New Tax Bill - Are you getting relief?

mosesbotbol · 12-20-2017, 01:34 PM

The tax bill has passed. Do you anticipate lower taxes? States with high taxes are less likely to get a benefit. Not sure how high our taxes are in MA.

I am for the tax plan, but from what I can see I don't think I will get any savings from it. How about you?

Ashcan Bill · 12-20-2017, 01:55 PM

We have no state income tax in Nevada and I don't have a mortgage so we take the standard deduction. I expect we'll save a little bit since the standard deduction is increased (though I believe the personal exemption is eliminated?) and the brackets have been slightly reduced. We'll see.

Flynnster · 12-20-2017, 02:49 PM

It's going to be a real toss up for a lot of people. I think those who had a lot of exemptions (for example contractors) are going to be hit pretty hard by this. But for those who are more "regular" who have one job, a mortgage, and nothing too crazy I think there will be little change other than things becoming easier. This being my first year where I don't have 2 or 3 consulting/contracting jobs to worry about, nor student loan interest, I think I may come out ahead.

I see this more as a move to the "easier" tax return that so many desire, than a foundational shift in federal taxes.

shilala · 12-20-2017, 03:00 PM

I didn't bother last year. This year is gonna hurt.
Fortunately my buddy is the county tax collector/doer.
Taxes suck.

mosesbotbol · 12-21-2017, 06:28 AM

Actually, on further review I think I am lowering my tax liability! I was looking at the current tax brackets when I first post.

T.G · 12-21-2017, 08:35 AM

"Only white man could cut 1 foot off top of blanket, sew it to bottom of blanket and proclaim the blanket is now longer"
--Keith Sellers aka: Big Chief / SkidMarx

Subvet642 · 12-22-2017, 05:55 AM

I haven't looked at whether I'll personally save any money but the way I figure it, the simpler the better. If I had my way, there would be a flat tax with no deductions, in other words, a one line tax code. The way I see it, if we are all equal, as stated in the Declaration of Independence, then the tax code should treat us all equally; rich and not-so-rich alike. I'm just a security guard but I am so sick of society thinking that just because someone is wealthy they are somehow "prey animals" for the rest of us to feed upon, figuratively speaking.

shark · 12-25-2017, 07:51 AM

Quote:

Originally Posted by Subvet642

I haven't looked at whether I'll personally save any money but the way I figure it, the simpler the better. If I had my way, there would be a flat tax with no deductions, in other words, a one line tax code. The way I see it, if we are all equal, as stated in the Declaration of Independence, then the tax code should treat us all equally; rich and not-so-rich alike. I'm just a security guard but I am so sick of society thinking that just because someone is wealthy they are somehow "prey animals" for the rest of us to feed upon, figuratively speaking.

Even better, just trash the 16th Amendment altogether and go back to taxing the way it was previously.

mosesbotbol · 12-22-2017, 07:41 AM

So, they say we will say a difference in the paycheck. How is that going to happen? Do withholding's change or is that just analogy? For sure if there is a break, you'd notice it by April 2019 when doing taxes. I generally over-withhold to ensure I can cover any 1099 income that I may generate. The worst is having to write a check to the Govt for me. I'd rather get money back.

GoatLocker · 12-22-2017, 11:55 AM

Employers will recalculate withholding based on your W2 and the new tax tables, so folks who get a paycheck will see an increase.

Looks like I will no longer be itemizing. Really happy about that. Taxable income will be higher, but tax owed will be lower by a couple thousand $. Even happier about that.

I agree with Subvet, we should all pay a flat rate, no deductions or credits. I get tired of people who don't pay taxes demanding others must pay more. Everyone should have skin in the game.

Navydoc · 01-14-2018, 03:24 PM

Now that all my income comes from my LLC i'm hoping the 21% tax bracket is better than the 35% I was paying...

Da Klugs · 01-14-2018, 08:40 PM

Quote:

Originally Posted by Navydoc

Now that all my income comes from my LLC i'm hoping the 21% tax bracket is better than the 35% I was paying...

check here: Simplemathduh.com

12-20-2017, 01:34 PM	#1
mosesbotbol That's a Corgi Join Date: Oct 2008 First Name: Moses Location: Boston Posts: 6,171 Trading: (6)	New Tax Bill - Are you getting relief? The tax bill has passed. Do you anticipate lower taxes? States with high taxes are less likely to get a benefit. Not sure how high our taxes are in MA. I am for the tax plan, but from what I can see I don't think I will get any savings from it. How about you? __________________ Port Wine & Claret \| British Cars \| Welsh Corgi's

12-20-2017, 01:55 PM	#2
Ashcan Bill Ol' Dude Join Date: Oct 2008 First Name: Bill Location: Henderson, NV Posts: 1,900 Trading: (6)	Re: New Tax Bill - Are you getting relief? We have no state income tax in Nevada and I don't have a mortgage so we take the standard deduction. I expect we'll save a little bit since the standard deduction is increased (though I believe the personal exemption is eliminated?) and the brackets have been slightly reduced. We'll see.

12-20-2017, 02:49 PM	#3
Flynnster Life's too short Swishers Join Date: Oct 2010 Location: Middle of the Mitten Posts: 787 Trading: (7)	Re: New Tax Bill - Are you getting relief? It's going to be a real toss up for a lot of people. I think those who had a lot of exemptions (for example contractors) are going to be hit pretty hard by this. But for those who are more "regular" who have one job, a mortgage, and nothing too crazy I think there will be little change other than things becoming easier. This being my first year where I don't have 2 or 3 consulting/contracting jobs to worry about, nor student loan interest, I think I may come out ahead. I see this more as a move to the "easier" tax return that so many desire, than a foundational shift in federal taxes.

12-20-2017, 03:00 PM	#4
shilala Dear Lord, Thank You. Join Date: Oct 2008 First Name: Scott Posts: 13,721 Trading: (252)	Re: New Tax Bill - Are you getting relief? I didn't bother last year. This year is gonna hurt. Fortunately my buddy is the county tax collector/doer. Taxes suck. __________________

12-21-2017, 06:28 AM	#5
mosesbotbol That's a Corgi Join Date: Oct 2008 First Name: Moses Location: Boston Posts: 6,171 Trading: (6)	Re: New Tax Bill - Are you getting relief? Actually, on further review I think I am lowering my tax liability! I was looking at the current tax brackets when I first post. __________________ Port Wine & Claret \| British Cars \| Welsh Corgi's

12-21-2017, 08:35 AM	#6
T.G Grrrrrr Join Date: Mar 2009 First Name: The Other Adam Posts: 15,557 Trading: (37)	Re: New Tax Bill - Are you getting relief? "Only white man could cut 1 foot off top of blanket, sew it to bottom of blanket and proclaim the blanket is now longer" --Keith Sellers aka: Big Chief / SkidMarx

12-22-2017, 05:55 AM	#7
Subvet642 Bilge Rat Join Date: Nov 2009 First Name: Darren Location: Torpedo Room Bilge Posts: 2,997 Trading: (13)	Re: New Tax Bill - Are you getting relief? I haven't looked at whether I'll personally save any money but the way I figure it, the simpler the better. If I had my way, there would be a flat tax with no deductions, in other words, a one line tax code. The way I see it, if we are all equal, as stated in the Declaration of Independence, then the tax code should treat us all equally; rich and not-so-rich alike. I'm just a security guard but I am so sick of society thinking that just because someone is wealthy they are somehow "prey animals" for the rest of us to feed upon, figuratively speaking. __________________ *"Man's mind is his basic tool of survival. Life is given to him, survival is not." -John Galt*

12-22-2017, 07:41 AM	#9
mosesbotbol That's a Corgi Join Date: Oct 2008 First Name: Moses Location: Boston Posts: 6,171 Trading: (6)	Re: New Tax Bill - Are you getting relief? So, they say we will say a difference in the paycheck. How is that going to happen? Do withholding's change or is that just analogy? For sure if there is a break, you'd notice it by April 2019 when doing taxes. I generally over-withhold to ensure I can cover any 1099 income that I may generate. The worst is having to write a check to the Govt for me. I'd rather get money back. __________________ Port Wine & Claret \| British Cars \| Welsh Corgi's

12-22-2017, 11:55 AM	#10
GoatLocker Dr of Quantum Inebrionics Join Date: Oct 2008 First Name: Eric Location: Sandy Eggo Posts: 434 Trading: (1)	Re: New Tax Bill - Are you getting relief? Employers will recalculate withholding based on your W2 and the new tax tables, so folks who get a paycheck will see an increase. Looks like I will no longer be itemizing. Really happy about that. Taxable income will be higher, but tax owed will be lower by a couple thousand $. Even happier about that. I agree with Subvet, we should all pay a flat rate, no deductions or credits. I get tired of people who don't pay taxes demanding others must pay more. Everyone should have skin in the game. __________________ "I drink a great deal. I sleep a little, and I smoke cigar after cigar. That is why I am in two-hundred-percent form." Winston Churchill

01-14-2018, 03:24 PM	#11
Navydoc Roll Tide!!! Join Date: Oct 2008 First Name: Paul Location: Virginia Beach, VA Posts: 170 Trading: (0)	Re: New Tax Bill - Are you getting relief? Now that all my income comes from my LLC i'm hoping the 21% tax bracket is better than the 35% I was paying...