01-25-2019, 10:22 AM
Being a CPA, I can answer this with a vague answer. It depends.
I have one client that his is married with a fairly low paying job and 2 kids. His refund went up about 7%. It went up because of the increase of the child tax credit. If it was the exact same situation but without the kids, his refund wouldn't have changed at all.
I have one client that is a medical sales rep that has a ton of unreimbursed business miles. His tax liability went up about 8% because of the new tax law.
Clients that have profitable rentals and/or K-1s will do better under this new tax law.
Clients that have corporations that had profits of less than $100,000 are getting a big tax hike.
And of course the very wealthy and large profitable corporations are making out like bandits.
I have one client that his is married with a fairly low paying job and 2 kids. His refund went up about 7%. It went up because of the increase of the child tax credit. If it was the exact same situation but without the kids, his refund wouldn't have changed at all.
I have one client that is a medical sales rep that has a ton of unreimbursed business miles. His tax liability went up about 8% because of the new tax law.
Clients that have profitable rentals and/or K-1s will do better under this new tax law.
Clients that have corporations that had profits of less than $100,000 are getting a big tax hike.
And of course the very wealthy and large profitable corporations are making out like bandits.