I've got your fricking tax cut right here!
Okay. More or less the final numbers have been entered into Turbotax. I went back through, corrected mistakes, updated figures...and now we owe $2765 to the feds. That's not the part that cheeses me off though.
Turbotax 2018 has a lovely little two year comparison report it's showing me right now, including total income, deductions, taxable income, and taxes owed. Now from 2017 to 2018 our taxable income basically doubled, which is a good thing, because it means we made more money, although business-wise our revenue really only went up by 50 percent, so that's suspicious right there.
Now the real kicker. The federal taxes we owed TRIPLED from the previous year. Yeah, nice cut there guys! More like a kick in the nuts. We can still claim per diem, but now it's a deduction from income, not from taxes owed which is a huge difference.
Thank the gods we're not company drivers, for they lost that deduction altogether, for a REAL kick in the shorts, even with the increase in the standard deduction.
Turbotax 2018 has a lovely little two year comparison report it's showing me right now, including total income, deductions, taxable income, and taxes owed. Now from 2017 to 2018 our taxable income basically doubled, which is a good thing, because it means we made more money, although business-wise our revenue really only went up by 50 percent, so that's suspicious right there.
Now the real kicker. The federal taxes we owed TRIPLED from the previous year. Yeah, nice cut there guys! More like a kick in the nuts. We can still claim per diem, but now it's a deduction from income, not from taxes owed which is a huge difference.
Thank the gods we're not company drivers, for they lost that deduction altogether, for a REAL kick in the shorts, even with the increase in the standard deduction.