Tax time.....

[fintstone]

Originally Posted by Jim Richards

I think you'll like Naples a lot, Fint.

I'm working on my taxes right now (excluding the Pelican break!). Oh joy. Wish me luck!

Good luck buddy! Hope that living/sailing in the land of warm days, gentile breezes and no bugs doesn't come too costly for you. Believe me, you were lucky not to be back in the Atlantic NE this year. Wettest I have ever seen.

[KFC911]

^^^ I simply hasn't stopped since the first of Aug (dry before then)....record rainfall last year (50% above normal), and I've finally got a handle on flooding ....at least 5-6 events since then....I need an ark .

Naples....Pine Island...don't be there when the noseeums converge in early Oct....you have been warned .

There in the winter...mtns in the summer....just sux going back & forth

[KFC911]

To answer fint's question earlier...my parents' "taxable income" (deductions gone) increased by 20k....pay da man .

[cabmandone]

KC, cut me some slack here..... what am I missing? What deductions did they lose that the 12K single 24K joint standard wouldn't cover? If they were itemizing before and not now, wouldn't that mean their expenses were less than the 24K joint standard?? Seems to me they'd have to have some really high medical bills and a big mortgage on top of that.
I'm not trying to pry into their finances so please don't take it that way, this just intrigues me.

[KFC911]

The devil is always in the details Cabman...

I won't divulge more....but no mortgages, no huge med bills ..charities perhaps/prop taxes?
Doesn't matter...it is so..

[cabmandone]

I understand and like I said, not trying to pry this stuff just interests me. I forgot about charitable contributions no longer being deductible. I wish they (republicans and democrats) would have done REAL tax reform. Keep this deduction... but get rid of that one... expand this tax credit but keep that one the same. We should get rid of all deductions and credits and simply lower the statutory rates to the average effective rate for each income level... but then what would accounts and the makers of turbo tax do?

[VillaRicaGA911]

In reading through this I saw someone stated the can no longer deduct home office expense. Are you self employed? If so from what I have researched you still can deduct under schedule C.

[Sooner or later]

A lot of charitable donations? Big property taxes? High tax atate?

[KFC911]

Originally Posted by cabmando

I understand and like I said, not trying to pry this stuff just interests me. I forgot about charitable contributions no longer being deductible.

Church's...they haven't paid much in Fed taxes in years...deadbeat 49%'ers...they've always given huge amounts....'cause they wanted to.....and Uncle $am didn't get squat in recent years.
Uncle Trump's gonna get his share now .

Mom's church lady friends might be in for similar results....jmho

[Sooner or later]

Charitable giving is going to take a big hit.

[cabmandone]

Originally Posted by KC911

Church's...they haven't paid much in Fed taxes in years...deadbeat 49%'ers...they've always given huge amounts....'cause they wanted to.....and Uncle $am didn't get squat in recent years.
Uncle Trump's gonna get his share now .

Mom's church lady friends might be in for similar results....jmho

If your parents are like mine they never gave for the deduction, they give because it's the right thing to do. The deduction was just a nice added benefit... which brings me back to REAL tax reform..IMO the deduction for charitable donations should have never existed. Somehow our tax system became a way to encourage a certain behavior rather than simply being a way to generate revenue.

[cabmandone]

Originally Posted by Sooner or later

Charitable giving is going to take a big hit.

Only if people were giving for the wrong reason.

[cabmandone]

I'm still waiting on my accountant to tell me what I'll owe. If I have things figured right, as a small business owner I'll save somewhere around 7-8000 versus the old tax laws.

[KFC911]

Originally Posted by cabmando

If your parents are like mine they never gave for the deduction, they give because it's the right thing to do. The deduction was just a nice added benefit... which brings me back to REAL tax reform..IMO the deduction for charitable donations should have never existed. Somehow our tax system became a way to encourage a certain behavior rather than simply being a way to generate revenue.

You are exactly right...from spouses, to kids, to mortgages, to ....

That first sentence....says it all.

Told mom to give more if they wanted to...seriously, I did

[Sooner or later]

Originally Posted by cabmando

Only if people were giving for the wrong reason.

I wanted to say that but it doesn't always fit so I declined.

There are a lot of good people that have a limited amount of disposable income. If they are very generous with their giving they could have less to give to charity due to more going to taxes especially if they also live in a high tax state. It is as much a state problem as a federal problem.

I give a grand or so to the Greiner School for the Handicap that I have never deducted. Mostly my change that I save during the year. Gave em a computer and printer one year that I did deduct.

[fintstone]

Originally Posted by KC911

Church's...they haven't paid much in Fed taxes in years...deadbeat 49%'ers...they've always given huge amounts....'cause they wanted to.....and Uncle $am didn't get squat in recent years.
Uncle Trump's gonna get his share now .

Mom's church lady friends might be in for similar results....jmho

One charity vice another. They should be happy to know that so much of what they pay in taxes goes to help the poor (mostly those who made poor decisions that they didn't).

[KFC911]

Originally Posted by fintstone

One charity vice another. They should be happy to know that so much of what they pay in taxes goes to help the poor (mostly those who made poor decisions that they didn't).

Well...at least they won't be called freeloadin' 49%'ers anymore....EVER .

[asphaltgambler]

The 1 new change affecting me is the deductions / expense related to your work. I spend a fair amount not reimbursed. On the federal side, they've really taken that away. I'm in a pinch.......

[cabmandone]

Talked to my accountant yesterday. Asked why he was trying to ruin my weekend?
Found out there's an income limit for the college tuition credit Now I'm going to have to look at IRA contributions to maximize credits Numbers are coming in about where I figured and I'm still saving over the old rules... but man do I hate having to mess with credits to reduce tax liability.

[KFC911]

^^^^ It must suck to be rich like Hugh ...

Doncha worry 'bout it though....those freeloadin' 49%'ers in mom & dad's Sunday School class ain't gettin' no more free rides....their taxable incomes just practically doubled .

Liars....every damn one of 'em