Wed 7 Feb, 2018 07:45 am
Tax season here in the United States!
Let us know (without actual details #duh!) if you're getting any direct or indirect (not sure how that would work here) benefits from the recent Trumped up tax bill in this year's tax bill/refund?
No benefit here, but that may be related more to our particular situation than anything else, as for about half of last year I was freelancing with no withholding. I'm curious to see how we do next year.
FYI we use Turbo Tax. Almost done with our stuff except for a few 1099-INTs and we have to figure out how much to throw into an IRA for me. Probably max or close to it - retirement is coming up fast.
For the actual taxes for next year - I am guessing I will be about even. I peeked at my payroll check and I am getting a good increase a month with the changes in taxes. But considering the fact you are limited to $10k - it is the same for a married couple as a single person - it is likely it will net to little difference as between my state taxes and real estates taxes being so high - I will not get the typical deduction.
I have not done my taxes quite yet for last year - so I will know more once I see what I actually do deduct.
We haven't filed yet, I still have to scan all the docs and send them in.
I started a business in 2017, just an LLC for my rental units in the home I also purchased last year.
After startup expenses, home buying expenses, and mortgage interest deduction, my 'real' federal tax rate was 15%.
I made $9,000 more dollars and paid $2,000 less in taxes this year.
I still could have bought a brand-new mid-size Ford car with the amount I paid, but not bad.