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Why can taxes be taken out for everyone instead of some tax payers?
we are paying more taxes and by the end of the year we would probably owe.. How would paying more taxes and bringing home a lower check would help tax payers? Taxes are going up, but our checks are lower while bills and products are being taxed. I just want a reasonable explanation for this crisis.
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78Chrystal Mahan says
I am not sure I am understanding your question. Your title states "why can taxes be taken out for everyone instead of some tax payers?"
Anyone that has earned income is required to pay taxes. In some instances, unearned income is also taxable.
Taxes are going up, but so is the standard deductions. It evens out for the most part. There are some business and itemized deductions that have had the limits changed.
Of course these changes do not benefit everyone, but they do benefit the general population.
If you need more taxes taken out of your income so that you do not have so much to pay at the end of the year, I suggest you change the withholding on your W-4.
As a tax accountant, I can suggest discussing your situation with a professional, even if only one time. He/she can ask you the appropriate questions that are based on your personal situation and help you maximize the benefits on your income tax return.
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