Trump tax plan and itemizing deductions

[bueller]

I don't claim to be a tax expert but I do my own returns so I'm reasonably familiar with the common deductions. Looks like because of the increase in the standard deduction and the $10,000 cap on combined state and local property, sales, and income taxes, many including myself will no longer be itemizing deductions after this year. If you have the money available now and you pay your mortgage(s) on the first of the month or shortly thereafter consider making your next payment prior to the end of this year so the interest paid is deductible this year. I did this and I also just paid my 2017 property taxes due in 2018 in full so that I can deduct them this year.

 

[JFK52]

I called my accountant yesterday and she advised me to pay either the full amount or the 1/2 payment option of my property tax bill before Dec. 31, 2018 for the very same reasons.

 

[Bill]

That $10,000 cap is going to kill me living in NJ. Lots of upset people. I'm going to take a hit but I get it, why should the rest of the country subsidize my dumb A$$ states spending problems. I keep telling people it's a state problem not a federal one. Sanctuary states are not cheap to run ya know, we keep electing people who want to feed, clothe, house, educate and give free medical care to foreigners. Not to mention the state employee unions who stuck it to politicians that were to busy kissing babies to realized they were being bent over....

 

[Turkey Creek]

Obviously anytime the tax system is overhauled someone is going to come out on the short end of the stick. I am actually NOT on the short end this time around! Sadly though my daughter is getting married in a year .... so I guess I wont actually see any of it. But I guess I will be supporting the economy with my increased spending.

 

[Diesel5610]

That $10,000 cap is going to kill me living in NJ. Lots of upset people. I'm going to take a hit but I get it, why should the rest of the country subsidize my dumb A$$ states spending problems. I keep telling people it's a state problem not a federal one. Sanctuary states are not cheap to run ya know, we keep electing people who want to feed, clothe, house, educate and give free medical care to foreigners. Not to mention the state employee unions who stuck it to politicians that were to busy kissing babies to realized they were being bent over....

I feel your pain.

 

[Buckly]

The government here in NY is now concerned that people are going to be upset with their taxes, and start demanding lower taxes. What a concept. LOL.

 

[landlord]

Obviously anytime the tax system is overhauled someone is going to come out on the short end of the stick. I am actually NOT on the short end this time around! Sadly though my daughter is getting married in a year .... so I guess I wont actually see any of it. But I guess I will be supporting the economy with my increased spending.

You will still get the reduced rates for your bracket, but you will lose the child tax credit. But you would have lost that prior to the change anyway.

 

[Bowsnbucks]

Be assured on one thing ............ The average American, be they Republican, Democrat, Independent, Green Party, Libertarian, or polka-dot party, will be paying for what the truly rich got shifted off them. If Warren Buffet thinks this plan was bad for average Americans, - and he's a multi-billionaire Republican - it's bad. He has said on live TV that the bulk of tax relief should go to people that NEED it and are going to put it back into the economy by buying things and services. Buffet said people like him aren't going to buy more things to make up for what average folks can't afford.

Don't forget ......... the " breaks " us average folks get now run out in 7 more years.

 

[jlonll]

Be assured on one thing ............ The average American, be they Republican, Democrat, Independent, Green Party, Libertarian, or polka-dot party, will be paying for what the truly rich got shifted off them. If Warren Buffet thinks this plan was bad for average Americans, - and he's a multi-billionaire Republican - it's bad. He has said on live TV that the bulk of tax relief should go to people that NEED it and are going to put it back into the economy by buying things and services. Buffet said people like him aren't going to buy more things to make up for what average folks can't afford.

Don't forget ......... the " breaks " us average folks get now run out in 7 more years.

Warren B is not a Republican.

 

[Bill]

Warren B is not a Republican.

Don't know what the railway pac is about but they give heavier to republicans. Probably something that benifits an investment.

Other than that all 2016 contributions went to the Left.
https://www.campaignmoney.com/political/contributions/warren-buffett.asp

Can't believe everything they tell you. :)

 

[landlord]

Don't know what the railway pac is about but they give heavier to republicans. Probably something that benifits an investment.

Other than that all 2016 contributions went to the Left.
https://www.campaignmoney.com/political/contributions/warren-buffett.asp

Can't believe everything they tell you. :)

Yes Buffet owns a railroad, not sue which one. That is why he was against the pipeline, he transports oil.

 

[landlord]

Be assured on one thing ............ The average American, be they Republican, Democrat, Independent, Green Party, Libertarian, or polka-dot party, will be paying for what the truly rich got shifted off them. If Warren Buffet thinks this plan was bad for average Americans, - and he's a multi-billionaire Republican - it's bad. He has said on live TV that the bulk of tax relief should go to people that NEED it and are going to put it back into the economy by buying things and services. Buffet said people like him aren't going to buy more things to make up for what average folks can't afford.

Don't forget ......... the " breaks " us average folks get now run out in 7 more years.

It is none of the gov'ts business determining who needs what. NEED IS IRRELEVANT.
At least I can keep MY money for the next 7 years.

 

[Bowsnbucks]

That's funny ........ Buffet lists himself as a Republican. He's defined himself as a Republican in many articles in newspapers, magazines and on-line pieces. Life-long R in fact. Is he full of crap ??

I'm only repeating what Buffet said about need, and who's going to put the money back into the economy. Maybe you know more about money and economics than Buffet.

I might also direct you guys to an article by John Bogle ( another self-tagged life-long Republican ) on Bloomberg news about the beneficiaries of the new tax law. I know from reading on here for years that some of you have money with Bogle's company Vanguard. He's been a champion for the individual investor for all his career. Maybe he's full of shit too. Buffet and Bogle can't hold a candle to some of you " experts " of finance.

 

[Diesel5610]

Well it's law now, it will be judged on the results. We will see if it brings those jobs back to this country. Of course the press has been reluctant to admit any of this administrations accomplishments so far so it will be up to individuals to figure out if they are better off or not. For all our sakes let's hope it works.

 

[swat1018]

That's funny ........ Buffet lists himself as a Republican. He's defined himself as a Republican in many articles in newspapers, magazines and on-line pieces. Life-long R in fact. Is he full of crap ??

I'm only repeating what Buffet said about need, and who's going to put the money back into the economy. Maybe you know more about money and economics than Buffet.

I might also direct you guys to an article by John Bogle ( another self-tagged life-long Republican ) on Bloomberg news about the beneficiaries of the new tax law. I know from reading on here for years that some of you have money with Bogle's company Vanguard. He's been a champion for the individual investor for all his career. Maybe he's full of shit too. Buffet and Bogle can't hold a candle to some of you " experts " of finance.

R or D, Buffet is very liberal. You can claim to be whatever you want. This tax bill began stimulating the economy before signed, everyone will benefit.

 

[Turkey Creek]

You will still get the reduced rates for your bracket, but you will lose the child tax credit. But you would have lost that prior to the change anyway.

Oh sure just rain on my parade!

 

[H20fwler]

I still think it will boost the economy and create jobs.

If Trump gets elected for a second term I will be retiring early as good as my 401K is doing.

 

[chickenlittle]

I realize that many in the House liked the idea of sticking it to high tax blue states but those states still have a bunch of Republican congressman. Limiting the state and local tax deductions will put them in jeopardy next fall. Just in NY you have 9 Republican congressman that have to explain the tax bill. Given the way the last few special elections have gone, this is just more gas on the fire as the Dems try to flip the House.

 

[Bill]

That's funny ........ Buffet lists himself as a Republican. He's defined himself as a Republican in many articles in newspapers, magazines and on-line pieces. Life-long R in fact. Is he full of crap ??

I'm only repeating what Buffet said about need, and who's going to put the money back into the economy. Maybe you know more about money and economics than Buffet.

I might also direct you guys to an article by John Bogle ( another self-tagged life-long Republican ) on Bloomberg news about the beneficiaries of the new tax law. I know from reading on here for years that some of you have money with Bogle's company Vanguard. He's been a champion for the individual investor for all his career. Maybe he's full of shit too. Buffet and Bogle can't hold a candle to some of you " experts " of finance.

Click that link I posted. Buffet may say he's a R but man he sure doesn't show it with his donations over the last few years. Very few R's on his list. Lots of D's.

Haven't seen all the particulars on the bill but I agree it was to light on tax breaks for the working man. I know I'm screwed because of where I live. And the expiration date sucks! My hope is the corporate breaks create some investment in jobs, jobs, jobs. So far my 401k and other investments like it. Jury is out as far as I'm concerned.

 

[Bill]

I realize that many in the House liked the idea of sticking it to high tax blue states but those states still have a bunch of Republican congressman. Limiting the state and local tax deductions will put them in jeopardy next fall. Just in NY you have 9 Republican congressman that have to explain the tax bill. Given the way the last few special elections have gone, this is just more gas on the fire as the Dems try to flip the House.

You're right! And like it or not, unlike the senate, Congress's numbers are based on population. Blue states have that advantage. I live in a red pocket of a blue state that just got a goody taken away. Personally, I can live with it because I pay attention and get that "ALL" entitlements need to go.. All, like even "Corn Ethanol" subsidies and "no daddy" subsidies.