ST Alpha - "quick and dirty tax bill math, I would get a tax break of about 1% of my 2018 AGI compared to current law, and face a tax increase of 2.5% in 2027 -- nm" (Reading a Post)

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quick and dirty tax bill math, I would get a tax break of about 1% of my 2018 AGI compared to current law, and face a tax increase of 2.5% in 2027 -- nm

Posted by znufrii Dec 2 '17, 11:01

(No message)

Responses:

[deleted] 3
- You really shouldn't focus on this on a Saturday! -- nm - ty97 Dec 2, 12:54 2
  - [deleted] 1
    - I'm going to stand outside your window screaming MERYLLLL!! a la STELLA!!!! until you let me in. -- nm - ty97 Dec 2, 13:44
We lose salt but keep real estate tax deduction, right? -- nm - Amanda Dec 2, 11:33 2
- The Senate bill keeps up to $10K property tax deduction. House bill eliminates it completely. Both versions eliminate SALT income tax. -- nm - ty97 Dec 2, 11:35 1
  - Both versions raise standard deduction for individuals to 12K so consider if you would even itemize anymore. Personal exemptions eliminated too. -- nm - ty97 Dec 2, 11:38
I fear I'm messing something up, but my napkin math of 2016 (actual return) and 2017 (estimated return) under current law vs both bills - ty97 Dec 2, 11:19 14
- Probably easier to use Excel than the back of a napkin. -- nm - znufrii Dec 2, 12:31
- You must be in hog heaven about having reason to do your taxes again. -- nm - Dano Dec 2, 11:44 2
  - [deleted]
  - I have to plan my 2018 budget so I needed an estimate of impact on my taxes. - ty97 Dec 2, 11:45
- If I'm doing the math right, it's a wash or a small increase in 2018. But, if I start a new LLC by the end of the year ... - ReluctantCynic Dec 2, 11:38 9
  - I have an S Corp, what does that do for me? -- nm - Bacon Dec 2, 11:42 4
    - You could have a closed LLC, with all the youtube stuff and especially if you expand in that direction. Set it in up in WY and it's pretty cheap. - Flavorize Dec 2, 11:49 1
      - I am already setup as an Oregon S Corp, but I need to hire an accountant to figure this shit out. Just let me dodge, uh er, business expense my - Bacon Dec 2, 12:00
    - Ask your corporate Slawyers - ty97 Dec 2, 11:43 1
      - That joke just gave me diarrhea -- nm - Bacon Dec 2, 11:43
  - Hmmm, can I become an LLC? :) -- nm - ty97 Dec 2, 11:39 3
    - Yes you can! - ReluctantCynic Dec 2, 11:54 2
      - How would that work since I'm not self-employed? -- nm - ty97 Dec 2, 11:59 1
        
        I'm not self-employed either, but anyone can tuck away a bunch of expenses in a side-gig. - ReluctantCynic Dec 2, 12:14

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