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New Tax Law

virgil
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virgil Rising Star

virgil

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Anyone get their taxes done yet?  I had mine done yesterday and it was a serious punch in the gut.  I knew that New York was among the states that were being punished by the new tax code for voting blue in 2016.  But, I wasn't sure what to expect.  My accountant said it's been awful seeing most of his clients learn that the 'tax cuts' were not for them; and that many, like me, are finding that this year they owe twice what they did last year.  Just curious what everyone else's experience has been.

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Culvercreek hunt club Enthusiast

Culvercreek hunt club

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36 minutes ago, virgil said:

Anyone get their taxes done yet?  I had mine done yesterday and it was a serious punch in the gut.  I knew that New York was among the states that were being punished by the new tax code for voting blue in 2016.  But, I wasn't sure what to expect.  My accountant said it's been awful seeing most of his clients learn that the 'tax cuts' were not for them; and that many, like me, are finding that this year they owe twice what they did last year.  Just curious what everyone else's experience has been.

Mine took a $4,400 downwards swing. Owed a tad more on State but the bulk was due to SALT deduction losses. 

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