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What's this?

Lots of folks believing the tax changes screwed the little guy while giving

all kinds of tax breaks to "The Rich."

Well, the rich got some stuff. They also got a faster climb into the higher tax brackets. BUT -- the little guy is making out too. I've prepared something like 140 individual tax returns so far this year and almost every one of them has a lower effective tax rate than they did last year.

The fact is, most people who are getting a smaller refund, or ::gasp!:: owe, will find that it's due to their employer withholding too little tax from their salary. And that's not their employer's fault. The IRS issued incorrect withholding tables at the beginning of the year and didn't correct them until sometime in March, I think it was. So there were 2 1/2 months or so where employers withheld too little tax because the IRS screwed up.

IRS was magnanimous enough to offer an "Our bad," and waive underpayment penalties for anyone who had paid in 85% of their tax due, rather than the usual 90% that's required.

(In response to this post by vt90)

Posted: 04/04/2019 at 4:21PM

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Current Thread:

Got taxes back from the accountant. Much better than expected. -- vt90 04/04/2019 3:48PM

Hey 90, me too! ** -- BRVT 04/05/2019 08:08AM

She's worth the money! ** -- vt90 04/05/2019 08:29AM

A dream to work with compared to my old accountant ** -- BRVT 04/05/2019 09:27AM

Ditto. ** -- Nortazhokie 04/04/2019 6:41PM

Lots of folks believing the tax changes screwed the little guy while giving -- Hokie CPA 04/04/2019 4:21PM

Not us. We owed four times more Fed'l taxes this year -- Thankful Hokie 04/05/2019 12:32PM

I agree how misleading that is -- VaTechie 04/05/2019 10:17AM

In 2026, the law is supposed to sunset back to where it was for 2017. -- Hokie CPA 04/05/2019 12:02PM

That's not the 1% I wanted to be part of ** -- HokieMacDaddy 04/04/2019 10:54PM

Thought I heard they just expanded that to 80% -- Hokie360 04/04/2019 8:14PM

Yep - the story all along was it was only corporations and 'the rich' ... -- vt90 04/04/2019 4:28PM

No, the story was where the bulk of the money was going, not who was seeing -- hucareshokiesrul 04/05/2019 12:55PM

Oh, no... there's still a MAJOR problem with addin a trillion to the debt -- Hokie CPA 04/05/2019 3:48PM

Congrats. Wish I could say the same -- Burke Hokie 04/04/2019 4:21PM

Yeah... SALT and 2% miscellaneous deductions were a loss to several of my -- Hokie CPA 04/04/2019 4:29PM

You are a good man... many wouldn’t try different permutations! Thanks! ** -- DonHo-kieHi 04/04/2019 8:30PM

I'm getting screwed, blued, and tattooed on state return ** -- TomTurkey 04/04/2019 4:43PM

I was fortunate to get the 20% pass through deduction for my business -- vt90 04/04/2019 4:42PM

Umm.... You can deduct 529 deductions in Virginia if you use the standard. ** -- Hokie CPA 04/04/2019 4:45PM

Haha - I should let them know. It was just two dudes I golfed with last .. -- vt90 04/04/2019 4:47PM

If you're buying drinks... ** -- EDGEMAN 04/04/2019 3:54PM

I can't afford to buy drinks for you drunks. Especially FfxStation! ** -- vt90 04/04/2019 3:59PM