About $2,600 in savings on yours, won’t give the NYT hits to see their number.
Looks like my son would save a decent amount with the tax plan. We are retired so, no change for us.
I ran several estimates, since my income is a bit variable. “Your” calculator says I save an average of $1100, depending on the exact inputs.
This closely parallels an estimate I did running a more complete “input” through a modified (for the new bill) 2017 Form 1040.
That’s not “yuge”, but I was actually willing to pay a bit more if the plan leads to excellent economic growth, and simplifies the tax code considerably. I think there is a good chance of the former, but the latter seems to be a forlorn hope...
Are there any gains on Schedule C and related forms for typical Schedule C filers? I’ve heard little on that subject...
That one says I will save $1,052.
Thanks for this link.
Tax Reform Bill
You’d save $994
Your federal tax bill: $6,339
Rate cuts end in 2025 unless extended
Deductions
“Personal exemption” deduction: $0
Total State And Local Tax (SALT) deduction: $4,467
Your other deductions: $12,000
Due to the bill’s changes, you should SWITCH
to taking the increased standard deduction ($24000)
rather than itemizing (now worth $16,467). With switch:
Your total deductions: $24,000
Your taxable income is: $56,000
Tax rates
In $0 - $19050 bracket, you pay 10%. Cost: $1,905
From $19050 - $77400, 12%. Cost: $4,434
Tax credits
None
Total federal tax bill: $6,339
This will be enough to convince my wife to do a reverse mortgage and have a line of credit when/if we need it.
Our CPA has suggested doing the standard deduction and the reverse mortgage. That will add $2500/month of disposable income and stop the damn paper collection for our taxes.