Today is the day of reckoning for those of us that are contractors or self-employed. We’ll be writing checks to Uncle Sam that, thankfully, is not going to The Wall. Funny thing is that as much as the hoopla over the Tax Reform package that was adopted earlier this year was, the check I write today is higher than the one for 2016, although I made less money in 2017.
For 2017, I made about 9% less money than I did in 2016. But, my taxes went up by about 30% for 2017. So much for the tax breaks we were all promised, especially for small business owners, like myself.
Unfortunately, it is par for the course because tax breaks are only for the ones that can afford them. This is true for both parties, so put away your pitchforks.
Rather than dwell on things we can’t change, I thought I’d share another set of cartoons made available by Cagle Cartoons. Tomorrow, I’ll get back to the politics of disaster. For now, enjoy these:
MARTIN, are you that stupid. Congress couldnt get the tax changed in the first year to be retroactive. Trump’s taxes dont and couldn’t start till 2018. You were taxed under Obama legislation for 2017. Corp taxes have not been changed since the 80’s and since i dont have time to teach you how fair the new corp tax will be i will end it at that.
Martin, maybe this will help. look at the benefit on your pass through income like sub-s corps and llc’s.
https://www.corporatemonkeycpa.com/2018/02/22/taxes-on-dividends-and-capital-gains-under-the-tax-cuts-jobs-act/