(01-30-2019 04:34 PM)JRsec Wrote:  Well I picked up my forms and instructions yesterday and so far it looks like it ought to benefit most people. It definitely hits those who use a personal vehicle for business very hard. I guess in spite of meticulous mileage logs the IRS guys just got tired of checking it all out. Still, because of this corporations with road reps just need to provide them a vehicle and reimburse their mileage.

As far as the usual stuff goes, it's just a different procedure for claiming mortgage interest and there are caps on the amount of interest you can claim. But all things considered it looks like it will actually be favorable for us.

No one has mentioned the 20% deduction for sole proprietors and pass throughs. That will be huge for me.

(01-30-2019 05:00 PM)Eagleaidaholic Wrote:  

(01-30-2019 04:34 PM)JRsec Wrote:  Well I picked up my forms and instructions yesterday and so far it looks like it ought to benefit most people. It definitely hits those who use a personal vehicle for business very hard. I guess in spite of meticulous mileage logs the IRS guys just got tired of checking it all out. Still, because of this corporations with road reps just need to provide them a vehicle and reimburse their mileage.

As far as the usual stuff goes, it's just a different procedure for claiming mortgage interest and there are caps on the amount of interest you can claim. But all things considered it looks like it will actually be favorable for us.

No one has mentioned the 20% deduction for sole proprietors and pass throughs. That will be huge for me.

I guess I will understand this after I look at this year's forms.

(01-30-2019 05:00 PM)Eagleaidaholic Wrote:  

(01-30-2019 04:34 PM)JRsec Wrote:  Well I picked up my forms and instructions yesterday and so far it looks like it ought to benefit most people. It definitely hits those who use a personal vehicle for business very hard. I guess in spite of meticulous mileage logs the IRS guys just got tired of checking it all out. Still, because of this corporations with road reps just need to provide them a vehicle and reimburse their mileage.

As far as the usual stuff goes, it's just a different procedure for claiming mortgage interest and there are caps on the amount of interest you can claim. But all things considered it looks like it will actually be favorable for us.

No one has mentioned the 20% deduction for sole proprietors and pass throughs. That will be huge for me.

Thats what I was alluding to in my post about moving my poker earnings into a business. Not only could I offset the winnings with the entry fees (without affecting my personal standard deduction), but an additional 20% of the earnings would be tax free on top of that.

(01-30-2019 05:00 PM)Eagleaidaholic Wrote:  

(01-30-2019 04:34 PM)JRsec Wrote:  Well I picked up my forms and instructions yesterday and so far it looks like it ought to benefit most people. It definitely hits those who use a personal vehicle for business very hard. I guess in spite of meticulous mileage logs the IRS guys just got tired of checking it all out. Still, because of this corporations with road reps just need to provide them a vehicle and reimburse their mileage.

As far as the usual stuff goes, it's just a different procedure for claiming mortgage interest and there are caps on the amount of interest you can claim. But all things considered it looks like it will actually be favorable for us.

No one has mentioned the 20% deduction for sole proprietors and pass throughs. That will be huge for me.

Your post was literally the first Ive heard of this. I checked into it and it looks like it will affect me as well. They didnt do a very good job of letting small business owners know that was in the tax cut legislation.

(01-30-2019 02:37 PM)olliebaba Wrote:  

(01-29-2019 08:09 PM)stinkfist Wrote:  

(01-29-2019 08:07 PM)Jugnaut Wrote:  The doubling of the standard deduction really helped me. I'm getting $4,300 back this year. Its awesome. Thank goodness for Trump! Im sure the folks in liberal states are hating it because they cant use their state taxes to lower their feder tax burdens.

and that was the other nut punch to the overpriced blue faggoos...

my property taxes are 20k....there goes 10k

my state taxes are 8k.....buh bye 2....

those poor rich bastages....

$20k? Where do you live or how rich are you living? Jeepers Stink, you must have a mansion. I thought I was paying a lot at $7000.

lol....I was comparing numbers to the "blue faggoo(s)" states...

in more descriptive terms, when the tax change thread was created after it was passed (whenever that was), I pointed out why it was unpopular in the blue states due to those two deductions that disappeared....

those were the two easy pegs the richie rich showboaters could no longer dodge....

I hope those overpriced ponies in hell enjoy choking on those tears too....

you should know I understand how to 'hide' money....it dayum sure isn't having an exorbitant mortgage.....

(01-30-2019 05:00 PM)Eagleaidaholic Wrote:  

(01-30-2019 04:34 PM)JRsec Wrote:  Well I picked up my forms and instructions yesterday and so far it looks like it ought to benefit most people. It definitely hits those who use a personal vehicle for business very hard. I guess in spite of meticulous mileage logs the IRS guys just got tired of checking it all out. Still, because of this corporations with road reps just need to provide them a vehicle and reimburse their mileage.

As far as the usual stuff goes, it's just a different procedure for claiming mortgage interest and there are caps on the amount of interest you can claim. But all things considered it looks like it will actually be favorable for us.

No one has mentioned the 20% deduction for sole proprietors and pass throughs. That will be huge for me.

I haven't got into mine yet......that's a slice of yummy for me as well....

hell, it'll be a few more weeks before I can figure my situation out completely....

(01-30-2019 05:59 PM)UofMstateU Wrote:  

(01-30-2019 05:00 PM)Eagleaidaholic Wrote:  

(01-30-2019 04:34 PM)JRsec Wrote:  Well I picked up my forms and instructions yesterday and so far it looks like it ought to benefit most people. It definitely hits those who use a personal vehicle for business very hard. I guess in spite of meticulous mileage logs the IRS guys just got tired of checking it all out. Still, because of this corporations with road reps just need to provide them a vehicle and reimburse their mileage.

As far as the usual stuff goes, it's just a different procedure for claiming mortgage interest and there are caps on the amount of interest you can claim. But all things considered it looks like it will actually be favorable for us.

No one has mentioned the 20% deduction for sole proprietors and pass throughs. That will be huge for me.

Thats what I was alluding to in my post about moving my poker earnings into a business. Not only could I offset the winnings with the entry fees (without affecting my personal standard deduction), but an additional 20% of the earnings would be tax free on top of that.

if that's true, that's a major winner chicken dinner with sprinkles for nuts zongo...

I've down our taxes myself for a least a decade. However, the wife decided to start herself a LLC last year and I'm not sure how to handle that tax filing wise. Anyone have an LLC they deal with at tax time? It's not a complicated LLC, service based with limited revenues so far. Thinking of letting a CPA friend do the taxes this time, look at what he does, and then do it myself going forward.

(01-31-2019 11:12 AM)VA49er Wrote:  I've down our taxes myself for a least a decade. However, the wife decided to start herself a LLC last year and I'm not sure how to handle that tax filing wise. Anyone have an LLC they deal with at tax time? It's not a complicated LLC, service based with limited revenues so far. Thinking of letting a CPA friend do the taxes this time, look at what he does, and then do it myself going forward.

Here's one thing to watch. If it's a sole owner LLC, she reports it on a Schedule C rather than a 1065 and K-1. The reason that matters is because Schedule C is the most audited form in the IRS inventory. If you don't want to put it on Schedule C, make her a 99% owner and you a 1% owner. You don't take on any additional liability by doing that as long as you are a silent partner.

(01-31-2019 11:12 AM)VA49er Wrote:  I've down our taxes myself for a least a decade. However, the wife decided to start herself a LLC last year and I'm not sure how to handle that tax filing wise. Anyone have an LLC they deal with at tax time? It's not a complicated LLC, service based with limited revenues so far. Thinking of letting a CPA friend do the taxes this time, look at what he does, and then do it myself going forward.

that, or play around with turbo tax....

that's always been my go-to CPA....

My effective federal tax rate went from 14.03% last year to 15.57% this year...an increase of more than 10%....so yea no tax cut for me.

(01-31-2019 11:41 AM)BobL Wrote:  My effective federal tax rate went from 14.03% last year to 15.57% this year...an increase of more than 10%....so yea no tax cut for me.

If you are paying taxes on less taxable income it is.

If you came out on the losing end of the tax changes then hang in there in about 5 years it reverts back.

https://www.fool.com/taxes/2017/12/03/su...-2026.aspx

(01-31-2019 11:30 AM)Owl 69/70/75 Wrote:  

(01-31-2019 11:12 AM)VA49er Wrote:  I've down our taxes myself for a least a decade. However, the wife decided to start herself a LLC last year and I'm not sure how to handle that tax filing wise. Anyone have an LLC they deal with at tax time? It's not a complicated LLC, service based with limited revenues so far. Thinking of letting a CPA friend do the taxes this time, look at what he does, and then do it myself going forward.

Here's one thing to watch. If it's a sole owner LLC, she reports it on a Schedule C rather than a 1065 and K-1. The reason that matters is because Schedule C is the most audited form in the IRS inventory. If you don't want to put it on Schedule C, make her a 99% owner and you a 1% owner. You don't take on any additional liability by doing that as long as you are a silent partner.

Best advice, contact a CPA. I would not rely on Turbotax for anything.

(02-01-2019 10:02 AM)Redwingtom Wrote:  

(01-31-2019 11:30 AM)Owl 69/70/75 Wrote:  

(01-31-2019 11:12 AM)VA49er Wrote:  I've down our taxes myself for a least a decade. However, the wife decided to start herself a LLC last year and I'm not sure how to handle that tax filing wise. Anyone have an LLC they deal with at tax time? It's not a complicated LLC, service based with limited revenues so far. Thinking of letting a CPA friend do the taxes this time, look at what he does, and then do it myself going forward.

Here's one thing to watch. If it's a sole owner LLC, she reports it on a Schedule C rather than a 1065 and K-1. The reason that matters is because Schedule C is the most audited form in the IRS inventory. If you don't want to put it on Schedule C, make her a 99% owner and you a 1% owner. You don't take on any additional liability by doing that as long as you are a silent partner.

Best advice, contact a CPA. I would not rely on Turbotax for anything.

depends on how savvy one is....

wtf do you think they're going to do....

why do engineers use CAD....

#derp

(02-01-2019 10:06 AM)stinkfist Wrote:  

(02-01-2019 10:02 AM)Redwingtom Wrote:  

(01-31-2019 11:30 AM)Owl 69/70/75 Wrote:  

(01-31-2019 11:12 AM)VA49er Wrote:  I've down our taxes myself for a least a decade. However, the wife decided to start herself a LLC last year and I'm not sure how to handle that tax filing wise. Anyone have an LLC they deal with at tax time? It's not a complicated LLC, service based with limited revenues so far. Thinking of letting a CPA friend do the taxes this time, look at what he does, and then do it myself going forward.

Here's one thing to watch. If it's a sole owner LLC, she reports it on a Schedule C rather than a 1065 and K-1. The reason that matters is because Schedule C is the most audited form in the IRS inventory. If you don't want to put it on Schedule C, make her a 99% owner and you a 1% owner. You don't take on any additional liability by doing that as long as you are a silent partner.

Best advice, contact a CPA. I would not rely on Turbotax for anything.

depends on how savvy one is....

wtf do you think they're going to do....

why do engineers use CAD....

#derp

Yeah...have at it.

But it's more than clear from his comment that he's not to savvy...which is understandable. I have worked with taxes for years and I'm still not qualified to advise anyone on setting up an LLC...much less poking around on a cheap and unreliable off the shelf tax product like Turbotax for important tax advice.

(02-01-2019 10:26 AM)Redwingtom Wrote:  

(02-01-2019 10:06 AM)stinkfist Wrote:  

(02-01-2019 10:02 AM)Redwingtom Wrote:  

(01-31-2019 11:30 AM)Owl 69/70/75 Wrote:  

(01-31-2019 11:12 AM)VA49er Wrote:  I've down our taxes myself for a least a decade. However, the wife decided to start herself a LLC last year and I'm not sure how to handle that tax filing wise. Anyone have an LLC they deal with at tax time? It's not a complicated LLC, service based with limited revenues so far. Thinking of letting a CPA friend do the taxes this time, look at what he does, and then do it myself going forward.

Here's one thing to watch. If it's a sole owner LLC, she reports it on a Schedule C rather than a 1065 and K-1. The reason that matters is because Schedule C is the most audited form in the IRS inventory. If you don't want to put it on Schedule C, make her a 99% owner and you a 1% owner. You don't take on any additional liability by doing that as long as you are a silent partner.

Best advice, contact a CPA. I would not rely on Turbotax for anything.

depends on how savvy one is....

wtf do you think they're going to do....

why do engineers use CAD....

#derp

Yeah...have at it.

But it's more than clear from his comment that he's not to savvy...which is understandable. I have worked with taxes for years and I'm still not qualified to advise anyone on setting up an LLC...much less poking around on a cheap and unreliable off the shelf tax product like Turbotax for important tax advice.

it's pretty simple to code tax change legislation into any version of software....

and I stated in a previous post, if one isn't savvy, then using a CPA is not bad advice....

I only presented the option of either/or....

he asked. I responded. it's that simple.