Taxes?

[StrictlyBiz]

(02-08-2019, 04:44 PM)StrictlyBiz Wrote: I haven’t done mine but I always compare the effective rate when it is all finished. Last year I think that  it was around 22.9% (it climbs every year and is waaaay more than Uncle Bernie’s rate). We’ll see what this year brings. I’m either going to get soaked the same, a little more, or a little less. Whatever. I’m comfortable.

I did mine over the weekend and my effective rate fell from 23.5% last year (I guessed wrong above) to 17.9% this year. Needless to say, my return was significantly more and quite big this year. 

Which brings me to my next point. Now that I did them an familiarized myself with everything again, I see a lot of speculation in this thread and on social media based on actual/anticipated return that shouldn't be. Since income taxes are fluid and contain many moving parts, its a mistake to base everything off of one part, your return. The only way to truly know how the tax law impacted you is to compare this year and previous years Federal Effective Tax Rate. My guess is that most people will see a reduction in their FETR regardless of what happens on your return.