Fact you'll see at Tax Time

skoda · Sep 29, 2018

The personal exemption is gone.

Previously, you could claim a $4,050 personal exemption for yourself, your spouse and each of your dependents, which lowered your taxable income. No longer. For some families, the elimination of the personal exemption will reduce or negate the tax relief they get from other parts of the reform package.

Another Fact not on your Front page!

Trump reversed his position on shutting down the Government and signed a Bill to keep it running thru December. Why is Donald changing his course on the most overloaded/paid expense called PUBIC UNIONS??

[h=2]Federal employees benefits[/h]

Federal workers receive health insurance, retirement health benefits, a pension plan with inflation protection, and a retirement savings plan with a government match. They typically receive generous holiday and vacation schedules, flexible work hours, training options, incentive awards, and generous disability benefits

what do you have...….

Higher Tax's kth)(&^

Dave007inVegas · Sep 29, 2018

I don't believe it. Source please.

GasMan · Sep 29, 2018

Willie?

GasMan · Sep 29, 2018

The tax reform packages proposed by both the House and the Senate would dramatically change the way that taxpayers calculate their taxes. Rather than having separate standard deductions and personal exemptions, the proposals would simply wrap both numbers into a larger standard deduction.
Under the House plan, the standard deduction for singles would be $12,200, while joint filers would get $24,400 as a standard deduction. The Senate bill has corresponding figures of $12,000 and $24,000.

Dave007inVegas · Sep 29, 2018

Gas Man said:
The tax reform packages proposed by both the House and the Senate would dramatically change the way that taxpayers calculate their taxes. Rather than having separate standard deductions and personal exemptions, the proposals would simply wrap both numbers into a larger standard deduction.
Under the House plan, the standard deduction for singles would be $12,200, while joint filers would get $24,400 as a standard deduction. The Senate bill has corresponding figures of $12,000 and $24,000.

So those with more than 6 dependents would get screwed while everyone else would benefit? Doesn't sound right.
The government doesn't give money away to your average joe.

GasMan · Sep 29, 2018

The best thing about the tax reform is it eliminated or capped the SALT tax deduction.

This was a sham put in by the Demorats to give explicit tax advantages to high tax states such as Cali and New York.

skoda · Sep 29, 2018

According to....

http://insurancefreedom.co.uk/2017/12/21/losing-the-4050-personal-exemption-in-2018/

As part of the GOP tax reform bill to support President Trump’s tax reform agenda the

Personal exemption is being fully eliminated

in 2018. The $4,050 personal exemption in 2018 (which was unchanged from 2017) can be taken for yourself, your spouse, and your eligible dependents, will be scrapped. This could mean that single parents or families with lots of dependents could see a higher tax bill as a result, while higher income filers with no kids/dependents will likely fare much better due to their ineligibility for this exemption (income limits) under current law and from the other offsetting tax breaks in the new tax bill.

Several itemized deductions like SALT and alimony payments are also being cut back or eliminated entirely. This is supposed to be offset by the doubling of the standard deduction, higher income 2018 tax bracket thresholds and increased Child Tax Credit (CTC). The idea is that by increasing the standard deduction and removing several deductions and the personal exemption, tax payers will not need to itemize for claiming extra deductions in their 2018-19 tax returns thereby making the tax filing process simpler and smoother.

Note that the personal exemption was not able to be permanently scrapped by the GOP due to Senate rules but will be suspended until 2025, unless extended by Congress then.

IRS 2018 forms not out yet...….

NFLTrends · Sep 30, 2018

Incomes taxes dont affect Dafinch in any way...

Willie99 · Sep 30, 2018

The vast majority of Americans will pay lower taxes as a result of the tax law changes. The average American family will pay less in 2018 than 2017. As I mentioned several times before, some people will have a tax increase.

The best things about the new law.

1) tax cuts for business owners
2) $ 2000 child tax credit which is phased out at much much much higher incomes
3) Elimination of the AMT
4) Lower tax rates across the boards

Worst thing about the law; SALT cap too low

GasMan · Sep 30, 2018

Willie99 said:
The vast majority of Americans will pay lower taxes as a result of the tax law changes. The average American family will pay less in 2018 than 2017. As I mentioned several times before, some people will have a tax increase.

The best things about the new law.

1) tax cuts for business owners
2) $ 2000 child tax credit which is phased out at much much much higher incomes
3) Elimination of the AMT
4) Lower tax rates across the boards

Worst thing about the law; SALT cap too low

Not if you live in a low tax state!

skoda · Oct 1, 2018

Form 1040 has been redesigned—Form 1040A and 1040EZ will no longer be used.

Dave007inVegas · Oct 1, 2018

skoda said:
According to....

http://insurancefreedom.co.uk/2017/12/21/losing-the-4050-personal-exemption-in-2018/

As part of the GOP tax reform bill to support President Trump’s tax reform agenda the
Personal exemption is being fully eliminated
in 2018. The $4,050 personal exemption in 2018 (which was unchanged from 2017) can be taken for yourself, your spouse, and your eligible dependents, will be scrapped. This could mean that single parents or families with lots of dependents could see a higher tax bill as a result, while higher income filers with no kids/dependents will likely fare much better due to their ineligibility for this exemption (income limits) under current law and from the other offsetting tax breaks in the new tax bill.

Several itemized deductions like SALT and alimony payments are also being cut back or eliminated entirely. This is supposed to be offset by the doubling of the standard deduction, higher income 2018 tax bracket thresholds and increased Child Tax Credit (CTC). The idea is that by increasing the standard deduction and removing several deductions and the personal exemption, tax payers will not need to itemize for claiming extra deductions in their 2018-19 tax returns thereby making the tax filing process simpler and smoother.
Note that the personal exemption was not able to be permanently scrapped by the GOP due to Senate rules but will be suspended until 2025, unless extended by Congress then.
IRS 2018 forms not out yet...….

Thanks skoda.

Fact you'll see at Tax Time

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