Now that tax season is amongst us, have you been affected by the new tax laws negatively?
Many in my area who normally get a $700-$1,200 refund have to pay in this year anywhere from $2,500 to almost $4,000. They are pissed and have no way to pay it.
I definitely paid less in taxes this year. Although the $10k state and local tax limit hurts people like me that live in a high tax state.
I don’t know yet until the accountant tells me.
I personally am getting killed this year on the federal side. One huge advantage of working from home were the unreimbursed business expenses which got removed under the new laws. On top of that, investment fees were also eliminated so nothing to offset on my personal investments.
As of now I'm shifting everything including investments to a business entity this year to soften the blow for next year.
I could do the short form this year. A friend in another state said he got slammed, while a third in a different state did very well.
The one that did very well is the financially better of the 3 of us.
Save your grocery receipts!!!!
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Save your receipts, bitches!!! That’s taxes you paid and you didn’t claim. Receipts!!!