So last year my wife and I only owed $104 in federal taxes. This year it has increased to over $1200. The only real differences between last year and this year are:
Our taxable income increased by just under $7k
mortgage interest decreased by around $1000
property tax increased by about $500.
Everything else pretty much stayed the same. is it possible that my tax burden increased by $1100 because of the added income? Or is it also because of that tax withholding adjustment that the government made last year?
I'm clueless as to why it is such a drastic change... (BTW I use Turbo Tax to do my taxes).