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Posted on 1/22/18 at 8:58 pm to theunknownknight
Going through your 1040 and comparing it to last year should be pretty simple. Something had to have changed. Also as someone said earlier you need to be looking at tax liability (line 63) not your refund/tax owed.
If your AGI is fairly similar, then my next thought would be to check your itemized.
If your AGI is fairly similar, then my next thought would be to check your itemized.
Posted on 1/23/18 at 5:22 am to theunknownknight
The “bracket” isn’t the only thing that raises your taxes. If you make more in the same bracket as last year you still have to pay taxes on that even if you don’t meet the next bracket cutoff.
Posted on 1/23/18 at 2:12 pm to theunknownknight
quote:
my base pay went up but that's it - still within the same bracket.
Do you itemize? Did this change?
Is your additional income causing phaseouts of itemized deductions, exemptions, and credits?
Did your withholding increase enough to "keep pace" with the increased earnings?
Is your income earned pretty evenly through the year, or does it go up and down?
Posted on 1/23/18 at 2:51 pm to theunknownknight
quote:
might have to go to an actual CPA on this one.
Started doing this 2 years ago and it's worth it if you make over 150K per year IMO. My CPA has more than saved me what he costs.
Posted on 1/23/18 at 3:33 pm to theunknownknight
quote:
my base pay went up but that's it
yes, that would probably be it
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