The minute people go to do their taxes and realize you cannot itemize anything anymore will be a wake up call for a lot of folks

 

Yep and people will go to other countries to study graduate programs instead of the US.

The minute people go to do their taxes and realize you cannot itemize anything anymore will be a wake up call for a lot of folks

 

I wasn't a taxpayer in the 80s but Reagan did away with the credit card deduction right?

Most people don't itemize and just take the standard deduction because it's more than their itemization would be. They're doubling the standard deduction, which sounds good on its face, but they're also eliminating the personal exemption. That means it generally ends up as a wash for most people, and slightly negative in the longer term.

 

The bigger impact will be when tax cuts for billionaires are used as an excuse to cut public programs and social safety nets.

Most people don't itemize and just take the standard deduction because it's more than their itemization would be. They're doubling the standard deduction, which sounds good on its face, but they're also eliminating the personal exemption. That means it generally ends up as a wash for most people, and slightly negative in the longer term.

 

The bigger impact will be when tax cuts for billionaires are used as an excuse to cut public programs and social safety nets.

 

And anyone having more than two kids is getting screwed losing their $4050 deduction per child...really makes a lot of socioeconomic sense to make MORE vulnerable the largest middle and lower class families, after all.

Most people don't itemize and just take the standard deduction because it's more than their itemization would be. They're doubling the standard deduction, which sounds good on its face, but they're also eliminating the personal exemption. That means it generally ends up as a wash for most people, and slightly negative in the longer term.

 

The bigger impact will be when tax cuts for billionaires are used as an excuse to cut public programs and social safety nets.

If it really is most, people need to start going to accountants. I always itemize and save WAY more money.

For a majority of filers, taking the standard deduction (currently $11k) is better than itemizing because they don't have more than $11k in deductible expenses. Only 30% of households overall itemize. That increases dramatically as you climb the household income scale, though, with something like 95% of households over $200k itemizing. A big tipping point is "has a mortgage" or not because the mortgage interest deduction puts a lot of people over the current standard deduction.

 

If you're renting and don't have student loans or state taxes, you probably don't really have much to itemize. Most people's taxes can be done on a 1040EZ no problem because they've got W-2 income and not really much else to worry about.

Edited November 30, 20178 yr by StrangeSox

Theresa May, along with numerous other British politicians, have sharply criticized Trump for retweeting a British fascist hate group to invoke fears and hatred towards Muslims and immigrants.

https://www.yahoo.com/news/donald-trump-mak...-170456232.html

Trump checks the box by making fun of Asian leaders this week as well.

 

But did you hear about the Dow breaking another record thanks to me?

Edited November 30, 20178 yr by caulfield12

For a majority of filers, taking the standard deduction (currently $11k) is better than itemizing because they don't have more than $11k in deductible expenses. Only 30% of households overall itemize. That increases dramatically as you climb the household income scale, though, with something like 95% of households over $200k itemizing. A big tipping point is "has a mortgage" or not because the mortgage interest deduction puts a lot of people over the current standard deduction.

 

If you're renting and don't have student loans or state taxes, you probably don't really have much to itemize. Most people's taxes can be done on a 1040EZ no problem because they've got W-2 income and not really much else to worry about.

That makes sense. I guess i started itemizing when I bought my place, but I was fairly young.

For a majority of filers, taking the standard deduction (currently $11k) is better than itemizing because they don't have more than $11k in deductible expenses. Only 30% of households overall itemize. That increases dramatically as you climb the household income scale, though, with something like 95% of households over $200k itemizing. A big tipping point is "has a mortgage" or not because the mortgage interest deduction puts a lot of people over the current standard deduction.

 

If you're renting and don't have student loans or state taxes, you probably don't really have much to itemize. Most people's taxes can be done on a 1040EZ no problem because they've got W-2 income and not really much else to worry about.

 

I use Turbotax and it automatically checks both ways for me. It always says taking the standard deduction is better. I never have much of the usual things like medical expenses or charitable donations. Our property taxes are pretty low as well.

I use Turbotax and it automatically checks both ways for me. It always says taking the standard deduction is better. I never have much of the usual things like medical expenses or charitable donations. Our property taxes are pretty low as well.

 

Same here.

Same here.

 

I itemize. I probably won't have enough any more under the new plan. Losing the personal exemption (Senate version) means my taxes are going to go up in 2018, without question because I'm going to lose around $8k in deductions. Bad times.

I use Turbotax and it automatically checks both ways for me. It always says taking the standard deduction is better. I never have much of the usual things like medical expenses or charitable donations. Our property taxes are pretty low as well.

Have you ever gone to an accountant? Mine is just magic I think.

Have you ever gone to an accountant? Mine is just magic I think.

 

I got a larger return than my accountant did on a similar tax return using a mid range price turbo tax.

 

Its just generally how aggressive do you want to be with deductions when taking into the potential for audit.

I used H&R Block once and they sucked. TurboTax for me.

Have you ever gone to an accountant? Mine is just magic I think.

There was a point I reached where I had two kids and all those intricacies, three pieces of real estate (one owned home, one condo I rented out, one vacant land), worked as a consultant and ran an S-Corp. I decided that doing my own taxes was, at that point, idiotic. So I started using an accountant.

 

Have you ever gone to an accountant? Mine is just magic I think.

 

I just don't have a lot of deductible expenses. My mortgage interest isn't much, my property taxes are just over $500 per year, I can expense pretty much everything for work, kids are in school so not much in terms of day care, no medical expenses to speak of, etc.

Just mail your W2's to Gage. He'll have everything done for you in a week or so.

Trump Pressed Top Republicans to End Senate Russia Inquiry

 

https://mobile.nytimes.com/2017/11/30/us/po...ss&referer=

Trump Pressed Top Republicans to End Senate Russia Inquiry

 

https://mobile.nytimes.com/2017/11/30/us/po...ss&referer=

 

Mikey, I may have committed some light obstruction of justice

When asked whether Trump ever asked him to hinder the Russian investigation yesterday before the intel committee, Sessions refused to answer.

First charges against Flynn: making false statements to investigators.

 

https://twitter.com/ZoeTillman/status/936599516769374208

Have you ever gone to an accountant? Mine is just magic I think.

 

I've thought about it but just never really saw the need. I'm like SS2K5 in that I just don't have that much to enter. It takes me maybe 20 minutes to finish my taxes. It would take me less time if I didn't have to re-enter my W2 information every year but I use the free version. The paid version pulls in your info from the previous year.

 

They could actually be a lot easier for everyone:

 

For someone who was supposed to drain the swamp, turns out Trump had a lot of criminals in his campaign. But of course his followers don't care about that.

Edited December 1, 20178 yr by BigSqwert

Flynn to plead GUILTY to the charge, so it seems pretty obvious this is a minor charge as part of a bigger plea deal.