Posted on 12/21/2017 10:53:13 AM PST by C19fan
Personal Exemption
A personal exemption is the amount that you can deduct from your income for every taxpayer and most dependents claimed on your return. Current law: $4,050 per person, which means a married couple with two dependents would receive a personal exemption of $16,200. New law: The personal exemption is eliminated. The exemption returns after 2025.
(Excerpt) Read more at factcheck.org ...
Perhaps if you leave the socialist country of California for Texas or Florida you can eliminate those SALT hits altogether.
but they doubled your standard deduction, so unless you itemize, that alone more than makes up for it. Plus if you have kids they doubled the child tax credit and raised the income limit where it fazed out so high it wouldn’t effect anyone.
I’m probably a net loser. Maybe by a little. But i’m with you. I want a simpler tax code, and lower corporate taxes. i’ll more than make up the difference with investments.
The personal exemption is NOT eliminated.
Forbes:Personal Exemption
For 2018, the personal exemption amount is projected increase slightly to $4,150, up from $4,050 in 2017.
If this site is correct, my husband and I will be saving about 15% from what we paid last year.
MAGA
BS and fake news garbage. Tell the whole story.
My office handles about 600 Horse & buggy Amish & Mennonite families, most with many children. As a CPA I’m researching this right now and it does not look good....
12 children per family is very common.....
You can make $24 k for 2 people now without any taxes due. This doesn’t include social security or Medicare.
If you’re not itemizing you don’t need an accountant for your personal return at least. There’s another pay increase, not feeding the bean counters.
I did my taxes under the new law. I save over $3000.
Under the original bill I would’ve saved over $5000.
I’ll take what I can get for now. If they’d have waited any longer there’d be no cuts until the 2019 tax year.
you must live in a high tax liberal state. Blame them.
So in other words, the real estate value has up to now been artificially inflated by a government subsidy in the form of tax deductibility of mortgage interest on million dollar mortgages.
I guess I don't have much sympathy for those who have their real estate value reduced to non-subsidized levels. And not even all the way to non-subsidized levels at that. Only to the extent the mortgage exceeds $750,000.
To those who don't understand the difference between taxes withheld and taxes that will end up being owed.
Don’t confuse personal dependency deduction with standard deduction...
If they increased the standard deduction by $12,000 that equalizes to 3 lost dependents at $4,000 each
The people who get screwed are the one’s with children over age 17 on the last day of the year as they get no child tax credit.
I think it’s wait and see. The brackets are a bit different and the rates in each bracket are a little lower.
you can still itemize if you want... it would just be stupid when you can keep more of your money by taking the now doubled standard deduction.
Most of my deductions were wiped out by the AMT, anyway.
I’ve worked hard to get to the point where I don’t itemize. It means this is a win for me. But, truth be told, the reason we’re opening the champagne around my place is the elimination of the individual mandate. Obamacare just got a lethal injection.
in my case the elimination of the personal deductions was more than compensated for by the doubling of the child tax credit and raising of when it phases out. I also benefited from the 20% deduction to pass through income.
By my estimate I will come out ahead at least $6,000.
Thanks President Trump!
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