Why did my taxes increase from last year

mizar1 · ‎June 6, 2019

Income did not change much, only dividends changed but interest income went down

WillK · ‎June 6, 2019

It is hard to say why there is such a huge difference between last year and this years return, sorry. The best thing to do is to print out and compare 2015 to 2016 and see where the differences are, change in income, deductions and credits?

Generally people notice a difference between years because there are several factors that go in to determining the taxes an individual owes.

Your income could have increased which might have:

Put you in a higher tax bracket,

It could have reduced or eliminated some deductions or credits

The tax laws changing year to year will determine the amount of taxes that need to be paid as well.

If your income decreased that sometimes can reduce your refund due to you not having enough earned income to receive the deductions or credits you did before.

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WillK · ‎June 6, 2019