It was a long and busy tax season this year. I’m sure after each tax season I say the same thing but something was different this year.
Probably the fact that our clients and ourselves were learning and adjusting to a new tax law. One that not only changed how the tax was computed but how the forms looked.
The larger standard deductions, the lower tax rates and wider brackets were nice for a significant number of tax filers. However, for my readers, all eight of you, it was an unpleasant experience in limitations and eliminations.
Limiting the tax deduction to $10,000 max certainly hurt those with Real Estate tax payments twice that amount. In addition, the sales tax deduction was basically eliminated by the $10,000 cap on these taxes.
Add to this, the entire removal of the miscellaneous itemized deduction on Schedule A—where you deduct our fee, legal fees, unreimbursed business expenses and brokerage management fees.
I know—I know, stop venting. I promise one good trip to Vegas and I will be able to put this behind me.
We hope that Hutchinson & Walter took care of you during this extra busy tax season and if we still have your return, give us a gentle reminder that you are still waiting for it to be finished up.
For those of you who stayed on the sideline and just filed an extension, it would be our hope that you come see us during the summer and not wait until September or October when we will again, have a mini tax season.
No matter when you bring us your return and no matter how tired I am, we will give you our best effort.
Enjoy your summer and hope to see you soon.