It's been a rough tax season. Americans have needed to navigate numerous changes from the passage of the Tax Cuts and Jobs Act and the longest government shutdown in history didn't help matters at the Internal Revenue Service.
According to a survey conducted by Quicken, 52% of respondents had filed their tax returns for 2018 as of March 15. Of that group, though, 46% reported that they paid more in federal taxes than they did the previous year. So, if you've already filed, and your tax bill went up this year, know that you're not alone.
Among the groups that may have a different tax picture this year are large families, who can no longer claim an exemption for each person in their household, and people who reside in high-tax states, as they now have their SALT (state and local taxes, which includes property taxes) deduction capped.
Already filed your return? Don't forget to examine your paycheck withholding, especially if you were surprised this tax season, to get ahead for next year.
If you still need to file your tax return, make sure you're aware of the changes that took effect and aim to take advantage of all deductions that apply to you.
This is for educational use only and should not be considered tax advice. For individualized tax advice and planning, please consult your personal accountant.