Confused by the Tax Bills? Be Glad You’re Not an Accountant<br />Many business owners, who are wondering how far their taxes might fall if they qualify for newly lowered rates or higher deductions,<br />have asked their accountants to march line by line through their tax returns to see how they would fare next year.<br />Without the deduction for those expenses, they could face a much higher tax bill, run out of money sooner<br />and end up on Medicaid faster (thus costing the government money instead of feeding it more tax revenue).<br />Compared with current law, the House bill, which was passed Thursday, would raise personal federal income taxes on California, New Jersey, New York<br />and Maryland residents by $16.7 billion in 2027, according to an Institute on Taxation and Economic Policy analysis.<br />Jeffrey Levine, who works in Garden City, N. Y., heard from a client who wanted to pay him next month for next year’s tax return preparation.
