Has Anyone Talked To Their CPA or Accountant About 2018 Taxes?

Discussion in 'Politics, Religion, Social Issues' started by bopajuice, Mar 15, 2018.

  1. bopajuice Suspended

    bopajuice

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    #1
    Just got off the phone with my CPA. I did my taxes and went over a form they provided comparing my taxes for 2017 with the expected changes for 2018.

    Well... I found out that this much hyped Standard Deduction for 2018 sounds like a great deal, but it also means most of the deductions I take now will no longer qualify.

    In other words this year I get a refund, but next year I pay thousands.

    Thanks Trump.
     
  2. SusanK macrumors 68000

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    #2
    That's exactly how it works. The personal exemption is eliminated too. Tax hike for me too.
     
  3. bopajuice thread starter Suspended

    bopajuice

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    #3
    Sales people can no longer write off mileage, or the cost of entertaining clients, etc. Nurses lose write offs. Basically any labor type employment. We can no longer write of work-related legal fees, home office costs, medical examinations required by an employer, union dues and licenses, all gone.

    But if a corporation takes out a $5,000,000 Super Bowl ad they can still deduct it. Sounds reasonable right?
     
  4. duffman9000 macrumors 68000

    duffman9000

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    #4
    Same boat. Max out your 401k and HSA contributions.
     
  5. SusanK macrumors 68000

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    #5
    There is nothing reasonable about the Tax Heist [credit to LizKat for the real name of that mess]. The new tax law is pocket lining for the public servants who voted it in and donor maintenance for their sponsors.

    I followed the progress of the Tax Heist as it progressed late last year. I knew I was facing a significant tax increase beginning 2018. SALT cap and elimination of personal exemption are the big tax increasers for me. I'm losing the miscellaneous deductions with the 2% floor also.

    Now if we had private planes, golf courses and real estate LLC's we'd be in good shape this year. Our fault.
     
  6. samcraig macrumors P6

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    #6
    I've been saying this. Any extra money in your paycheck now is a no interest loan during the year but you'll be paying it right back and likely more at the end of the year.

    Government Loansharking
     
  7. oldhifi macrumors 65816

    oldhifi

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    #7

    Yea I will lose mine too
     
  8. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #8
    All the people who hate Trump get a tax hike, meanwhile the stats tell us that a large majority are getting a tax reduction, we've done this thread before.
     
  9. Snoopy4 macrumors 6502a

    Snoopy4

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    #9
    If you have a CPA doing your taxes, then you should be paying more.
     
  10. ronntaylor macrumors regular

    ronntaylor

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    #10
    Just signed our return last night. Our accountant patted us on the back and suggested we start saving more as we’ll be slammed next year. Not a surprise though. As I’m currently a house husband, looks like there’ll be a life altering decision to be made to offset being shafted going forward. Effects family life somewhat. Definitely effects our assisting family members and charitable activities.
     
  11. chagla macrumors 6502a

    chagla

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    #11
    it's quite sad and pathetic that you demand your fellow ordinary American to pay more yet don't demand same of corporations.
     
  12. samcraig macrumors P6

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    #12
    Check back next April.

    What an absurd comment. People from all walks of life have someone else do their taxes.
     
  13. Snoopy4 macrumors 6502a

    Snoopy4

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    #13
    Not a CPA.
     
  14. samcraig macrumors P6

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    #14
    Wrong. Hiring a CPA isn't as cost prohibitive as you seem to think it is. But that's not really what the argument is. The argument is probably more about the complicated nature of one's taxes that might necessitate a CPA.

    But again - I know blue collar workers who use a CPA. You realize H&R Block employs CPAs, right?

    Just because someone says they call their CPA doesn't mean it's some exorbitant cost or "premier" CPA.
     
  15. Mac'nCheese Suspended

    Mac'nCheese

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    #15
    I do. Its under $300 bucks for me, married with children, worked two jobs this years. It was over $400 at HR Block.
     
  16. MacAndMic macrumors 6502

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    #16
    This thread is misleading without real examples of tax situations and examples of deductions that no longer qualify. I know people do not like to reveal their earnings, investments, debts, etc. so it is difficult to exemplify.

    In my family's situation, my CPA showed us the difference between this year and next year with the new tax codes. All things being the same in 2017 & 2018, income, retirement savings and taxes withheld every paycheck, the refund this year was $920 and next year it would be $4,800. However, in reviewing the new tax amount being withheld from our paychecks, we should end up around $900 again for 2018. In the end, we will enjoy an additional $3,900 in 2018 to spend how we choose.
     
  17. bopajuice, Mar 16, 2018
    Last edited: Mar 16, 2018

    bopajuice thread starter Suspended

    bopajuice

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    #17
    I've been using the same guy for over 20 years. He is also a financial planner. Over the years he has been worth every penny. And saved me a few as well. His prices are very reasonable. When I was self employed I paid more due to the extra forms etc. Now as an employee my taxes are simpler and cost less to do. Funny how some in this crowd think paying a CPA is exorbitant, yet they will pay a grand for a phone.

    Found the guy when I went to visit a friend. My friend was a photographer and used his garage as a studio. The IRS questioned his office deduction and audited him. (We think his bitter ex wife reported him) I went to visit him one day and found he had visitors. He was in the garage with this hefty older lady and a middle aged guy in a suit. Later found out the lady was from the IRS and the guy in the suit was his CPA. Right then and there I decided this was the CPA I wanted. Goes the extra mile, accompanies him on a visit from the IRS, and won his audit.
    --- Post Merged, Mar 16, 2018 ---
    Not misleading at all. The topic was "have you talked to your CPA or accountant". That's all. My example was separate from the topic, and I welcome all points of view. What part is misleading?

    MY CPA told me most of her clients are benefiting from the changes, but I am not and neither are many others. Was interested in different points of view. Glad to hear the changes benefit you. Consider yourself lucky.
     
  18. BeeGood, Mar 16, 2018
    Last edited: Mar 16, 2018

    BeeGood macrumors 68000

    BeeGood

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    #18
    Yeah...not a good assumption man. :)

    We’re not well of. We pay a CPA $250 for ours because it’s not much more than paying TurboTax almost $100 for the honor of doing it ourselves. Also, the CPA gives us financial advice. And occasionally a CPA will find something that will shave hundreds off of your tax liability that you likely would never have seen.
     
  19. Mousse macrumors 68000

    Mousse

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    #19
    That is the main reason for anyone to have a CPA do their taxes. If you don't need advice, using a program will save you $$$. Hail, if your income meets the qualification requirements, you can even use the free online tax programs.
    As for talking with my accountant about my taxes, people find it unsettling when I talk to myself.:p
     
  20. SusanK macrumors 68000

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    #20
    The Oracle of Ontario cannot accept facts.
     
  21. bopajuice thread starter Suspended

    bopajuice

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    #21
    Just for the heck of it I ran my taxes through turboTax one time, and then let my CPA do it. I missed a whole bunch of stuff. It's worth it to me.

    I suspect if you are just a standard W2 employee with no extra deductions you would do fine. I have write off's for equipment, supplies, mileage, licensing, postage, ink, home office, that my employer does not reimburse. I am losing all those deductions.
    --- Post Merged, Mar 16, 2018 ---
    Not everyone works in a coal mine.
     
  22. SusanK macrumors 68000

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    #22
    No need to justify. A good CPA is essential for anyone who does not file an EZ return. Each person makes a choice for tax prep.

    The Trumpets will always have big issues with anyone who does not buy his BS hook, link and sinker.
     
  23. duffman9000 macrumors 68000

    duffman9000

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    #23
    But corporations are people too! (Except when it comes to paying taxes)
     
  24. mac_in_tosh macrumors 6502

    mac_in_tosh

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    #24
    And don't forget they kept the tax break for golf course owners...now who do we know who owns golf courses?
     
  25. SusanK macrumors 68000

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    #25
    They kept a lot of last minute tax breaks and made up some new ones. Rob Portman (R-Ohio) walked around the Senate like Santa Clause asking what do you want little boy/girl to vote for the bill?
     

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