Quote:
Originally Posted by NickyC
Feds I'm right at 25%, I'm an independent contractor so I pay all my own taxes including medicare etc.
Unfortunately, and much to the surprise of myself and my accountant last month, my tax burden was EXACTLY the same as the prior year (before the much heralded Trump tax cuts) percentage wise.
Oh well.
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I am also self employed / independent contractor. You didn't see a benefit from 199A?
Quote:
Originally Posted by NickyC
Quote:
Originally Posted by Grumpy Old Man
Death and taxes.....I'm drinking rum right now.
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Yep, I just laughed it off because it wasn't a surprise at all.
However, my account told me some horror stories of people expecting big refunds this year and they actually wound up OWING money. Folks who traditionally used business expenses for write offs etc. that no longer exist.
Told me one guy was expecting $6k back, found out he owed $10k. I think Trump is going to lose a ton of votes in 2020 due to this, the tax laws did NOT benefit the middle class. |
What types of business expense write offs was he referring to?