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New tax bill- how will it impact you?
Posted on 12/2/17 at 10:21 pm
Posted on 12/2/17 at 10:21 pm
I'm not sure which version of the bill will be adopted, house or senate. But many deductions could be removed like heloc or second mortgage interest, tuition, and student loan interest. Also no deduction on mortgage interest over 10k, no deduction for state and local taxes, sales tax or property taxes. All this is to simplify taxes and encourage us to take the standard deduction of 24000 up from around 12000.
Will this be better for you and your business?
Will this be better for you and your business?
This post was edited on 12/3/17 at 6:56 am
11
Posted on 12/2/17 at 10:38 pm to Rust Cohle
Affect in your title, and encourage not incourage.
As for the affect. Will save me money because I'm in my mid 20s with a decent job and don't own anything. It seems it's really going to negatively affect the higher end of "middle class" earners.
As for the affect. Will save me money because I'm in my mid 20s with a decent job and don't own anything. It seems it's really going to negatively affect the higher end of "middle class" earners.
This post was edited on 12/2/17 at 11:06 pm
Posted on 12/2/17 at 10:51 pm to Rust Cohle
Student loan interest will affect a lot of people. Not a fan of taking that out.
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
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
Posted on 12/2/17 at 11:02 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
Does the Senate version exclude us as well? I couldn't find the part of the bill that identifies what businesses were excluded.
This post was edited on 12/3/17 at 6:45 am
Posted on 12/2/17 at 11:05 pm to TheOcean
quote:
Student loan interest will affect a lot of people. Not a fan of taking that out.
I disagree. It seems bad on the surface, but the $2,500 limit is going to be replaced with the lower rates and larger exemption. That coupled with it being phased out pretty quickly and I don't think it really hurts very many people, and if it does it can't be more than a few hundred bucks.
Posted on 12/3/17 at 2:11 am to Rust Cohle
I will be better off because I don't owe anything that is deductable anymore, house is paid for and kids out of school, also live is Ms where SALT are not very high.
The 24,000 standard deduction will be great for the wife and I, rate also looks to be comming down a bit, we will have to wait and see.
The 24,000 standard deduction will be great for the wife and I, rate also looks to be comming down a bit, we will have to wait and see.
Posted on 12/3/17 at 7:53 am to cave canem
It will help me for sure. Me and the wife take the standard deduction and come in a little over 100k gross. Should save about 4K or so per year with the bigger deductions and lower rate.
#MyPresident
#MyPresident
Posted on 12/3/17 at 8:09 am to cave canem
quote:
The 24,000 standard deduction will be great for the wife and I, rate also looks to be comming down a bit, we will have to wait and see.
You will probably still be better off, but some forms of the bill will remove dependent deductions at around $4000 each. So for you and your wife that's $8000 extra taxed.
Under current law family members could deduct $4050 for each member of the household. So $12150 for a family of three. Their standard deduction, and personal deductions come to $24750. Families with one or more child will be taxed more in the new law.
Posted on 12/3/17 at 8:32 am to Rust Cohle
quote:
Under current law family members could deduct $4050 for each member of the household. So $12150 for a family of three. Their standard deduction, and personal deductions come to $24750. Families with one or more child will be taxed more in the new law.
The increase in credits should make up for the lack of exemption for most people. If the credit is increased to $2,000 and you're in the 25% bracket, that extra $1,000 is essentially their $4,000 exemption. If you're in the 15% bracket then the credit is even better for you than the deduction.
Posted on 12/3/17 at 8:38 am to SLafourche07
quote:
Does the Senate version exclude us as well? I couldn't find the part of the bill that identifies what businesses were excluded.
From what I read it is "servicemen" making over 250k
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
How so? It looks like you won't be taxed more, but you won't be available to receive the new tax cuts?
Posted on 12/3/17 at 8:40 am to Rust Cohle
quote:
From what I read it is "servicemen" making over 250k
Well I'll be able to take advantage of that for a while. I won't be hitting $250 in the next few years.
Posted on 12/3/17 at 8:47 am to SLafourche07
quote:
The increase in credits should make up for the lack of exemption for most people. If the credit is increased to $2,000 and you're in the 25% bracket, that extra $1,000 is essentially their $4,000 exemption. If you're in the 15% bracket then the credit is even better for you than the deduction.
Thank you, I can see that now. I wasn't appreciating the difference of a credit, and a deduction at the moment. I did read that families whos adjusted income is less than zero will not receive the tax credit.
Posted on 12/3/17 at 10:41 am to Rust Cohle
Yeah, that's what I meant. Not sure why the bill would exclude professional corps, though
Posted on 12/3/17 at 10:46 am to Rust Cohle
I'm pretty sure I'll bring home about $100 or more per month.
Posted on 12/3/17 at 11:18 am to Rust Cohle
Won’ affect me at all. I have 6-figure income that is tax-free, and my wife works just to have something to do and for the health insurance. Her income is minimal, which means she gets it all back plus the EIC. First time we filed when she started working, we couldn’t believe we got around $6K back when she only takes home $1,300/month. I couldn’t believe the government just hands out free money like that (the EIC/child tax credit).
When my income was taxable, I want to say our itemized deductions were around the $26-28K range, so with the new standard deduction and lower rate we’d probably break even or save a few extra bucks. With just her income taxable and being below the new standard deduction, now we wouldn’t even have to bother with itemizing. And I don’t think the EIC has changed with the new tax bill.
When my income was taxable, I want to say our itemized deductions were around the $26-28K range, so with the new standard deduction and lower rate we’d probably break even or save a few extra bucks. With just her income taxable and being below the new standard deduction, now we wouldn’t even have to bother with itemizing. And I don’t think the EIC has changed with the new tax bill.
Posted on 12/3/17 at 11:49 am to Rust Cohle
I work 2 jobs. Make about 40k a year as a fireman and make 20k a year as a windshield dude, my own business, no other employees. 4 kids, stay at home wife. Somebody figure out if this will help or hurt me
My windshield business is LLC
My windshield business is LLC
This post was edited on 12/3/17 at 11:51 am
Posted on 12/3/17 at 2:45 pm to Rust Cohle
I'm pretty sure I will suffer from it since I'm rich and Trump says that it is terrible for the rich.
Posted on 12/3/17 at 3:12 pm to TheOcean
quote:
Student loan interest will affect a lot of people. Not a fan of taking that out.
No it won’t with the standard deduction doubling.
Posted on 12/3/17 at 3:15 pm to Rust Cohle
So instead of 2500 I get a 5000 tax deduction for my student loan interest? Am I understanding this correctly?
Posted on 12/3/17 at 5:25 pm to ineededanewname
I think it just means that more of your income won't be taxed. $12,000 of it to be exact (if you're single)
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