Posted on 11/26/2017 3:12:53 PM PST by WilliamIII
Year-end tax planning will take on extra significance — and complexity — this year, given the likelihood that congressional Republicans will try to get a tax bill passed before Dec. 31 to claim a legislative victory for 2017.
The normal year-end tax advice goes like this: Figure out if you will be in a higher or lower income tax bracket next year.
If your tax rate is likely to go up next year, try to accelerate any income you can into this year and defer deductions until next year, so that your taxable income is higher this year and lower next year than it would be otherwise. If your tax rate is likely to go down, do the opposite.
This makes sense if you are self-employed and have some control over your income and expenses, if your income varies substantially from year to year because of bonuses or commissions, if you plan to stop working or start working next year or move into a new tax bracket for other reasons.
For most people with a steady job and consistent deductions, it’s usually not worth the effort. This year, however, they might want to consider grabbing some deductions before they disappear.
For example, the House and Senate tax bills would eliminate the itemized deduction for state and local income or sales tax starting next year. The Senate bill also would kill the deduction for property taxes, while the House bill would cap it at $10,000 per year.
(Excerpt) Read more at sfchronicle.com ...
SF Chronicle should be called the California Compost, sister of WA Compost.
Why post this trash?
The “trash” are the tax increases that the GOP is imposing on the middle class. Getting rid of major deductions and personal exemptions. I didn’t vote Republican to have my taxes raised, but Ryan and McConnell are determined to do so. Trump should be calling them out, but he’s going along.
What’s inaccurate about the story I posted. The GOP tax bills, as currently written, cancel some major tax deductions - and the personal exemptions as well. They’re doing this to “pay for” business tax cuts. I’m all for business tax cuts, but if the GOP insists they must be “paid for,” then it should be with cuts in spending - not cuts in my family’s budget.
One thing they can do is pay less state and local taxes.
The very last place you’ll get the details of the GOP tax package is the SF Chronicle, or some other fish wrap.
In before Mariner.
Sadly, I don’t care how liberal this paper is, we aren’t getting any more truth about this tax bill from Republicans.
Why vote Republican?
And IF you say "move", then you have less than no idea how much that costs, that there is still the ObamaCare 3%TAX on the buyer & seller ( if you can even find a buyer in many areas of this nation ), and asking for a deluge of lefties moving into some now red states and turning then blue!
Should you come up with making your present state lower their taxes...then you are delusional at best.
And what do you tell people who have large families and are losing that deductible and to the divorced, who will no longer be able to deduct alimony payments? Kill most of your kids and remarry your ex?
Also, many states with lower taxes have HIGH property taxes which will either be capped at a $10,000 deductible or completely be done away with!
It’s been said that God doesn’t close a door without opening a window. Same applies here. Whatever ‘tax reforms’ the congress finally rolls out, the markets will soon adapt. And so will we the taxpayers. I say take all the tax cuts we can take, whenever we can take them. The increased standard deduction will more than offset the loss of certain SALT deductions for 90% or bettor of the taxpayers. The higher earners it misses will quickly adapt. I’d be very leery about agreeing with America-hating, free-market-hating progressive newspapers or voting with the socialist democrats.
You really want Hillary and the democrats appointing and confirming judges?
Also, I did a little research and found out that the reason that the proposed tax breaks on the individual are not permanent. We can thank the great Senator KKK Byrd for a law that only makes them good for 8 years. I find it funny, no I really don't, that the "news" organizations have not reported that little tidbit of news worthy information.
Because that’s the other name for half of the Uniparty.
Uniparty = all democrats plus republican leadership + rinos + republican enablers
I was hoping to at least break even on my taxes. I pay about the same under the Senate plan but pay a more under the House plan at 70K. Since cutting taxes is good for the economy why not cut them for everybody. I”d rather pay less taxes than have a somewhat simpler tax code.
I see your point—Because Roberts, Kennedy, O’Conner, and Souter worked out so well for us.
If, after all of this, my taxes go up, I won’t vote Republican again. If there is no 3rd Parry candidate in a given race, I’ll just skip it.
No, but Gosuch is much better than the one Hillary would have appointed. And the current POTUS will probably get at least two more SCOTUS appointments. And hundreds more throughout the entire federal judiciary. This represents a sea change. Judges are forever (or so it seems).
Yep.
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