ST Alpha - "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" (Reading a Post)

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In response to "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" by znufrii

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

Posted by ty97 Dec 2 '17, 11:19

shows a (minor) cut. That won't last, and I don't mean 2027 as I haven't even looked at that, but rather my itemized goes up each year so within a couple of years, these bills will be net negative for me vs current law (the Senate version sooner than the House version oddly enough). Still, surprised to not be seeing an immediate hike as I expected.

I still hate this wretched bill.

Responses:

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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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

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