Kiplinger

Shocked by Your 2018 Tax Bill?

Many people are still in shock after filing their 2018 federal and state income taxes. Because the new federal tax law -- the 2017 Tax Cuts and Jobs Act -- reduced marginal tax rates, many people expected a refund would be coming their way. But for some high-income households, that turned out not be the case.

I had one client who used the phrase she "fell out of her chair" when she got the news from her accountant about how much she owed. Even though she made a good income last year, she just assumed she'd not have

 

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