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Author Topic: New Tax Plan as of 12/13/18  (Read 1583 times)

Online Big Dave

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Re: New Tax Plan as of 12/13/18
« Reply #24 on: December 14, 2017, 08:57:23 PM »

Eliminate the IRS and implement The Fair Tax.

Institute congressional term limits and eliminate lifetime retirement. Congress shouldn't get anything that isn't available to the public for who they serve.




@Doug hit on the pension issue.  It's far and above what they earned.



A congressional pension is far and above what they earned?  Explain that?

Their pension is the same as any other federal employee.  Even if they served 30 years its still a fraction of their full salary when they actually served.   


I’m not a congressional apologist, but you are off on their pension. 


Deserving (earning) it is a matter of opinion.  Personally I think they are there to represent the citizens that voted them in office.  Then, go back to their districts and live under the laws they create.  Serving in Congress was never intended to be a career.  With term limits, their "pension" will be a small percent of their pay - as it should be.  IMO, that is very different than a government employee that works a job that WAS meant to be a career.  The average gubment employee doesn't have the power and influence over citizens. 


Double like.

Man, I really am impressed with your thinking..... & your Jeep.

Offline BigPrince

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Re: New Tax Plan as of 12/13/18
« Reply #25 on: January 27, 2019, 03:35:08 PM »
When you start doing your taxes and find out most of your deductions are no longer allowed thanks to this bill....



« Last Edit: January 27, 2019, 03:39:51 PM by BigPrince »

Offline clark123456

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Re: New Tax Plan as of 12/13/18
« Reply #26 on: January 27, 2019, 04:55:46 PM »
When you start doing your taxes and find out most of your deductions are no longer allowed thanks to this bill....



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Yeah, I'm kind of curious what I'll end up with this year!  You may have motivated me to dig in...and cry.
Clark
1998 TJ Sahara

Offline BigPrince

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Re: New Tax Plan as of 12/13/18
« Reply #27 on: January 27, 2019, 05:02:55 PM »
I just dug into it becuase I was reading up on educational / unreimbursed job related expenses and looks like I was able to still deduct a good bit(as far as turbotax is advising).  Looks like I am still going to owe so this will get shelved until the weekend before 4/15.
« Last Edit: January 27, 2019, 05:03:30 PM by BigPrince »

Online jd30005

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Re: New Tax Plan as of 12/13/18
« Reply #28 on: January 27, 2019, 05:17:03 PM »
When you start doing your taxes and find out most of your deductions are no longer allowed thanks to this bill....

Yup, I started looking at prelim numbers this weekend, ouch!!
John
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Offline clark123456

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Re: New Tax Plan as of 12/13/18
« Reply #29 on: January 27, 2019, 07:30:24 PM »
Yeah, the new tax hit me a bit in the deductions area, but I still was able to claim charitable donations, which I didn't expect. 

I don't make as much as some of you, so the SALT stuff didn't cost me much there, but it was a slight hit (offset by a lower tax rate, though).

I don't pay mortgage interest, but it looks like it is still deductible.  Correct?

So, it appears the only thing that the max deduction hurts is if you make a killing in a low tax state (>$166K), or live in a state with super high taxes.  Otherwise, it doesn't seem to matter. 

The form was no easier or less time consuming for me this year, since I have INT, DIV (incl foreign taxes paid), and charitable donations...all things that require filling out other forms.

Preliminarily it looks like, compared to 2017's taxes, the Trump tax plan saved me 4% overall.  I expected it to save me nothing, so that's pretty nice.  Tell your kids and grandkids, "Thanks."  :)  I still have to cut a check, so I won't be closing this out until April.
Clark
1998 TJ Sahara

Offline kvom

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Re: New Tax Plan as of 12/13/18
« Reply #30 on: January 27, 2019, 09:51:39 PM »
I'm still waiting for brokerage 1099s to see what my return will be like.  I have a decent amount of healthcare costs to deduct.  Main deduction I lost was investment expenses. 
00 TJ  stuff
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Offline DOUG

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Re: New Tax Plan as of 12/13/18
« Reply #31 on: January 28, 2019, 08:17:44 AM »
When you start doing your taxes and find out most of your deductions are no longer allowed thanks to this bill....

LOL, me too. 

I just dug into it becuase I was reading up on educational / unreimbursed job related expenses and looks like I was able to still deduct a good bit(as far as turbotax is advising).  Looks like I am still going to owe so this will get shelved until the weekend before 4/15.

Please explain...what section of deductions?  I'm not seeing any exceptions but haven't dug in yet.


Offline Chris36l

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Re: New Tax Plan as of 12/13/18
« Reply #32 on: January 28, 2019, 09:02:18 AM »
My father put together a pretty good breakdown of the differences in deductions between 2017(old tax filing system) and 2018( new tax filing system) if anyone is interested shoot me a PM with your email address, and I’ll shoot it over to you. Unless I can figure out a way to embed a link here......


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Offline clark123456

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Re: New Tax Plan as of 12/13/18
« Reply #33 on: January 28, 2019, 09:43:47 AM »
My father put together a pretty good breakdown of the differences in deductions between 2017(old tax filing system) and 2018( new tax filing system) if anyone is interested shoot me a PM with your email address, and I’ll shoot it over to you. Unless I can figure out a way to embed a link here......


Sent from my iPhone using Tapatalk
Google docs
Clark
1998 TJ Sahara

Offline BigMike

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Re: New Tax Plan as of 12/13/18
« Reply #34 on: January 28, 2019, 10:25:13 AM »
How many here use an accountant?  We’ve been going that route for about 8 or 9 years and really feel like it is money well spent.  Thought we were going to owe the Fed last year but ended up getting a sizable refund.  Cost averages about $500 but has been as high as $700. 

Offline patman

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Re: New Tax Plan as of 12/13/18
« Reply #35 on: January 28, 2019, 10:40:43 AM »
How many here use an accountant?  We’ve been going that route for about 8 or 9 years and really feel like it is money well spent.  Thought we were going to owe the Fed last year but ended up getting a sizable refund.  Cost averages about $500 but has been as high as $700. 

My wife is a CPA if anyone is looking....

 



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