Yes taxes are always fun. I was doing some tax planning and after 45 years of just paying the taxes and doing what what the tax professional suggested i decided to question it a little. Came up with 3 different scenarios. One that stuck out was If I end up with a Taxable income 37,188 after taking the standard deduction I have a net total tax due of 22,580 or a 60% tax bracket with the taxable income at 37188? Now that includes State tax of 4362 and a Social security tax of 14,130 because you pay Social security on the Adjusted Gross income I don't see much help from any tax cut here. If not planned for and the last half of the tariff payment comes it would more than double my income tax bill. I guess be ready to make another appointment with your accountant depending on what way the tariff payment goes and what year it is paid |