Thursday, February 22, 2018

The taxes are done

It is pretty much a wash this year. We will get a little over $100 from federal and a few dollars from the state. I was actually surprised - last year we got a huge refund and I didn't think we had done much differently this year. I compared returns and we did earn a little more, though not much. The biggie, though, was the medical deductions. Last year, we had north of $40,000 in medical. This year, it was only about $20,000. (I can't believe I can put an "only" before $20,000!)

I have already noticed a change in the paycheck with the new tax reform. It makes me nervous as I don't want to have an unpleasant surprise this time next year. There are too many unknowns. My tax guy (my Dad!) advises that I continue to keep meticulous records for deductions even though it's possible that the changed standard deduction means we won't have to itemize next go-round. We've been itemizing for all of the 32 years we've been married, so that's a change I'm going to have to get used to. 

The upside of doing the taxes early is that the refund hit our account in 6 days. Too bad it wasn't more!

Sarah
 

10 comments:

  1. Good for you for getting them done! A positive note with a lower refund is that you didn't let Uncle Sam use your much of your money!

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  2. I was scared to death we would owe, but also broke about even.

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  3. Yeah - I am still waiting for my state return. ugh...

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  4. Great job getting your taxes completed so early. I need to get on the ball!

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  5. A refund is a refund. Retirement has been painful for me when it comes to taxes. The benefits I gained from paying into RRSPs has evaporated now and I'm sure the amount being deducted when I withdraw from my RRSP far outweighs the refunds I got back in the day. As Trump would say..."sad".

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  6. Hi Sarah, My dad has really high medical deductions on his return this year and I'm afraid he's going to get audited. Has that ever happened to you?

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