business sense. Stashing that extra even in a savings account over the years would add up & then could be transferred to a higher interest bearing account when high enough & keep putting the extra money into an almost untouchable account & you would come out much farther ahead in the long run.

I don't pay, I don't receive but when I did, my break even worked & would have worked better if my H hadn't been so financially irresponsible. I had my accounting BS degree so I usually won the battles.
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