Just as I thought -- "The Perfect Storm", I'm been teaching high school for over 25 years -- No breaks for me (not being able to itemize or take advantage of any exemptions), with the new tax law. My kids are grown now and we have no other exclusions nor deductions. I guess I needed to hire a tax accountant to maneuver through this, or start a business where I can exarate expenses and deductions.
Counted on Turbo Tax for many year and have been pleased with it, only to be blindsided in 2019. As a result we changed our withholdings, only to be devastated in 2020. Why do I need a tax accountant to take care of this? I'm fine with paying my fair share -- but this is too much. I have friends who are in business and can itemize, they joke about how much they can deduct, while I get the Standard Deduction, which is far less than my itemized deductions in past years. How is this fair? I work just as hard and so does my wife, what is fair?
