countrygirl2
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Joined: Dec 7, 2016 15:45:05 GMT -5
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Post by countrygirl2 on Mar 25, 2019 11:57:53 GMT -5
I'm sorry that was $30k not $35k. $25 federal and 5 state
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Deleted
Joined: May 2, 2024 2:58:21 GMT -5
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Post by Deleted on Mar 25, 2019 12:02:05 GMT -5
It only took about a week for our return to be direct deposited in our account back in late February. We e-filed in the middle of March, and that is how long it took for us to get our refund. I don't know if a more complex return takes longer. We took the standard deduction, and I know countrygirl2 has to itemize because of depreciation, etc.
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countrygirl2
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Joined: Dec 7, 2016 15:45:05 GMT -5
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Post by countrygirl2 on Mar 25, 2019 12:17:39 GMT -5
I was just wondering, doesn't matter not going to spend it, I hope, for now at least. The return isn't that complex. Federal just has SS, RMD's, int, some dividends, and then the pass through income or loss from the LLC. It used to be complex but not anymore.
I am reviewing our insurance on business items. We have an old truck and a box trailer, plus 16ft trailer. I was just going through it, thought I did last year and they are charging $200 something for one trailer and about $150 for the other. Good grief they are likely only worth $5k each. I noticed they are charging comprehensive and collision, we don't need that, only liability. Used to be if they were hooked to your vehicle they were covered. I'm thinking these 2 might be better off to be removed from business back to personal. Think are other little trailer is something like $50 a year and our boats aren't much more. Wonder why I never noticed that. They started charging separately for them a few years ago.
We have State Auto on the business items.
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TheOtherMe
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Post by TheOtherMe on Mar 25, 2019 13:01:36 GMT -5
Depreciation does not cause one to itemize. Depreciation causes one to file a rental schedule, business income, etc. It generally has nothing to do with itemizing, especially since the Schedule A deductions that were limited to 2% of adjusted gross income are gone.
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snapdragon
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Post by snapdragon on Mar 25, 2019 15:46:36 GMT -5
I ended up owing the Fed under $100. I have adjusted my W4 so I won't have to deal with it next year.
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Deleted
Joined: May 2, 2024 2:58:21 GMT -5
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Post by Deleted on Mar 25, 2019 21:04:04 GMT -5
Income increased ~5%, tax liability decreased 0.5%. So overall a tax cut of ~4.5%. Biggest hit was the change in no longer being able to itemize.
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