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Respected Contributor
Posts: 2,756
Registered: ‎07-02-2015

Re: It's Tax Time

@Happycat01

 

Don't think anything will be new or  special for renters or anyone else who doesn't have a big pile of expenses that can be itemized.    Rent is not a deductible expense, unlike mortgage interest, property tax, etc, which are deductible.

 

The standard deduction is the easy and  best way for more people than ever before, it seems.

Super Contributor
Posts: 303
Registered: ‎02-27-2016

be prepared when you  meet your accountant when doing your tax getting a refund is highly un likely.you might want to hope to just to break even.most people are paying this year or just about breaking even.i normally get around 2;000 dollars back and i have to pay this year 700 dollars.a refund this year is highly unlikely.

Esteemed Contributor
Posts: 6,069
Registered: ‎10-21-2010

Re: It's Tax Time

The standard deduction doubled so it shouldn’t effect taxes by that much if you can’t itemize anymore.

Esteemed Contributor
Posts: 6,069
Registered: ‎10-21-2010

@xraytech wrote:

be prepared when you  meet your accountant when doing your tax getting a refund is highly un likely.you might want to hope to just to break even.most I people are paying this year or just about breaking even.i normally get around 2;000 dollars back and i have to pay this year 700 dollars.a refund this year is highly unlikely.


If you can help it you don’t want a big refund. That is giving the government a interest free loan for a year.  If refunds are down it’s because people are getting more in their paychrcks. That is a good thing.

Honored Contributor
Posts: 14,098
Registered: ‎03-10-2010

Re: It's Tax Time


@Ccassaday wrote:

The standard deduction doubled so it shouldn’t effect taxes by that much if you can’t itemize anymore.


 

It's about the change in the payroll taxes last year.  Everyone got more in their paycheck and very few understood that it also meant less in your tax return.

 

 

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