Tax Planning

[ChumpChange]

For all the Californians here, you should consider paying your 2nd installment of property taxes this year instead of April as your deduction for them next year will be capped.

....but consult your accountant as everybody varies.

[ChumpChange]

Found this article well written this morning on the affects:

https://finance.yahoo.com/news/tax-b...100021935.html

Many people(news), myself included, focus on what we can no longer deduct but fail to take into consideration that the marginal tax rates will be going down which affects a larger portion of your income.

[HB Vic]

Rich people problems LOL

[ChumpChange]

Rich people problems LOL

They increased your credits!

[GRADS]

For all the Californians here, you should consider paying your 2nd installment of property taxes this year instead of April as your deduction for them next year will be capped.

....but consult your accountant as everybody varies.

Aren't property taxes capped at 10K a year with the new tax plan? I'm nowhere near that.

[ChumpChange]

Aren't property taxes capped at 10K a year with the new tax plan? I'm nowhere near that.

Yes but as I understand it, it's a sum of both property taxes as well as income taxes capped at the 10. So even though your property taxes are low, you'd rather use the whole $10K for income tax next year.

[GRADS]

And now the child tax credit has doubled? So you get paid for having kids but meanwhile someone like me who has no kids has to pay for them to go to school. That's fucked up.

[HB Vic]

And now the child tax credit has doubled? So you get paid for having kids but meanwhile someone like me who has no kids has to pay for them to go to school. That's fucked up.

Thank you for paying for my kids college tuition. Very generous of you LOL

[riverrunner1984]

And now the child tax credit has doubled? So you get paid for having kids but meanwhile someone like me who has no kids has to pay for them to go to school. That's fucked up.

Thank you for paying for my kids college tuition. Very generous of you LOL

I am with Grads on this one...believe it or not...lol
So people who have kids get to send them to public school K-12 as well as day care and shit like that.
These people get to take advantage of such programs and still get to deduct their children on their taxes?
Shouldn't people with kids pay more since they are taking advantage of sending their kids to public schooling?
In fact it is the opposite. People who dont have kids have to pay more. in the form of taxes, for programs that people with kids take advantage of.
Any ways rant over....I am def open to hearing a different prospective....
BTW...I am happy the tax cut passed lol

[ChumpChange]

And now the child tax credit has doubled? So you get paid for having kids but meanwhile someone like me who has no kids has to pay for them to go to school. That's fucked up.

Yes. And it doesn't sunset out at $110,000 per married couple anymore! I have four kids and have never been able to take advantage of the credit.

And to top it off, my kids are homeschooled. I pay for other kids schooling but can't deduct any of the cost I use for my own kids.