Confused by the Tax Bills? Be Glad You’re Not an Accountant
Many business owners, who are wondering how far their taxes might fall if they qualify for newly lowered rates or higher deductions,
have asked their accountants to march line by line through their tax returns to see how they would fare next year.
Without the deduction for those expenses, they could face a much higher tax bill, run out of money sooner
and end up on Medicaid faster (thus costing the government money instead of feeding it more tax revenue).
Compared with current law, the House bill, which was passed Thursday, would raise personal federal income taxes on California, New Jersey, New York
and Maryland residents by $16.7 billion in 2027, according to an Institute on Taxation and Economic Policy analysis.
Jeffrey Levine, who works in Garden City, N. Y., heard from a client who wanted to pay him next month for next year’s tax return preparation.
