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MP4VT2004

Joined: 9/9/07 Posts: 9970
Likes: 5562


I checked last year's filing - I had 9k more deductions last year.


Some of it is because of the tax law changes nullifying certain deductions. For me, the job-related expense deductions disappearing is a big hit. My company gives me a monthly vehicle allowance in return for me using my personal vehicle for work. However, that money is untaxed and shows up as income on my W-2. So, I used to deduct all my work-related vehicle expenses, which almost always was a very significant amount of money.

The other piece of it is due to us not qualifying for the full traditional IRA contribution deduction this year because our income crossed the threshold that severely limits that ability. I don't know if the new tax laws changed that threshold; this is the first year our income has been at this level, so I've never really paid any attention to it before.

I still haven't had time to calculate my effective tax rate for this year and compare it to last year to see definitively how the new laws affected our specific situation. I understand that for nearly everyone else, things are better this year vs. last, which is a good thing in my opinion.

(In response to this post by JoesterVT)

Posted: 02/12/2019 at 1:18PM



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Current Thread:
 
  
CPA: What % of your clients are actually paying more? -- VaAkita 02/12/2019 12:10PM
  Yes 80 percent paid less in taxes -- capitals1 02/12/2019 1:12PM
  You don't sound snarky. -- MP4VT2004 02/13/2019 12:50AM
  I understand your premise -- RTFC 02/13/2019 10:19AM
  That's not how I understood it -- RTFC 02/12/2019 4:26PM
  Sorry, I didn't explain it very well. -- MP4VT2004 02/13/2019 12:57AM
  Media spinning it ** -- DaveVT 02/12/2019 12:36PM

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