Re: I just did my taxes
According to that article I posted, basically, the new standard deductions/credits lead to a tax increase if you have more than 1 child. If you itemize, then it depends on what you itemize. However, the other side of the coin is that the marginal tax rates decreased. So most people will probably see reduced taxes from the lower tax rates, but likely some tax increase that will eat into that tax savings if you have more than 1 child.
For me, it will be really difficult to know if the new tax law saves me money or not because I've always itemized and the new law has limits on the things I itemize. So part of the law really sucks for me, but the lower tax rates help somewhat and they added new business tax credits. I wouldn't be surprised if my taxes increase a little bit under the new law, mostly because of the $10,000 cap on deducting state and local taxes.
I'll be curious to know how the new tax law affects most people.
Last edited by Benny003; 01-14-2019 at 03:11 PM.
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