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It's Taxing
Mar. 28th, 2019 10:06 amGot my tax returns back from the accountant. Caught one small transcription error on the Illinois return, which they will fix.
It's hard to speak definitively about the effect of the Federal tax law changes on our taxes due to income fluctuations across the last three years, but the good news is that I don't owe the Feds money this year. In fact, I will get money back in excess of the estimated tax payments that I made last year. And I will no longer need to make the estimated tax payments, which is also good.
I owe Illinois some money this year, mostly because we didn't put money in the girls' education accounts, partly because I accelerated some of this year's property tax payments into last year to try to take advantage of that deduction on last year's Federal return. But I don't owe Illinois very much money, which is good.
This feels *much* better than last year.
It's hard to speak definitively about the effect of the Federal tax law changes on our taxes due to income fluctuations across the last three years, but the good news is that I don't owe the Feds money this year. In fact, I will get money back in excess of the estimated tax payments that I made last year. And I will no longer need to make the estimated tax payments, which is also good.
I owe Illinois some money this year, mostly because we didn't put money in the girls' education accounts, partly because I accelerated some of this year's property tax payments into last year to try to take advantage of that deduction on last year's Federal return. But I don't owe Illinois very much money, which is good.
This feels *much* better than last year.