Tax Bill

I know we have some pretty smart financial minds here (no, seriously), but do we have any actual financial/tax "experts"? If so perhaps we could work something out so that you could redo-rework my taxes from 2016 to see how much or how little it would help/hurt me. Obviously I wouldn't want to/be able to give out too much personal information but if we could work out these details maybe it would be a useful tool to help one side or the other make a more valid argument for or against the new policy.

What do you all think?
 
Oklahomahawk said:
I know we have some pretty smart financial minds here (no, seriously), but do we have any actual financial/tax "experts"? If so perhaps we could work something out so that you could redo-rework my taxes from 2016 to see how much or how little it would help/hurt me. Obviously I wouldn't want to/be able to give out too much personal information but if we could work out these details maybe it would be a useful tool to help one side or the other make a more valid argument for or against the new policy.

What do you all think?
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I made a model for my own, but mine is relatively simple as I take the standard deduction, don't have kids, etc.
 
sturg33 said:
I made a model for my own, but mine is relatively simple as I take the standard deduction, don't have kids, etc.
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So are you itemizing now? Just curious. My situation is this, I have one full time job, six part time jobs (teaching for online schools), married, two (supposedly) grown kids, wife is disabled, gets SS, own my own home (along with Quicken). I can't think of anything else that pertinent right off hand but I'm no tax guru by a long shot. My tax guy is really good but about as imaginative as the Braves front office. He keeps me out of jail which I suppose is a good thing, but I've always had the feeling he preferred to "keep it simple, rather than really scouring for deductions for me".

Thoughts?
 
Oklahomahawk said:
So are you itemizing now? Just curious. My situation is this, I have one full time job, six part time jobs (teaching for online schools), married, two (supposedly) grown kids, wife is disabled, gets SS, own my own home (along with Quicken). I can't think of anything else that pertinent right off hand but I'm no tax guru by a long shot. My tax guy is really good but about as imaginative as the Braves front office. He keeps me out of jail which I suppose is a good thing, but I've always had the feeling he preferred to "keep it simple, rather than really scouring for deductions for me".

Thoughts?
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I do not plan to itemize

I assume you itemize your deductions? If so, thethe is your guy... if not, I'm happy to run your numbers
 
sturg33 said:
I do not plan to itemize

I assume you itemize your deductions? If so, thethe is your guy... if not, I'm happy to run your numbers
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OK let's see what thethe has to say. I'll look for my tax returns and once he/you figure out exactly what I need to get together I'll PM you both a copy. Sound OK?

By the way, I don't MIND paying taxes, though I feel like I make just enough to wind up giving more to the government than what I should be paying. What really pisses me off tax wise is the state taxes I have to pay just for the privilege of living in OK, which other than getting my money couldn't care any less if I lived or died, since I don't live in OKC or Tulsa. In an extremely RED state I have to pay around $3500/year besides what the places I work deduct automatically and of my 7 total jobs, NONE of them are in OK. I do not work in OK at all but they still charge me what I feel like is an unfair amount but the state is almost bankrupt right now because every word out of their mouths in OKC is to give more tax cuts to the millionaires, billionaires, and oil companies. I get it that we all pay too much in taxes of one sort or another, but I also feel like my state is "cutting off its nose to spite its face" to use an old colloquial term.
 
Oklahomahawk said:
OK let's see what thethe has to say. I'll look for my tax returns and once he/you figure out exactly what I need to get together I'll PM you both a copy. Sound OK?

By the way, I don't MIND paying taxes, though I feel like I make just enough to wind up giving more to the government than what I should be paying. What really pisses me off tax wise is the state taxes I have to pay just for the privilege of living in OK, which other than getting my money couldn't care any less if I lived or died, since I don't live in OKC or Tulsa. In an extremely RED state I have to pay around $3500/year besides what the places I work deduct automatically and of my 7 total jobs, NONE of them are in OK. I do not work in OK at all but they still charge me what I feel like is an unfair amount but the state is almost bankrupt right now because every word out of their mouths in OKC is to give more tax cuts to the millionaires, billionaires, and oil companies. I get it that we all pay too much in taxes of one sort or another, but I also feel like my state is "cutting off its nose to spite its face" to use an old colloquial term.
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With all your part time jobs - could you form an LLC to take advantage of some business tax options?

I'm working on a side project now that I plan to LLC to do just that
 
I'm a financial accountant so this is not really my area of expertise. I have a working tax knowledge but I would never feel comfortable preparing returns for others. To me the people that benefit the least from this are middle to upper middle class living in high state tax jurisdictions that also itemize on their return. Unfortunately, I check all those boxes. My property taxes are about 6k per year (mind you this does not include my absurdly high school taxes). My estimated state income tax is around 6k. So that is a missed opportunity of 2k multiplied by my effective tax rate. Thats anywhere from 400-600 dollars and will increase as I continue to have a higher adjusted gross income.

Then of course you tac on the personal exemption loss and I will be at a neutral position when offset by the overall reduction in tax rates for each of the tax rates (increase in the second lowest though).
 
Oklahomahawk said:
So are you itemizing now? Just curious. My situation is this, I have one full time job, six part time jobs (teaching for online schools), married, two (supposedly) grown kids, wife is disabled, gets SS, own my own home (along with Quicken). I can't think of anything else that pertinent right off hand but I'm no tax guru by a long shot. My tax guy is really good but about as imaginative as the Braves front office. He keeps me out of jail which I suppose is a good thing, but I've always had the feeling he preferred to "keep it simple, rather than really scouring for deductions for me".

Thoughts?
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Well the skill to achieve the last part is definitely one that you obtain when you are in the practice. However, if you want to provide me with your taxable income (as noted on line 43 of your Form 1040). Then I would need to know what your state income taxes are as well as your property taxes were in the year. At that point I can come up with a reasonable estimate of your change in tax obligation.
 
thethe said:
Well the skill to achieve the last part is definitely one that you obtain when you are in the practice. However, if you want to provide me with your taxable income (as noted on line 43 of your Form 1040). Then I would need to know what your state income taxes are as well as your property taxes were in the year. At that point I can come up with a reasonable estimate of your change in tax obligation.
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I will get this info together and PM it to you but it'll be later today. I have to go out and do some stuff. What do you think of sturg's idea about an LLC for my numerous part time jobs?
 
Biggest winners? Married couples renting in a low tax jurisdiction. That combination I could see getting an additional refund in the thousands this year.
 
Oklahomahawk said:
I will get this info together and PM it to you but it'll be later today. I have to go out and do some stuff. What do you think of sturg's idea about an LLC for my numerous part time jobs?
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Pass through entities are always the preferred organizational structure for small businesses such as yourself. Specifically the LLC as you get the benefit of the personal shielding from business liability as well as the control to 'manage' your income through the officer salaries line item. Also, more liberal use of your corporate card for everyday expenses and labeling them as 'business prospecting' costs has additional benefits. That will be the only choice for you in my opinion but I'd be interested in knowing if a tax expert would say otherwise and for what reasons.
 
sturg33 said:
Where are our friends who hate the bill without knowing why?
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The talking points are going to be the reduction of the highest marginal rate by 2.6 basis points. This is a big benefit to high income earners and I'm glad. They deserve it.
 
An ancillary impact I think of this tax bill is going to be the deflation of home values. The relative advantage to buying a home as opposed to renting has significantly been diminished.
 
Ady Barkan‏ @AdyBarkan
3h3 hours ago

#CorkerKickback exemplifies what Americans find disgusting about politicians.

By retiring @SenBobCorker freed himself from need to cater to Trump.

He promised he wouldn't vote for a deficit increase.

Then traded his leverage for cold hard $$$.

Corruption is shameful.
56 replies 1,494 retweets 2,246 likes
 
So predictable. Tax cuts for majority of Americans but the left focuses on other items. It's never enough.

This looks to be a great bI'll for america.
 
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