The standard deduction was increased to about 24k I think In the tax bill trump signed so that's going to make itemizing less needed.For the first time in many years, it was better for us to take the standard deduction rather than itemize deductions.
Taxes paid divided by gross income decreased by about 1% from last year.
What did others experience?
I've read status and dependents Declarations made a difference for some. I'm good if I get less back next year since I'm actually keeping more. I think it worked out that I'm getting about 2600 more a year on my paychecks for now... at least till the demtards scrap it.. if AOC has her way we will only keep 10% of our paycheck... that's wht that ignorant C actually wantsMy itemized deductions were less that 24,000, some of it was because I hit the 10,000 SALT limit. I seemed to have lost some other deductions this year too, so completing taxes was not favorable for me
I’m not following? If you didn’t itemize because it wasn’t over the standard deduction, you should have paid less using the sd?My itemized deductions were less that 24,000, some of it was because I hit the 10,000 SALT limit. I seemed to have lost some other deductions this year too, so completing taxes was not favorable for me
I hope everyone on INGO is smart enough to know it isn't the size of the refund that matters. It is the amount of tax paid.
Wait what?!?I hope everyone on INGO is smart enough to know it isn't the size of the refund that matters. It is the amount of tax paid.
We came close to 24k this year but ended up just going standard deduction.
As for my taxes, we had just enough to itemize. But it was close. Fortunately, living in fiscally responsible Morgan County helps keep us well below the SALT cap.
Sitting here doing my taxes. I normally get about $200 back from state and pay about $300 in federal. Literally as close as I can get to breaking even. This year I am VERY much in the green ($1500 combined) thanks to tax cuts. And that includes throwing out all my deductions I used to get. Wow!
We itemized this year, came in just a tad over the standard deduction even after taking a hit on the SALT cap. This will be the last year for itemized deductions for us.
We itemized this year, came in just a tad over the standard deduction even after taking a hit on the SALT cap. This will be the last year for itemized deductions for us.
IMO if your state and local taxes exceed $10000 - which would be 10% of a family income of $100k, 6.67% of $150k - you need to question your community's spending priorities and what value you are getting for that level of taxation. The SALT cap is not increasing your taxation so much as exposing it.