Posted on 09/27/2017 11:35:34 AM PDT by Jim Robinson
And until they give specifics, you don’t know.
But if you’re that worried, get in touch with the Prez and Congress and make your worries known. See what they say.
Cautiously optimistic.
Need to see the details. Removing the state tax deduction will hurt. Don’t like taxing legals persons (corporations) different than physical persons as a philosophical thing.
But ok.
The Child Tax Credit was meant for those lower and middle class families raising kids as a means for helping them. I have no problem with it, or with the income limitations the government places on who gets the credit and who doesn’t. But as part of the increase in the child tax credit they propose greatly increasing the income level that qualifies for it. People with upper six figure incomes need the child tax credit? Give me a break.
I'm sick of the class warfare crap.
Let's have real tax cuts for EVERYBODY who actually pays taxes.
Unfortunately that is not in the published framework.
They all say they will file the concern ...
Lol. You said you work all year to maintain tour tax data!
And all this only takes you 10 minutes a year?
WOW!
They were already getting an exemption deduction.
The child credit was just buying votes.
NO INCOME OR CORPORATE RAX. CONSUMPTION TAX. DARE TO BE GREAT, THIS IS THE OPPORTUNITY.
As a retired couple making 50k a year l our medical insurance and medical deductions and property taxes our are only deductions . This will actually hurt us. We own our home, No mortgage.
Will do!
I hope it passes also.
There are very few out there who couldn’t use a CTC - especially considering the cost of tuition.
They will have to up the income requirement considering they just took away $4080 per child in taxable income.
Again - it depends on who gets to define “middle” and “upper” class.
This is ripe territory for politics of resentment - who gets to decide who “needs” what.
Anyhow - I’m still thrilled to death with all this “relief” we’ll be getting! /s
Yeah, I spend a lot of time /rollseyes. The ~2 receipts I need per property I throw in a binder when I get home..and then pull it out at tax time lol. My W2 is pulled electronically. All my personal information is saved. I can grab my mortgage/tax information in a couple minutes electronically. Cozy.co keeps track of my rental income and the basics of my rental properties carry-over in the software. Helps I don’t do much day trading and all of my dividend stocks/funds are in IRAs, 401ks or NQ Def Comp plans that are tax deferred. HUUUGE amount of time during the year (maybe 1-2 hrs total in prep spread throughout the year)!
OK. So your 10 minutes is now hours ...
And your two $4000 exemptions.
le sigh lol *at most* 1 to 2 hours over the course of the year IF you include putting the receipts away, and that’s being generous. My actual taxes at tax time takes 10-15 minutes yes. Most people are doing the first part like I’m doing and still spending hours at tax time.
And you spend zero time on tax planning?
No, no real reason to since I basically max out every potential tax def account I can do - 401k,HSA,NQDC [if you are familiar with those] - and I can’t do a Roth or backdoor Roth (at least not cheaply) + most of my investments outside of tax deferred funds are rental properties that are not that complicated with cozy.co. My taxes in retirement in ~10 years or so will be more complicated as I start to draw down retirement accounts with 72t SEPP withdraws, my NQDC pays out, and Roth conversion ladders but still not too bad
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