‘Oh no…’
Last year I got a $750 refund. And this year I owe $4,600. I guess that my assumption was that the IRS withholding tables would have been updated to some degree or my company would have done something.
— Ben Williams, a lawyer in New York City, commenting on a situation most lawyers, especially lawyers in blue states, are dreading encountering this tax season. The Tax Cuts and Jobs Act capped deductions on state and local tax (SALT) payments to $10,000, and Williams said he usually pays more than three times that amount in SALT expenses. He’d hoped to use his anticipated tax refund for a vacation.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
Many Lawyers Will Be Getting Screwed This Tax Season curated from Above the Law
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