Do you have no deductions now? (No child at home?)

Tax law is complex, and tax burdens to me are sometimes unfair, with business deductions lightening the tax burdens of many who are most able to afford them. I do think everyone should do their part but I think some changes are in order to make burdens more equitable.

I do think that the deductions for children are extremely important, especially for families who are not affluent.

No kids at home but doesn't mean I am still not helping them. They are young adults and can't afford to pay for everything. Took my daughter to have her wisdom teeth out last week and she couldn't afford all of the up front money, so I paid for it. She had an infection caused by one of them so there was no waiting on having them out. Bought my son glasses about a month ago. Why should I be penalized just because I'm not married. Pisses me off that I'm paying out almost $15,000 in state, local and federal taxes.

There is a young adult stage where they really need help, I remember those years. You are a good parent to help them.

$15,000 in state, local and federal taxes.

It's hard to judge whether those taxes are fair without knowing what % of your total income you are paying out, but that certainly does seem like a lot.

I'm sure you've looked through the tax laws but here is some info just in case maybe something might apply:

Exemptions/deductions

A friend found that she and her DH were actually *ahead* filing single, not jointly. It's all too complicated for me -- and the reason we use a CPA.

I hope that anger translates into more thought in the voting booth. (I'm speaking generally, not towards you, Kathsgrdn.) The current tax code favors the wealthy in a big way, and the rest of the 99% must pick up the tab for all those breaks for the big boys.

I wish I could claim my pets as dependents.

Ugh I hear you. Living in California with no kids, we pay almost 50% taxes each year.

Makes me angry when I see Trump bragging about how smart he is for not owing any taxes.

I read an NPR article about what we all think/know about the taxes we pay. I think I get the link attached...we-asked-people-what-they-know-about-taxes-see-if-you-know-the-answers

http://www.npr.org/2017/04/17/523960808/we-asked-people-what-they-know-about-taxes-see-if-you-know-the-answers

It is what it is. We never really stop wanting to help our kids. I have a rental property I can't deduct a dime on because I am renting to family under market value. I pay for grand daughter's preschool. Do I miss the money? Sure. But it's family and family is more important than money.

But those are choices we make as parents. It would be unfair to claim our able bodied children as our dependents for the rest of our lives. At what point do we say enough is enough? Allowing grown children to be used as deductions would open the door to all sorts of fraudulent practices.

If you did not use a CPA to do your taxes, I would recommend that you have one review your filing. You may have some that you did not know about. Our CPA send a lengthy questionnaire in January for us to fill out. Charitable donations of cash or items, mileage for travel for medical reasons, home repairs, major appliance taxes, legal fees, the list went on.....

As each of my kids became young adults in the workforce, I gave them the advice that they should aim to increase their tax liabilities by at least 5-10% each year. No one's marginal tax is over 50%, so the point was - have a goal of increasing your income and don't worry that that increases your tax cost, because you'll still have more left in your pockets (or in the bank) than otherwise.

Federal tax laws are designed and written by the US Congress. Many of you may have representatives on the tax writing committees (House Ways and Means and Senate Finance). If there's something about the federal tax laws you think should be changed, write your elected rep and let them know. Do the same for state taxes if your state has them.

As for how much tax anyone should or shouldn't pay, Judge Learned Hand (a favorite to quote because of his name, if not his wisdom) said "Over and over again courts have said that there is nothing sinister in
so arranging one's affairs as to keep taxes as low as possible.
Everybody does so, rich or poor; and all do right, for nobody owes any
public duty to pay more than the law demands: taxes are enforced
exactions, not voluntary contributions. To demand more in the name of
morals is mere cant."

and

"Any one may so arrange his affairs that his taxes shall be as low as
possible; he is not bound to choose that pattern which will best pay the
Treasury; there is not even a patriotic duty to increase one's taxes."

There's nothing wrong with using deductions and such to minimize the tax bill. My issue with Trump's taxes is that the laws exist to allow him to pay nothing on many millions of dollars on income. Living in multiple palatial estates and not having to pay taxes cause of the laws doesn't sit right with me.

Low income pays very little tax, if anything. Very high income can pay very little tax with deductions, depending on the person. It's the middle to upper middle class class that seems to be screwed over on both ends.

The problem is that these loopholes exist to benefit only certain people. I don't believe that the tax system is fair at all.

PKramer, I have none of those deductions, have a mortgage and interest paid on school loans. Oh, and $50 per month per exchange student that the Federal government gives me for hosting them; which amounts to nearly nothing. I keep my medical expenses through the year but it never is enough (thank goodness, I guess) to help with taxes.

Make monthly IRA contributions and keep more of your money.