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Liberty News ForumLNF Forums HerePolitical Opinion Page - The Hot Seat › Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
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Poll Question: Did the Trump 'tax cut' save you money in taxes this year?
bars   pie

Yes, it saved me money    
  14 (53.8%)
Was about the same    
  1 (3.8%)
No, I paid more in taxes this year    
  11 (42.3%)




Total votes: 26
« Created by: Freon_Bale on: Feb 5th, 2019 at 12:25pm »
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Very Hot Topic (More than 25 Replies) Fair Question - Did the Trump 'tax cut' save you money in taxes this year? (Read 2,960 times)
Ulysses
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #10 - Feb 5th, 2019 at 3:46pm
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wyattstorch2004 wrote on Feb 5th, 2019 at 2:37pm:
I would re-look at the mortgage interest deduction.  Pretty sure it is still there, just lower, with mortgages started prior to passage being grandfathered.

I may be wrong.  There are, I think, more limits on deduct-ability of home equity loans, though.

As for the charitable contributions, there are ways of planning to maximize this.  If you are close to the standard deduction, you might consider altering your donation schedule to combine 2 years of donations into one to get over that itemization threshold.


Maybe I wasn't clear enough. I cannot deduct the mortgage interest because... I paid it off this past year. The 3/4 year of final interest payments are not enough to bump the items over the 12k threshold.

Yes, if  you have about 8,000 in mortgage interest for the past year, that plus property tax and state income tax, plus charitable contributions, probably will still be enough to make itemizing worthwhile. But not for me no more, unless I buy a second (vacation) home... and I'm not inclined to do that any time soon. I have my hands full with deferred maintenance on the existing pad.

  

 
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #11 - Feb 5th, 2019 at 3:52pm
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Ulysses wrote on Feb 5th, 2019 at 3:46pm:
Maybe I wasn't clear enough. I cannot deduct the mortgage interest because... I paid it off this past year. The 3/4 year of final interest payments are not enough to bump the items over the 12k threshold.

Yes, if  you have about 8,000 in mortgage interest for the past year, that plus property tax and state income tax, plus charitable contributions, probably will still be enough to make itemizing worthwhile. But not for me no more, unless I buy a second (vacation) home... and I'm not inclined to do that any time soon. I have my hands full with deferred maintenance on the existing pad.



So you live in a dump, huh?  Grin
  
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Ulysses
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #12 - Feb 5th, 2019 at 4:20pm
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patrick2 wrote on Feb 5th, 2019 at 3:52pm:
So you live in a dump, huh?  Grin


Actually it's sort of a mansion by local standards... 1/3 acre, great soil, 2 car garage, 4 car carport, big paved courtyard, koi pond, enclosed 600 sq ft patio (with extra kitchen), 1500 sq ft workshop building, plus plenty of parking and gardening space off the street. I'm set here. Not a dump, per se, but the list of stuff I want to upgrade keeps on getting longer. I figure it will keep me entertained in retirement. That and the de-cluttering.


  

 
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #13 - Feb 5th, 2019 at 4:53pm
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Without a doubt, many people save money.  Here's the before and after income tax rate for different income brackets:


10% 10% $0-$9,525 
15% 12% $9,525-$38,700
25% 22% $38,700-$82,500   
28% 24% $82,500-$157,500 
33% 32% $157,500-$200,000   
33%-35% $200,000-$500,000 
39.6% 37% $500,000+ 
  
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Ulysses
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #14 - Feb 5th, 2019 at 6:43pm
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patrick2 wrote on Feb 5th, 2019 at 4:53pm:
Without a doubt, many people save money.  Here's the before and after income tax rate for different income brackets:


10% 10% $0-$9,525 
15% 12% $9,525-$38,700
25% 22% $38,700-$82,500   
28% 24% $82,500-$157,500 
33% 32% $157,500-$200,000   
33%-35% $200,000-$500,000 
39.6% 37% $500,000+ 


Do you understand that those are marginal tax rates?

Let's say you make $50,000 per year, after your $12,000 personal exemption (or after itemized deductions). You get taxed at 10% for the first $9,525 of income. Then you get taxed at 12% for your income between $9525 and $38,700. Your income between $38,700 and $50,000 gets taxed at 24%. But your entire income is NOT taxed at 24%. Just the part between $38,700 and $50,000.

Too many LNF cons get this wrong.

  

 
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wyattstorch2004
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #15 - Feb 5th, 2019 at 6:50pm
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Ulysses wrote on Feb 5th, 2019 at 3:46pm:
Maybe I wasn't clear enough. I cannot deduct the mortgage interest because... I paid it off this past year. The 3/4 year of final interest payments are not enough to bump the items over the 12k threshold.

Yes, if  you have about 8,000 in mortgage interest for the past year, that plus property tax and state income tax, plus charitable contributions, probably will still be enough to make itemizing worthwhile. But not for me no more, unless I buy a second (vacation) home... and I'm not inclined to do that any time soon. I have my hands full with deferred maintenance on the existing pad.



Ah... I get it now.  Well, on the positive side, if you don't have enough deductions to reach the standard deduction, you are better off, tax wise, than you would have if the standard was lower.
  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #16 - Feb 5th, 2019 at 6:51pm
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Ulysses wrote on Feb 5th, 2019 at 3:42pm:
You're gonna need a new unfunny line.



He’s been using the same lame ones for years. Why stop now?
  
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Ulysses
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #17 - Feb 5th, 2019 at 6:54pm
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Phillip3 wrote on Feb 5th, 2019 at 6:51pm:
He’s been using the same lame ones for years. Why stop now?


He does make failing look so easy!
  

 
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #18 - Feb 5th, 2019 at 6:58pm
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Ulysses wrote on Feb 5th, 2019 at 6:43pm:
Do you understand that those are marginal tax rates?

Let's say you make $50,000 per year, after your $12,000 personal exemption (or after itemized deductions). You get taxed at 10% for the first $9,525 of income. Then you get taxed at 12% for your income between $9525 and $38,700. Your income between $38,700 and $50,000 gets taxed at 24%. But your entire income is NOT taxed at 24%. Just the part between $38,700 and $50,000.

Too many LNF cons get this wrong.




Patty clearly doesn’t make the kind of money he portays himself as making.
  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #19 - Feb 5th, 2019 at 7:03pm
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wyattstorch2004 wrote on Feb 5th, 2019 at 6:50pm:
Ah... I get it now.  Well, on the positive side, if you don't have enough deductions to reach the standard deduction, you are better off, tax wise, than you would have if the standard was lower.


Well, yes and no. Under the old system, I was able to get some $$$ back each year, with a combination of IRA or 401k net income reductions, mortgage interest deductions, state and local tax deductions, business (employee or owner) expense deductions, and charitable contributions, and any other deductions I might have been qualified for. What likely will suffer will be the charities I used to donate used (and sometimes new) items to, or cash donations (as for raffles and such). What I might do is try to "bank" the deductions. For example, for 2019 I could pay three installments of my property tax, instead of the usual two. And do a mass decluttering and donate a lot of useful stuff to charity.  But it would be pushing it to get that plus other legitimate deductions above the 12,000 threshold. I had to do the property tax banking maneuver in 2017 because the mortgage interest had fallen so much.

There are other strategies, such as purchase of an electric vehicle, putting a solar power system, etc. I'll have to look at those carefully. I want to do solar anyway, so there is that.

  

 
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