Search

It Depends...

As always, everyone has questions about tax season as if it is the first time tax season has ever occurred. Don't get me wrong, tax law changes every year and some questions are clearly valid, good questions. Some people have just been misguided by inexperienced tax preparers who lack the knowledge necessary to adequately prepare tax returns. So its no wonder that so many people have questions about tax season every year. Add on inaccurate information passed on from person to person, and people just making up the tax code as if they wrote it...yeah many people have questions.


So here's the answer to everyone's tax question...it depends. Yes, that's it, "it depends." The answer to your question, which I'm quite sure is not a question with enough information to properly assess your situation, is "it depends." The answer depends upon your life as it was in that tax year. It depends upon your income, the taxes you already paid, if you were married, if you had children, if you took care of other people, how long did you do these things and where, what state do you live in and so much more. So to answer your question in advance, "it depends."


People wonder why their situation differs from someone else whom they believe is in the same situation as them...so it looks. But honestly, not even identical twins are exactly alike. So there is no way your situation is identical to any other taxpayer. And for that matter, neither will your tax return. A person's life differs in so many aspects when compared to another person's life. And the tax code is designed to meet the differences of every person. So where two people may somehow make the exact same amount on their jobs for the entire year, there will be other factors such as family, medical, education, home expenses, other jobs, charities, taxes, and many other factors that will make their overall tax return quite different from the next person.


So the next time a person asks about their tax return, they should be very specific and ensure they are tailoring the question specifically to their lifestyle. Otherwise, the answer may simply be..."it depends."

1 view0 comments

Recent Posts

See All

Get Ready for Tax Season!

The time to start tax planning is not when tax season starts, Its Now! So how do you start prepping for tax season three months in advance?? Well it is now the fourth quarter. These are the last thre