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re: New tax bill- how will it impact you?
Posted on 12/3/17 at 5:41 pm to TheOcean
Posted on 12/3/17 at 5:41 pm to TheOcean
That $2500 deduction that phased out was a joke and a slap in the face. Due to my wife's Vet school loans and my loans, we are way over the $2500 in interest. Plus, because she bought the a practice last year, her pay jumped up and we don't qualify at all anymore. Many people from Vet school and Med school have large student loan burdens, but never really got to take advantage of the deduction. Not to mention the people like me who came from poor backgrounds and had a good bit of student loans. We are fortunate with our jobs and are able to pay down on our loans fine and raise 3 children. I just wish the new tax bill helped out S Corps more since they are the small businesses that outnumber C Corps by a lot.
1
Posted on 12/3/17 at 6:51 pm to Mingo Was His NameO
quote:
Affect in your title, and encourage not incourage.
quote:
As for the affect.
Posted on 12/3/17 at 11:25 pm to Teddy Ruxpin
Partner in S-Corp service industry...
I'm preparing to get hosed.
I'm preparing to get hosed.
Posted on 12/4/17 at 7:49 am to Golfer
quote:
No it won’t with the standard deduction doubling.
Correct. I already calculated my new tax bill and the standard deduction doubling made me a happy camper, considering I have no kids and file single.
Not to mention I think I finally crossed the student loan salary line anyway.
This bill is great for single working folk with no dependents.
Posted on 12/4/17 at 7:58 am to LSUSUPERSTAR
I take your meaning. Some of my family is just like you and your wife are. They were able to borrow to attend professional schools and seemingly are penalized be getting a better education.
Posted on 12/4/17 at 8:17 am to windshieldman
quote:
windshieldman
quote:
windshield dude
You've been demoted?
This post was edited on 12/4/17 at 8:19 am
Posted on 12/4/17 at 11:32 am to Spirit of Dunson
Not sure why I'm getting downvotes. The bill is too long to read, so I'm only going by what the president is saying. I assume he has read it.
Posted on 12/4/17 at 12:37 pm to windshieldman
quote:
Make about 40k a year as a fireman
quote:
make 20k a year as a windshield dude
quote:
4 kids
quote:
stay at home wife
How in the hell? You sell drugs as well I assume?
Posted on 12/4/17 at 12:56 pm to deNYEd
quote:
How in the hell? You sell drugs as well I assume?
10k per mouth is 833.33 a month per person.
That's not taken taxes into account.
Baw must be Dave Ramsey.
Posted on 12/4/17 at 2:27 pm to Rust Cohle
quote:
I'm not sure which version of the bill will be adopted, house or senate.
It will be a compromise but I believe it will skew closer to the senate version. Senate has a lot of very tight rules they have to follow to keep this in the budget system (meaning they don't need 60 votes to stop debate and vote).
Posted on 12/4/17 at 2:39 pm to TheOcean
quote:
Also it looks like there will be flow issues with professional corporations for lawyers, doctors, and accountants. That will sting and I will have to restructure my small business
So you just won't get the benefit of the favored rates. This is similar to how, if these businesses are set up as C Corps... they don't get graduated C corp rates either.
If we end up with one 20 percent C Corp rate for all C Corps... it may be beneficial to convert to a C Corp... but that would be a massive loophole. The whole point of the preferred rate on passthroughs is to give them a similar rate to C corps. So if they are going to put the PSC rules on passthroughs... you would think they would stick them on C Corps as well.
Edit: I see one version has PSCs taxed at 25 percent if they are a C Corp.
This post was edited on 12/4/17 at 3:05 pm
Posted on 12/4/17 at 4:19 pm to deNYEd
quote:
How in the hell?
Oldest in college but has TOPS and received education scholarship. Wife and I both owned our own places prior to marriage and had decent equity so when we sold we had a good down payment on our house. Hunt public land, basic cable, etc. I don’t know, I don’t feel broke.
Wife will be working again soon, she been out of work till youngest started school. Wife and I, even back when she worked as a nurse and prior to our kids, we never have been one’s to buy extra stuff or junk or whatever. Both vehicles paid off and 1 year left on child in college vehicle, but she also works and takes care of all her other expenses.
Plus i sell crack
ETA: Just check, 5 months left on oldest car note
This post was edited on 12/4/17 at 4:27 pm
Posted on 12/4/17 at 4:29 pm to LSUFanHouston
quote:
It will be a compromise but I believe it will skew closer to the senate version. Senate has a lot of very tight rules they have to follow to keep this in the budget system (meaning they don't need 60 votes to stop debate and vote).
Senate version pretty much mirrors the House bill on property/mortgage interest which I can live with. I pay a metric ton in property taxes and will lose some of that benefit, but the initial Senate bill version that took it totally away would have been a gut check.
In a perfect world, we wouldn't have all these deductions, but changing the rules of the game without some sort of multi-year phase out isn't cool, especially with a purchase like a home. I think they tried to strike a balance on that here.
This post was edited on 12/4/17 at 4:30 pm
Posted on 12/4/17 at 4:36 pm to Teddy Ruxpin
In short, those who previously took a lot of itemized deductions are likely worse off and those who previously took the standard deduction are better off.
Posted on 12/4/17 at 5:46 pm to Rust Cohle
I have a sole proprietorship that will get a 23% tax deduction.
It is a side business. So I think it will amount to maybe 3000 or 4000 dollars depending on when that deduction is taken. Before or after SEP contribution, etc
It is a side business. So I think it will amount to maybe 3000 or 4000 dollars depending on when that deduction is taken. Before or after SEP contribution, etc
Posted on 12/4/17 at 7:36 pm to TigrrrDad
quote:
Won’ affect me at all. I have 6-figure income that is tax-free,
What's that?
Posted on 12/4/17 at 10:03 pm to lynxcat
What if you own rental properties and itemize your deductions. Will th cap on interest be a huge hit?
Posted on 12/5/17 at 7:11 am to Rust Cohle
Losing student loan interest will hurt, if the House of Rep's bill is finalized. Losing the deduction for state tax will hurt, too, because I do not live in TX or FL.
Posted on 12/5/17 at 7:16 am to Golfer
quote:
No it won’t with the standard deduction doubling.
A lot of people with student loans itemize. Particularly the lawyers and doctors that are excluded from tax benefits of this bill. Include that with removing the deduction for state taxes, HELOC's and property taxes and my tax bill is going up.
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