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Its Official, The Tax Cuts Screwed Small Business

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Its Official, The Tax Cuts Screwed Small Business

Old 03-31-2019, 03:49 AM
  #1  
Dominant Buck
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Default Its Official, The Tax Cuts Screwed Small Business

Yep, the tax cuts screwed small businesses. I was worried about this. Its screwed us. Our taxes went up this year.
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Old 03-31-2019, 04:40 AM
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Best year ever for us. Income was highest ever and taxes lowest ever for us.

Last edited by rockport; 03-31-2019 at 04:43 AM.
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Old 03-31-2019, 05:15 AM
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Well, all I can say is I get to keep an extra $250 a month in my pay which equates to a tax savings of $3K a year. My return went down about $400 which is good because I don't want the govt keeping my $$$ for an interest free loan. But even if the return was critical to me, which it isn't $3K annual savings minus the $400 in lower retrurn still means I kept an extra $2600 for the year and I know I can spend that $$$ a lot more efficiently than the govt can. Just sayin...
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Old 03-31-2019, 05:38 AM
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I guess I should clarify when I say lowest taxes ever I mean by % so lowest tax rate ever not lowest taxes we ever paid.

Last edited by rockport; 03-31-2019 at 05:41 AM.
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Old 03-31-2019, 06:06 AM
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Originally Posted by rockport View Post
I guess I should clarify when I say lowest taxes ever I mean by % so lowest tax rate ever not lowest taxes we ever paid.
lol, not even sure what's going on. No surprise there.
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Old 03-31-2019, 06:30 AM
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Originally Posted by Fieldmouse View Post
lol, not even sure what's going on. No surprise there.
Go away man child
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Old 03-31-2019, 06:45 AM
  #7  
Dominant Buck
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Originally Posted by rockport View Post
Go away man child
no, like I said, no surprise you don't know what's really going on. I dont believe you when you claim your at the lowest tax % ever. You just want to think you are but then again, Trump did remove several from actually paying taxes. I guess you could fall into that category. Enjoy it while it lasts. When the higher rates kick back in, so does the auto-increase they tacked on to the tax rates.
However, as my thread pointed out, the new tax bill the Republicans pushed through did no favor for the small business owner and it has become very clear. While large corporations got this sweet heart deal, the number one employer in the US, the small business owner, didn't fair so good. I pointed out this issue when the bill was being debated and now the numbers are in. The bill went up because deductions were taken away. So much for the tax cuts favoring the rich.

Last edited by Fieldmouse; 03-31-2019 at 07:43 AM.
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Old 03-31-2019, 07:30 AM
  #8  
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I'm self employed, total taxes I paid on 51K income with 12K expenses was 3,056 bucks or just under 8% total taxes including federal and state.
RR
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Old 03-31-2019, 02:47 PM
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Deductions going away is really bad for people in my situation. Taxes aren't done yet but I am expecting to pay which isn't something that has been normal for the past few years.
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Old 03-31-2019, 05:53 PM
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Originally Posted by Champlain Islander View Post
Deductions going away is really bad for people in my situation. Taxes aren't done yet but I am expecting to pay which isn't something that has been normal for the past few years.
We came away around $7,000 better than we expected.... I hope it works out for you as well.

We were expecting to owe money and got a pretty good return instead.
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