Tax returns

[randal]

Made more money, paid in less taxes, got bigger refund

[Black Ice]

Tax returns

Made more money, paid in less taxes, got bigger refund

I paid $450 to my CPA to file the standard deduction for her to tell me I owe $7,150. Probably going to start using turbo tax until I start that “cattle business”.


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[Elite0429]

I got more than expected. could be due to our son, in which was a $2000 credit. Louisiana did double our state refund. oh and it took them only a day to take their mistake back

[12RingKing]

I paid in less throughout the year and got more back as some have already stated.

Trump tax plan worked for my family. Both my wife and I work and took the standard deduction.

I need to change my withholding info

[eaglegolfj]

Most people don't understand the concept of tax returns and withholdings.
A lot of people had less money withheld from their paychecks throughout the year and still had some return-netting more money in their pockets as compared to previous years. Unfortunately since so many do not understand that concept, they view their "refund" as an indicator of taxes.

They don't take as much out of your gross pay so you get back less. Pretty simple if you ask me.

[slayer]

I am a mostly retired CPA, I work one to two days a week just reviewing tax returns. Here is my general observation....couples with two or more dependents who were itemizing in the past are most likely to come out worse with the new tax law.

100% spot on. . .I took a beating. . .

[Chad_E]

Made more, paid in less, getting more back. We've got two kiddos.

We itemized last year, but it was only a few thousand better than the standard deduction. The biggest help was the change in the child tax credit. We didn't qualify last year due to our income. The law was changed to qualify couples, filing jointly, with income under $400,000 (it was 110,000 in 2017). On top of that the child tax credit changed from $1,000/child to $2,000. Therefore, we started out with a $4,000 tax credit that wasn't available to us last year.

[Goldeneagle]

This is the first time in close to 30 years that we got a refund at all.

[RiverRat1]

My CPA told me about the College tax credit... Finally I catch a break! Should help lower what I owe by $4,000 or so (it's for 2017 and 2018).

But I have not seen final numbers yet....

[BrandonA]

Most people don't understand the concept of tax returns and withholdings.
A lot of people had less money withheld from their paychecks throughout the year and still had some return-netting more money in their pockets as compared to previous years. Unfortunately since so many do not understand that concept, they view their "refund" as an indicator of taxes.

Truth. Simple concepts are hard for most people to understand

[whakm]

Actually it was a good return. I owe but not near as much as I have the last few years so I'm happy.

[SabreKiller]

I came out even basically. I've been dumping more into my 457 to reduce my taxable income.

[Electrican]

Most people don't understand the concept of tax returns and withholdings.
A lot of people had less money withheld from their paychecks throughout the year and still had some return-netting more money in their pockets as compared to previous years. Unfortunately since so many do not understand that concept, they view their "refund" as an indicator of taxes.

This is correct. People complaining about lower “returns” don’t mention there paycheck was actually bigger. Set it up where you break even or very little back. No free loans of my money!

[Texas Grown]

I made a lot more, paid in less, and came out the same on return (which was pretty good one for me.) And didn't really change anything other than GI.

[160class]

I made about the same probably and paid less, and got back a lot less, but that was due to the fact that I couldn’t write off my miles which hurt, cause I had 62,000 of them on my truck for work purposes last year