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Old 02-10-2019
oldpioneer oldpioneer is offline
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Tax returns

I am doing my taxes and noticed that I will be getting a significantly less amount for a refund. I am well aware that my taxes probably went down my question has to do with owning property. Are used to get a lot back from my property taxes and my interest rate and my mortgage. Any experts out there?
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Old 02-10-2019
crazyrunner1215 crazyrunner1215 is offline
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The tax changes affected people differently, depending on income. From my understanding, with the change, you are getting more on every paycheck. So, at the end of the year, you had less withheld and a smaller refund. Also depends on how many kids you have and whether or not you qualified for the earned income credit. There are no longer exemptions, which helped reduce tax liability for those who had more kids. Now, with a standard deduction of $24000, it's much harder to reduce the liability with writing things off like property taxes or charitable donations.
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Old 02-11-2019
oldpioneer oldpioneer is offline
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Thank you! That was a very clear explanation. I do my taxes on TurboTax and I finished yesterday. You are exactly right it said I was better off going with the standard Deduction rather than calculating my interest in property taxes it all worked out great!
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