Why does Trumplethinskin keep repeating the lie that....
- Thread starter RichardPeterJohnson
- Start date
His understanding of his previous 18k of local taxes being capped at 10K is correct. Whether or not he will get "killed" may not be. Other factors such as the reduction of the rates have to be considered as whether or not how much it impacts any particular return.
for me specifically, it comes down to weather the 10k is for an individual or a joint filer. If that number is 20k for joint filers, we are ok. if not, I am going to get hammered
You will also have less withheld from your earnings starting in February so you should have more take home pay. 60 a week equals 240 a month and that's almost 3K for a full year (2880.00). That's real money. Don't think so? Send me yours then!
Here is another good and easy read of how the tax law might affect you including OM's concern on filing joint and the 10k cap
http://money.cnn.com/2017/12/21/pf/taxes/new-tax-law-questions-answered/index.html
http://money.cnn.com/2017/12/21/pf/taxes/new-tax-law-questions-answered/index.html
What is deducted from you check doesnt change your overall taxes paid.
Yes.......The Cap is 10k for individuals and married filing jointly......looks like divorce is in my future.
My calculation is that I'll save around 500 bucks or the cost of a high-end lap dance. At least there will be a little economic stimulation
![[roll]](http://l.yimg.com/j/assets/img/emoticons/classic/roll.r191677.gif "roll [roll]")
in my household!
What dumb dumb posted above was bitching about businesses losing the ability to deduct relocation expenses. Well, that’s one of those corporate loopholes that all you morons bitched about businesses having the ability to jump through to not pay their fair share. You all are fvcking imbeciles.
I never could deduct my State income taxes before this package so I don't know what you are talking about.
For me everything stays pretty much the same. I get the same itemized deductions but a higher personal exemption and less withholding through the year. My final tax liability will be taxed at a lower rate and I will get a tax cut as a result of it. Probably in the neighborhood of 3K. Know what OM1? I'll take it cause it's my money.
Salt that is deductible on Schedule C E And F is not capped. I think that refers to taxes incurred on things lie rental property. I am not sure.
Could very well be. I don't do individual tax returns other than my own and family so I haven't fully studied the plan, hence my comments are limited to what I do know about it. Maybe Coop will answer for you. Thanks.
No problem. I was just reading some since this thread is here and came across it.
The one plus in WV is my property and state taxes are low. I probably at most have deducted 6k so I had not even thought much about it since I saw the cap is 10k.
I believe that is for property taxes not income taxes. I can still deduct those.(property)
