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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 2,980 times)
wyattstorch2004
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #20 - Feb 5th, 2019 at 7:12pm
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Ulysses wrote on Feb 5th, 2019 at 7:03pm:
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.



The only one that is now limited is the deduction of state and local taxes.

As for the rest, it is simply that your standard deduction is so much higher that you don't need to itemize.  I don't know why that should change your decision to donate.  It certainly should change how you structure the donations and their timing if that suits your situation (as you have clearly considered), but on net, it shouldn't change much.  You are still paying less in taxes than before when it comes to these things (again, except for the state and local taxes and, in your case, paying off your mortgage).
  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #21 - Feb 5th, 2019 at 7:36pm
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- are people counting the tax cuts of the companies they hold in retirement accounts, 401Ks, directly in funds, shares, and indirectly in pensions? - probably not - but it increased the average persons values by thousands in retirement accounts like 401ks, IRAs
  

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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #22 - Feb 5th, 2019 at 9:10pm
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wyattstorch2004 wrote on Feb 5th, 2019 at 7:12pm:
The only one that is now limited is the deduction of state and local taxes.


That's the one hitting me pretty hard.  I'll end up paying more over all.
  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #23 - Feb 5th, 2019 at 9:14pm
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atreyu wrote on Feb 5th, 2019 at 9:10pm:
That's the one hitting me pretty hard.  I'll end up paying more over all.


Hopefully, if there is something good to be said about this change, it will lead states to lower their rates.
  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #24 - Feb 5th, 2019 at 9:36pm
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admin wrote on Feb 5th, 2019 at 7:36pm:
- are people counting the tax cuts of the companies they hold in retirement accounts, 401Ks, directly in funds, shares, and indirectly in pensions? - probably not - but it increased the average persons values by thousands in retirement accounts like 401ks, IRAs


Bullshit!

Between 1/3/18 and 1/4/19, my combined 401k, IRA, and taxable investments have lost 5% of their value.

I can't afford any more of Trump's "winning"...

  

 
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #25 - Feb 5th, 2019 at 9:39pm
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Haven’t gotten all of my tax documents yet but seeing how I can’t write off my work-related travel expenses anymore, I’m finding it doubtful I got a cut. May even pay more. But hey, at least the poor billionaires got a cut so they can issue more stock buybacks with.  Roll Eyes
  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #26 - Feb 5th, 2019 at 9:42pm
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Ulysses wrote on Feb 5th, 2019 at 9:36pm:
Bullshit!

Between 1/3/18 and 1/4/19, my combined 401k, IRA, and taxable investments have lost 5% of their value.

I can't afford any more of Trump's "winning"...



Yeah, I think we found the guy with no retirement account or IRA.

  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #27 - Feb 5th, 2019 at 9:44pm
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Phillip3 wrote on Feb 5th, 2019 at 9:39pm:
Haven’t gotten all of my tax documents yet but seeing how I can’t write off my work-related travel expenses anymore, I’m finding it doubtful I got a cut. May even pay more. But hey, at least the poor billionaires got a cut so they can issue more stock buybacks with.  Roll Eyes


How much do you have in un-reimbursed travel expenses that it will cancel out the benefits of the larger brackets and lower rates?
  
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Re: Fair Question - Did the Trump 'tax cut' save you money in taxes this year?
Reply #28 - Feb 5th, 2019 at 10:39pm
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wyattstorch2004 wrote on Feb 5th, 2019 at 9:44pm:
How much do you have in un-reimbursed travel expenses that it will cancel out the benefits of the larger brackets and lower rates?



Once I get home next week I’ll crunch the numbers but probably about 4-5k in hotel/gas/etc for jobs involving a W-2 instead of a 1099.
  
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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 #29 - Feb 5th, 2019 at 11:13pm
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Phillip3 wrote on Feb 5th, 2019 at 10:39pm:
Once I get home next week I’ll crunch the numbers but probably about 4-5k in hotel/gas/etc for jobs involving a W-2 instead of a 1099.


Any reason the employers aren't reimbursing these costs?

And this additional tax is enough to cancel out the higher standard deduction?  And the lower rates and wider brackets?
  
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