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Trump's tax cut didn't trickle down
Comments
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Yes and it depends on your income. So in 17 I had $20k in itemized deductions. I only get helped $4k there, but lose in personal exemptions. But my tax rate is lower so I'll pay a couple hundred less in taxes in 18. (Well I'll pay more but my income went up quite a bit, I'm talking apples to apples)USMChawk said:
I’ll give Hondo a mea culpa as he was right about the personal exemption. I used an online 2018 tax calculator and input my 2017 figures; I’d have paid an additional $1000.00 in taxes (I had a bunch of itemized deductions last year that wouldn’t deduct this year). I also input my 2016 info for comparison (I had a lot less deductions), and would have paid $150.00 less. So the answer isn’t concrete. If you have a bad year, deduction-wise, the new tax system isn’t your friend. If you have an average amount of deductions you’re better off. This is assuming I input everything correctly.2001400ex said:
You save in the standard deduction but also lose the $4,100 each for personal exemption. So your taxable income is higher. With a lower rate.USMChawk said:
The standard deduction, until this year, was $12,000.00. I work from home, have a daughter in college, a daughter w/a disability, my wife is an independent contractor, have mortgage interest, excessive medical bills (almost every year), and a few other things. To maximize my return means I have to complete the 1040, a number of Schedules, etc.. All that effort and I typically get to $15-16k in deductions. I provide the paperwork to my accountant and he completes all the necessary paperwork. I know it’s done right and I don’t have to do the work. Now that the standard deduction is $24k I don’t have to do all that; I’ll take the standard deduction and not itemize.2001400ex said:
Wait a minute. You said you don't have to pay an accountant anymore..... But yet you still do. Which is it? I'll wait until I can prepare my taxes on a postcard.USMChawk said:
The company we bought was extremely mismanaged and verging on bankruptcy. The combined staff will be less than what was, but more than what was going to be.2001400ex said:
And usually an acquisition, there are less jobs in the combined company.... Not exactly a job builder, eh?USMChawk said:The doubling of the standard deduction is enough that I don’t have to pay an accountant $350.00 to itemize my taxes, as that deduction is now higher than my usual itemized amount. My tax savings should be another $200.00-$300.00 because of the lower adjusted gross income. My company didn’t pay the employees $1000.00, like some companies, but they did use the savings to acquire another business. That’s where the trickle down occurs for me. They've authorized unlimited overtime while the merger and staffing is completed. I look to pull an additional $20k this year, and should average $10k/year in overtime, going forward.
And you shouldn't need a CPA to itemize your deductions. For reals. They are very straight forward.
Without getting into personal details, my tax situation is complex. I could do it myself or I could save the 6-8 hours of aggravation and pay someone else to do it. I choose the latter.
That being said, the thing I hate about politicians and uneducated people like you that don't understand taxes. Itemized deductions are trivial. All that stuff is easy to do. What isn't easy, and what keeps my colleagues busy, is the determination of income. Of which was not touched in the tax reform. And some of it was actually was made harder because of things like what DaBoner said.
The interesting thing tho, my tax withheld went down $300 a month but I won't save $3,600 a year in taxes. Honestly I think come next year, a lot of people are going to realize that same thing. In my scenario I usually get back $4-5k a year so it isn't a big deal. But I know a lot of people who don't. -
I had almost $30k in itemized deductions plus the personal exemption. I usually only have $16-18k in itemized deductions but 30 years of playing soccer caught up to my wife.2001400ex said:
Yes and it depends on your income. So in 17 I had $20k in itemized deductions. I only get helped $4k there, but lose in personal exemptions. But my tax rate is lower so I'll pay a couple hundred less in taxes in 18. (Well I'll pay more but my income went up quite a bit, I'm talking apples to apples)USMChawk said:
I’ll give Hondo a mea culpa as he was right about the personal exemption. I used an online 2018 tax calculator and input my 2017 figures; I’d have paid an additional $1000.00 in taxes (I had a bunch of itemized deductions last year that wouldn’t deduct this year). I also input my 2016 info for comparison (I had a lot less deductions), and would have paid $150.00 less. So the answer isn’t concrete. If you have a bad year, deduction-wise, the new tax system isn’t your friend. If you have an average amount of deductions you’re better off. This is assuming I input everything correctly.2001400ex said:
You save in the standard deduction but also lose the $4,100 each for personal exemption. So your taxable income is higher. With a lower rate.USMChawk said:
The standard deduction, until this year, was $12,000.00. I work from home, have a daughter in college, a daughter w/a disability, my wife is an independent contractor, have mortgage interest, excessive medical bills (almost every year), and a few other things. To maximize my return means I have to complete the 1040, a number of Schedules, etc.. All that effort and I typically get to $15-16k in deductions. I provide the paperwork to my accountant and he completes all the necessary paperwork. I know it’s done right and I don’t have to do the work. Now that the standard deduction is $24k I don’t have to do all that; I’ll take the standard deduction and not itemize.2001400ex said:
Wait a minute. You said you don't have to pay an accountant anymore..... But yet you still do. Which is it? I'll wait until I can prepare my taxes on a postcard.USMChawk said:
The company we bought was extremely mismanaged and verging on bankruptcy. The combined staff will be less than what was, but more than what was going to be.2001400ex said:
And usually an acquisition, there are less jobs in the combined company.... Not exactly a job builder, eh?USMChawk said:The doubling of the standard deduction is enough that I don’t have to pay an accountant $350.00 to itemize my taxes, as that deduction is now higher than my usual itemized amount. My tax savings should be another $200.00-$300.00 because of the lower adjusted gross income. My company didn’t pay the employees $1000.00, like some companies, but they did use the savings to acquire another business. That’s where the trickle down occurs for me. They've authorized unlimited overtime while the merger and staffing is completed. I look to pull an additional $20k this year, and should average $10k/year in overtime, going forward.
And you shouldn't need a CPA to itemize your deductions. For reals. They are very straight forward.
Without getting into personal details, my tax situation is complex. I could do it myself or I could save the 6-8 hours of aggravation and pay someone else to do it. I choose the latter.
That being said, the thing I hate about politicians and uneducated people like you that don't understand taxes. Itemized deductions are trivial. All that stuff is easy to do. What isn't easy, and what keeps my colleagues busy, is the determination of income. Of which was not touched in the tax reform. And some of it was actually was made harder because of things like what DaBoner said.
The interesting thing tho, my tax withheld went down $300 a month but I won't save $3,600 a year in taxes. Honestly I think come next year, a lot of people are going to realize that same thing. In my scenario I usually get back $4-5k a year so it isn't a big deal. But I know a lot of people who don't.
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Pumpys 29 yo blonde soccer girl > your wife who played soccer for 30 yearsUSMChawk said:
I had almost $30k in itemized deductions plus the personal exemption. I usually only have $16-18k in itemized deductions but 30 years of playing soccer caught up to my wife.2001400ex said:
Yes and it depends on your income. So in 17 I had $20k in itemized deductions. I only get helped $4k there, but lose in personal exemptions. But my tax rate is lower so I'll pay a couple hundred less in taxes in 18. (Well I'll pay more but my income went up quite a bit, I'm talking apples to apples)USMChawk said:
I’ll give Hondo a mea culpa as he was right about the personal exemption. I used an online 2018 tax calculator and input my 2017 figures; I’d have paid an additional $1000.00 in taxes (I had a bunch of itemized deductions last year that wouldn’t deduct this year). I also input my 2016 info for comparison (I had a lot less deductions), and would have paid $150.00 less. So the answer isn’t concrete. If you have a bad year, deduction-wise, the new tax system isn’t your friend. If you have an average amount of deductions you’re better off. This is assuming I input everything correctly.2001400ex said:
You save in the standard deduction but also lose the $4,100 each for personal exemption. So your taxable income is higher. With a lower rate.USMChawk said:
The standard deduction, until this year, was $12,000.00. I work from home, have a daughter in college, a daughter w/a disability, my wife is an independent contractor, have mortgage interest, excessive medical bills (almost every year), and a few other things. To maximize my return means I have to complete the 1040, a number of Schedules, etc.. All that effort and I typically get to $15-16k in deductions. I provide the paperwork to my accountant and he completes all the necessary paperwork. I know it’s done right and I don’t have to do the work. Now that the standard deduction is $24k I don’t have to do all that; I’ll take the standard deduction and not itemize.2001400ex said:
Wait a minute. You said you don't have to pay an accountant anymore..... But yet you still do. Which is it? I'll wait until I can prepare my taxes on a postcard.USMChawk said:
The company we bought was extremely mismanaged and verging on bankruptcy. The combined staff will be less than what was, but more than what was going to be.2001400ex said:
And usually an acquisition, there are less jobs in the combined company.... Not exactly a job builder, eh?USMChawk said:The doubling of the standard deduction is enough that I don’t have to pay an accountant $350.00 to itemize my taxes, as that deduction is now higher than my usual itemized amount. My tax savings should be another $200.00-$300.00 because of the lower adjusted gross income. My company didn’t pay the employees $1000.00, like some companies, but they did use the savings to acquire another business. That’s where the trickle down occurs for me. They've authorized unlimited overtime while the merger and staffing is completed. I look to pull an additional $20k this year, and should average $10k/year in overtime, going forward.
And you shouldn't need a CPA to itemize your deductions. For reals. They are very straight forward.
Without getting into personal details, my tax situation is complex. I could do it myself or I could save the 6-8 hours of aggravation and pay someone else to do it. I choose the latter.
That being said, the thing I hate about politicians and uneducated people like you that don't understand taxes. Itemized deductions are trivial. All that stuff is easy to do. What isn't easy, and what keeps my colleagues busy, is the determination of income. Of which was not touched in the tax reform. And some of it was actually was made harder because of things like what DaBoner said.
The interesting thing tho, my tax withheld went down $300 a month but I won't save $3,600 a year in taxes. Honestly I think come next year, a lot of people are going to realize that same thing. In my scenario I usually get back $4-5k a year so it isn't a big deal. But I know a lot of people who don't.
I'm 81 percent sure -
Yeah, me too.Pitchfork51 said:
Pumpys 29 yo blonde soccer girl > your wife who played soccer for 30 yearsUSMChawk said:
I had almost $30k in itemized deductions plus the personal exemption. I usually only have $16-18k in itemized deductions but 30 years of playing soccer caught up to my wife.2001400ex said:
Yes and it depends on your income. So in 17 I had $20k in itemized deductions. I only get helped $4k there, but lose in personal exemptions. But my tax rate is lower so I'll pay a couple hundred less in taxes in 18. (Well I'll pay more but my income went up quite a bit, I'm talking apples to apples)USMChawk said:
I’ll give Hondo a mea culpa as he was right about the personal exemption. I used an online 2018 tax calculator and input my 2017 figures; I’d have paid an additional $1000.00 in taxes (I had a bunch of itemized deductions last year that wouldn’t deduct this year). I also input my 2016 info for comparison (I had a lot less deductions), and would have paid $150.00 less. So the answer isn’t concrete. If you have a bad year, deduction-wise, the new tax system isn’t your friend. If you have an average amount of deductions you’re better off. This is assuming I input everything correctly.2001400ex said:
You save in the standard deduction but also lose the $4,100 each for personal exemption. So your taxable income is higher. With a lower rate.USMChawk said:
The standard deduction, until this year, was $12,000.00. I work from home, have a daughter in college, a daughter w/a disability, my wife is an independent contractor, have mortgage interest, excessive medical bills (almost every year), and a few other things. To maximize my return means I have to complete the 1040, a number of Schedules, etc.. All that effort and I typically get to $15-16k in deductions. I provide the paperwork to my accountant and he completes all the necessary paperwork. I know it’s done right and I don’t have to do the work. Now that the standard deduction is $24k I don’t have to do all that; I’ll take the standard deduction and not itemize.2001400ex said:
Wait a minute. You said you don't have to pay an accountant anymore..... But yet you still do. Which is it? I'll wait until I can prepare my taxes on a postcard.USMChawk said:
The company we bought was extremely mismanaged and verging on bankruptcy. The combined staff will be less than what was, but more than what was going to be.2001400ex said:
And usually an acquisition, there are less jobs in the combined company.... Not exactly a job builder, eh?USMChawk said:The doubling of the standard deduction is enough that I don’t have to pay an accountant $350.00 to itemize my taxes, as that deduction is now higher than my usual itemized amount. My tax savings should be another $200.00-$300.00 because of the lower adjusted gross income. My company didn’t pay the employees $1000.00, like some companies, but they did use the savings to acquire another business. That’s where the trickle down occurs for me. They've authorized unlimited overtime while the merger and staffing is completed. I look to pull an additional $20k this year, and should average $10k/year in overtime, going forward.
And you shouldn't need a CPA to itemize your deductions. For reals. They are very straight forward.
Without getting into personal details, my tax situation is complex. I could do it myself or I could save the 6-8 hours of aggravation and pay someone else to do it. I choose the latter.
That being said, the thing I hate about politicians and uneducated people like you that don't understand taxes. Itemized deductions are trivial. All that stuff is easy to do. What isn't easy, and what keeps my colleagues busy, is the determination of income. Of which was not touched in the tax reform. And some of it was actually was made harder because of things like what DaBoner said.
The interesting thing tho, my tax withheld went down $300 a month but I won't save $3,600 a year in taxes. Honestly I think come next year, a lot of people are going to realize that same thing. In my scenario I usually get back $4-5k a year so it isn't a big deal. But I know a lot of people who don't.
I'm 81 percent sure
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Well one is most likely real. So there's that.USMChawk said:
Yeah, me too.Pitchfork51 said:
Pumpys 29 yo blonde soccer girl > your wife who played soccer for 30 yearsUSMChawk said:
I had almost $30k in itemized deductions plus the personal exemption. I usually only have $16-18k in itemized deductions but 30 years of playing soccer caught up to my wife.2001400ex said:
Yes and it depends on your income. So in 17 I had $20k in itemized deductions. I only get helped $4k there, but lose in personal exemptions. But my tax rate is lower so I'll pay a couple hundred less in taxes in 18. (Well I'll pay more but my income went up quite a bit, I'm talking apples to apples)USMChawk said:
I’ll give Hondo a mea culpa as he was right about the personal exemption. I used an online 2018 tax calculator and input my 2017 figures; I’d have paid an additional $1000.00 in taxes (I had a bunch of itemized deductions last year that wouldn’t deduct this year). I also input my 2016 info for comparison (I had a lot less deductions), and would have paid $150.00 less. So the answer isn’t concrete. If you have a bad year, deduction-wise, the new tax system isn’t your friend. If you have an average amount of deductions you’re better off. This is assuming I input everything correctly.2001400ex said:
You save in the standard deduction but also lose the $4,100 each for personal exemption. So your taxable income is higher. With a lower rate.USMChawk said:
The standard deduction, until this year, was $12,000.00. I work from home, have a daughter in college, a daughter w/a disability, my wife is an independent contractor, have mortgage interest, excessive medical bills (almost every year), and a few other things. To maximize my return means I have to complete the 1040, a number of Schedules, etc.. All that effort and I typically get to $15-16k in deductions. I provide the paperwork to my accountant and he completes all the necessary paperwork. I know it’s done right and I don’t have to do the work. Now that the standard deduction is $24k I don’t have to do all that; I’ll take the standard deduction and not itemize.2001400ex said:
Wait a minute. You said you don't have to pay an accountant anymore..... But yet you still do. Which is it? I'll wait until I can prepare my taxes on a postcard.USMChawk said:
The company we bought was extremely mismanaged and verging on bankruptcy. The combined staff will be less than what was, but more than what was going to be.2001400ex said:
And usually an acquisition, there are less jobs in the combined company.... Not exactly a job builder, eh?USMChawk said:The doubling of the standard deduction is enough that I don’t have to pay an accountant $350.00 to itemize my taxes, as that deduction is now higher than my usual itemized amount. My tax savings should be another $200.00-$300.00 because of the lower adjusted gross income. My company didn’t pay the employees $1000.00, like some companies, but they did use the savings to acquire another business. That’s where the trickle down occurs for me. They've authorized unlimited overtime while the merger and staffing is completed. I look to pull an additional $20k this year, and should average $10k/year in overtime, going forward.
And you shouldn't need a CPA to itemize your deductions. For reals. They are very straight forward.
Without getting into personal details, my tax situation is complex. I could do it myself or I could save the 6-8 hours of aggravation and pay someone else to do it. I choose the latter.
That being said, the thing I hate about politicians and uneducated people like you that don't understand taxes. Itemized deductions are trivial. All that stuff is easy to do. What isn't easy, and what keeps my colleagues busy, is the determination of income. Of which was not touched in the tax reform. And some of it was actually was made harder because of things like what DaBoner said.
The interesting thing tho, my tax withheld went down $300 a month but I won't save $3,600 a year in taxes. Honestly I think come next year, a lot of people are going to realize that same thing. In my scenario I usually get back $4-5k a year so it isn't a big deal. But I know a lot of people who don't.
I'm 81 percent sure -
Damn right. It's a good thing we gave them 100 cents on the dollar for every one they lost also.allpurpleallgold said:
No one deserves a bigger piece of the pie than the people that nearly destroyed our country a decade ago.oregonblitzkrieg said:- NBC News is not a trustworthy source.
- Wall Street needs to eat too. When companies buy back shares of their own stock, that usually causes the stock to rise. Money then trickles down to traders/investors who own those stocks. Traders/investors are workers too you know.
I'm trying to figure out the next scam/market crash. Every market crash is just the rich robbing whatever poor people have their nest egg in at the time. Savings & Loan, .com, housing. I'm not totally sure where there is left to strike. Millennials caught on to this shit during the last one so they just finance everything and save nothing. There is nothing left to steal which is why we are on the longest stretch in the stock market's history without a recession and there looks to be no end in sight.
Auto lending is completely predatory now, but cars are a sunk cost so no securities to back that.
It's chinteresting to say the least. -
Tariffs and high interest rates.Mosster47 said:
Damn right. It's a good thing we gave them 100 cents on the dollar for every one they lost also.allpurpleallgold said:
No one deserves a bigger piece of the pie than the people that nearly destroyed our country a decade ago.oregonblitzkrieg said:- NBC News is not a trustworthy source.
- Wall Street needs to eat too. When companies buy back shares of their own stock, that usually causes the stock to rise. Money then trickles down to traders/investors who own those stocks. Traders/investors are workers too you know.
I'm trying to figure out the next scam/market crash. Every market crash is just the rich robbing whatever poor people have their nest egg in at the time. Savings & Loan, .com, housing. I'm not totally sure where there is left to strike. Millennials caught on to this shit during the last one so they just finance everything and save nothing. There is nothing left to steal which is why we are on the longest stretch in the stock market's history without a recession and there looks to be no end in sight.
Auto lending is completely predatory now, but cars are a sunk cost so no securities to back that.
It's chinteresting to say the least.
