Posted on 12/24/2017 4:21:04 AM PST by SkyPilot
Whatever percentage bracket you fall into.
IF you are in the 22% bracket, that will cut your taxes $22 for every $100 you pay. a $1000 difference will net you a cut of $220.........etc.
“There are lots of lazy journalists.
The Standard Deduction was not doubled. No, the Personnel Exemption was removed as a separate item and included with the Standard Deduction.
For many families the Personnel Exemption was $8,300 and the Standard Deduction was $13,000 for a total of $21,300.
Many families will get an 11% increase in their Standard Deduction in the new tax law.”
It’s just a shell game. Watch what it does to your taxable income and your resultant taxes.
“Isn’t this a excellent reason to protest tax rates in these states? Because there has been no limit on these deductions, folks in these states don’t mind paying those taxes to the state. Maybe it’s time they start caring how much they are being taxed.”
As if protesting in NY, NJ, CA, IL etc will do any good. It’s like asking criminals to stop being criminals.
“““I’m getting swamped with many, many calls, usually one an hour,..”
Wow! One call a hour./sarc”
Even at that rate you’d be lucky to get through to most of these cheesy local governments.
Somehow, that graphic seems to miss completely what I have in mind when I think about simplified tax returns...
In reality they LOVE this Mnuchin/Cohn orchestrated tax scheme more than the Obamacare scheme perpetrated fellow tribe member Gruber.
Temporary tax cuts for some, immediate tax increases for the upper middle class, and to boot a 14th Amendment violation and illogical "you can deduct $10,000" of SALT (should be either deductible or not, not an an amount some Goldmans Sachs Mieskeit says so).
Most of the lemmings and goyim are too stupid to realize they have been scammed.
Prepared individual and business taxes, to include doing a tax program conversion for a publicly traded company.
Raycpa pointed out a revenue ruling that I was unaware of, and I appreciate it.
Now that I'm retired, I may work part time at a CPA firm. However, I'd rather spend that time working at a wine tasting room. Former clients continue to ask me if I'd prepare their returns, but my license is dormant.
I think I'd advise a client to roll the dice. IRS may "clarify" the guidance by 4/15/18, but I doubt it. There's so much stuff swallowed by the "gray areas", the IRS doesn't have the manpower to catch a fraction of it.
La crimes biz section recommending it today
“”10000 includes income tax””
WOW - guess I’d better read that again. Thanks.
But to me, $5000.00 in property taxes would still be stiff but I guess it all depends on the area....
“”$10,000 in state and local income and property taxes””
What is LOCAL income? Sorry if that’s a dumb question...My brain may kick in later today...
Paying now will give these taxpayers a really focused, intense view of how high their taxes actuallt are.
I may be confused on this, but this will be for the 2018 tax year, which begins its first quarter in January. In April, the taxes are due for the current year, which ends in a few days.
The tax bill is now the tax law, as Trump signed it a few days ago. What people are basically trying to do is have the taxes paid by Dec 31st of 2017, in the hopes that the IRS determines that the 2018 tax bill that you paid in 2017 will still be deductible for property taxes only (pre-paying state and local is against the law now).
True, and I got you.
No worries. And have a wonderful Christmas - to you and yours.
Lol. Well, you could renew your license. I bet there is going to be alot of demand for your expertise, especially the first 2 years of this new tax bill.
And tell your future clients that you will properly complete their returns for them, just as long as they don't mind a few drops of spilled Merlot on the forms.
:^>
Have a Merry Christmas.
Cool, thanks, you too!
Manure-filled package sent to Treasury Secretary Steve Mnuchin sends bomb squad to Bel Air
New York CITY has a LOCAL income tax——and there may be others that do.
http://www1.nyc.gov/nyc-resources/service/3010/new-york-city-personal-income-tax
.
Some county jurisdictions allow prepayment of property taxes for a discount, up to five years. I’ve suggested doing that in the past as a way to lock in the rate for that period of time to stave off predatory taxation in the event of some societal disruption or economic collapse. I’m sure the taxing authority loves mo’ money even if it does cannibalize future receipts, though.
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