no clue, but I know its not good.

snicker bitch and cuntwell are gonna raise wa taxed for sure so bye bye new money.

Repeal of the individual mandate for insurance will result in a "savings" (but I still am uninsured).
Looks like, for the rest of it, I will be even or just slightly ahead. Ask me again in April.

As the owner of a "Service-Based Pass-Through S-Corp business," I have no idea. The early drafts of the bill appeared to screw me over royally, but it sounds like the final bill might not be so bad. I'll let my overpaid accountant figure it all out and let me know. Maybe some sort of "assault weapon" ban will pass and I can sell all of my ARs for triple their value to pay my taxes in April.

The tax calcs ive seen say ill save money. But we will see when i actually go to file

The tax calculator says my household will save 6,000. Better than I expected.

Maybe we'll get a double gift and this tax cut will cause automatic spending cuts through pay-go rules.

Oh man that's great. I'll sleep well knowing that democrats won't

I'm the same, except an LLC.

Apparently we've been doing it wrong and all our income should be considered passive. Not sure how I missed that loophole.

I own a small S-Corp. I'll pay more in income tax, unless I raise my salary and then will have to pay more in employment tax. May even out, I dunno.
Considering changing the status of the business or starting another one.
Meeting with the CPA in the next few days to figure it out.

When do the rules take effect?

I doubt anyone here has actually READ the new law. I voted positive based on my understanding.

From news reporting sources, you probably only pay more taxes if you make over $200,000. Under $20,000 stays the same. All tax rates above $20,000 and beneath $200,000 benefit and get a tax cut.

My itemized deductions barely more than the new indivdual standard deduction. But I have to pay a tax adviser to do my taxes. I've found this to be incredibly time consuming and inconvenient as well, and costly. The last few years my taxes were so screwed up by my inept tax person and I had other issues which could have all been avoided with a simple 1 page form.

My time wasted on taxes is probably 20 hours every year. Gathering documents, scanning, meeting with tax folks, reviewing, etc. And I probably have paid out or lost an average of $500 yearly in the last few years in mistakes and filing costs and amendment costs.

So in the future, I can quite possibly just do the standard deduction in 15 minutes and be done with it.

It's also supposed to reduce my tax rate and small business taxes. My tax rate immediately drops at least 2% and up to 4%.

Just these changes alone equal for me probably $2000+ in my pocket and a lot less headache.

I'm very excited about this.

Still hoping for flat tax.

I didn't realize that it was such a big rewrite- glad to hear that there is some major change. Like so many other government issues, we are so far off the rails that the code needs a completely fresh start.

Why is there a deduction for children ? Because lots of voters have children so they think they're getting a break, when in reality it just shifts the burden around.
So many special interest deductions and other complexity that if you take your taxes to 5 different professional accountants (or experienced tax preparers) you can get 5 different results.

Taxation should not be an art form.

I made a similar comment at work a few days ago and every single person at the table, whether D or R, 100% agreed with me.
I said, "Until we have have an 8% (or so), flat tax that applies to every one that is breathing, with NO EXCEPTIONS OR DEDUCTIONS, there is no tax reform".

That's what I don't get about this state. We have the most regressive system there is, yet libtards argue about equality.

You’ll still have to wait for open enrollment. So you can cancel your insurance and not be fined. But you won’t be able to buy replacement insurance until open enrollment begins in the Fall.


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Does this take affect for this years filings? YES I am that greedy. I figured out next years also since I will be cashing in my 401k and the new plan saves me bank!!