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People who didn’t do their own taxes for the 2017 tax year most likely aren’t going to just up and decide to do them now so I don’t think the impact will be anywhere near the feeling you have
The ones who used to itemize and who will be settling for the standard deduction in the future may choose to do their own returns after this year. Right now a lot of people haven't yet done the math to see if itemizing is going to be worth it for them. Next year, they'll know.
The ones who used to itemize and who will be settling for the standard deduction in the future may choose to do their own returns after this year. Right now a lot of people haven't yet done the math to see if itemizing is going to be worth it for them. Next year, they'll know.
Most who didn’t do their taxes themselves won’t notice a difference unless the tax preparer tells them how much simpler it is
Most of our information has been entered into TurboTax. I had feared that the new tax law would hurt us far more than it did, but it still was a slight negative on balance. We live in a very high property tax area outside of NYC, and the $10,000 SALT deduction cap is a killer for us and is not offset by the higher standard deduction or slightly lower tax rates. The tax law would have been a disaster for us if not for the new rule allowing a 20% deduction for certain types of freelance income below a certain threshold. (My wife is a freelance worker and this did not make up for the SALT cap, but certainly helped out.) So on balance we were harmed only slightly by the new tax law, and not nearly as badly as I had feared.
Same here. Don't have all my docs yet but the majority I already entered. Benefited from the 20% QBI pass thru and doubling of the child credit but the SALT cap really hit hard (live in CT). As it stands now I'm being pushed over to standard deduction for the first time in years. But, I will be entering daycare expenses tonight and that may possibly move me back over the itemizing threshold.
I just did mine this morning using TurboTax. I'm getting a sizeable refund, as usual, and yes I know that means I'm giving the federal government an interest-free loan on using my money. I put a different spin on it: I see it as "I'm paying the federal government a very small amount to make sure I don't spend that money all year long." The dopamine rush when I see the refund amount!
I just did mine this morning using TurboTax. I'm getting a sizeable refund, as usual, and yes I know that means I'm giving the federal government an interest-free loan on using my money. I put a different spin on it: I see it as "I'm paying the federal government a very small amount to make sure I don't spend that money all year long." The dopamine rush when I see the refund amount!
Lol, same here...I can't wait to get that refund and finally pay off my car note, that's when the dopamine rush will hit me, no more car payments
My entire desk at work is covered in 1099 forms right now, because the deadline to have them out is Thursday. We do 1099s and W2s for 3 small businesses (so about 15 W2s and about 200 or so 1099s). We are all done with the W2s and with the 1099s for 2 of the 3 businesses and those have all gone out, and just working on the last few people for the last business. So I have to get past doing everyone else's before I can even look at mine.
But no, haven't even started mine yet because while I have my W2, my husband doesn't have either of his yet. I'm hoping to get a refund, because I inadvertently held out a little extra (I write my own paychecks) and we always take the standard deduction and I understand it increased this year. I prefer to come as close as possible to breaking even and have been as close as $60 total state/federal. Usually I end up paying a small amount, so a refund would be nice this year.
How are things looking for you under the new tax law? I was pretty nervous about our taxes going up because we are higher earners in a blue state. I did a first run yesterday with only a w-2. It doesn't look too bad. We maybe got a slight decrease but it was much quicker and easier to do. It's easy when you get almost zero deductions. We will fall under the standard deduction. Lost mortgage interest and personal exemptions of course. I am sure whatever savings there is will be grabbed by Illinois shortly.
I’m in the process of filing it online and my federal return is looking much lower than it was was last year.
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