Mar 27, 2019
It's all over the news and social media. Co-workers, neighbors and the fine folks at the boat ramp everyone is saying that their federal tax refunds are smaller this year. Does this mean that we made less money in 2018 than you did in 2017? Did we pay more taxes? Is this true, or just a myth? Today, the tax whisperer Karen explains all the new changes to the personal and business federal tax codes. Plus, Cadie gives some payroll tips to help you in 2019 to keep as much money in your own pocket and not in Uncle Sam's.
1. What are some of the most significant changes from the new
federal tax codes?
2. Is there such a thing as too big of a refund?
3. Can you use dentist and orthodontics costs towards your tax deductions?
4. How will the tax bracket changes affect your 2018 income and returns?
5. What is the best way to see if I came out ahead with my 2018 taxes compared to 2017?
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Learn more about Karen Simmons & Cadie Gaut
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Look at your check stub from 2017 and compare that to a check stub from 2018, you'll see that the taxes are less. - Cadie Gaut
Your net pay, your take-home pay is higher. So, you're getting more money throughout the year on each of those checks. - Cadie Gaut
I want to know how much did I have to pay the government in taxes last year. A lot of people look to see if either they owe or they're getting a refund. Not how smartly they pay tax. - Karen Simmons
Everybody with a small business, make sure that you're taking advantage of the 20% business deduction, and that's code section 199A. - Karen Simmons
You can get a 20% of your bottom line of your business as a deduction on your individual return as long as your income is $315,000 or less, and that's been a huge factor for people. - Karen Simmons
My refund wasn't as big this year. I mean, we hear that a lot. - Cadie Gaut
Whoever does your tax return, use them. Figure out what your withholdings should be because the more accurate they are throughout the year, the better you're going to be come tax time. - Cadie Gaut
See if your employer has a flexible benefits plan. - Karen Simmons
The highest tax in this country was 39%. Now it's 37%. You paid the same amount of tax, but you had less withheld but overall on average for an average tax return. - Karen Simmons
I'm seeing a $1,100 to $1,200 tax savings overall for the whole year. But if you paid less in, you're going to get less now. - Karen Simmons
What I'm hearing is people are getting less of a refund, but they're paying less tax overall throughout the year. - Cadie Gaut
People should look at their refund amount to see if they are paying less in taxes this year. They really need to look at how much tax was paid in or not paid in for the whole year. - Cadie Gaut