Quote:
Originally Posted by TampaToker
You guys so full of shit lol i just did my daughters and all of my family members taxes and they all are getting more money back then the did last year.
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It depends on your situation. My friend and his wife had a lot of write-offs in the past that are no longer allowed because they were replaced by a bigger standard deduction. The new deduction isn't as big as the itemized deductions were. Also they both did make a little more during the year because of the tax cut which put them in a slightly higher bracket.
In the end, when all the math is done, my buddy and his wife will end up bringing in about 2% more than they did last year. So they will see a slight increase, but in my state inflation was about 3% last year, so they really just broke even at best.
I just read that so far, as filing gets under way, the average refund this year is about 8.5% less than last year. Of course, it is still very early in the tax season.