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[news]Middle class feeling betrayed by Trump when filing taxes
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Attackcoog Offline
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Post: #21
RE: [news]Middle class feeling betrayed by Trump when filing taxes
Some with unique employee circumstances might take a hit. I know a salesman that does not have a company car and is not compensated for his mileage. He always itemizes and takes a large auto deduction for those miles. It’s about a 18-20k deduction that he will lose. Add that to his mortgage interest and his other smaller itemized deductians—-and he may actually be the type of person that the new standard deduction won’t offset his lost itemized deductions. By and large—the vast majority of Americans will come out way ahead under the new tax bills. Those that don’t will be those using lots of itemized deductions or those with tons of mortgage interest (those with multiple homes will get hurt). However—most folks with multiple homes make a crap load of money—so the lower marginal rates will probably offset most (or all) of the effect of these lost deductions.
(This post was last modified: 02-08-2019 10:33 AM by Attackcoog.)
02-08-2019 10:27 AM
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Kronke Offline
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Post: #22
RE: [news]Middle class feeling betrayed by Trump when filing taxes
Oh, well if a bunch of faceless twitter accounts (likely bots) said so..
02-08-2019 10:32 AM
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stinkfist Online
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Post: #23
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 10:27 AM)Attackcoog Wrote:  Some employees might take a hit. I know a salesman that does not have a company car and is not compensated for his mileage. He always itemizes and takes a large auto deduction for those miles. It’s about a 18K deduction that he will lose. Add that to his mortgage interest and his deduction for kids—and he may actually be the type of person that the new standard won’t offset his lost itemized deductions. By and large—the vast majority of Americans will come out way ahead under the new tax bills. Those that don’t will be those with a lot of itemized deductions or those with tons of mortgage interest (those with multiple homes will get hurt). However—most folks with multiple homes make a crap load of money—so the lower marginal rates will probably offset most (or all) of the effect of these lost deductions.

yep....and those that lost the mileage deduction need to renegotiate with their employer or find another job with an employer that will....
02-08-2019 10:33 AM
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gdunn Online
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Post: #24
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 07:47 AM)stinkfist Wrote:  
(02-08-2019 07:35 AM)gdunn Wrote:  I made more money last year than the previous year. Paid in less to the state and got s bigger federal refund. I don’t itemize.

I'll never understand why getting a bigger refund is a good thing....

I stopped loaning at zero interest moons ago....

I just set a rate and go. Usually that refund goes into a slush fund and if something comes up or we take a nice vacation we have it.
02-08-2019 10:39 AM
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Kronke Offline
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Post: #25
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 10:27 AM)Attackcoog Wrote:  I know a salesman that does not have a company car and is not compensated for his mileage. He always itemizes and takes a large auto deduction for those miles. It’s about a 18-20k deduction that he will lose.

Is he 1099 (schedule C)?

If so, that deduction wasn't touched. The mileage rate in 2019 is 58 cents.

Quote:The Internal Revenue Service (IRS) has issued the 2019 standard mileage rates. Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be:

58 cents per mile for business miles driven (up from 54.5 cents in 2018)

Keep in mind that, under tax reform, taxpayers can no longer claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. That deduction was eliminated from Schedule A alongside similar deductions like the home office deduction. You can see how those changes will affect Schedule A here. This does not affect any deductions that are properly claimed on a Schedule C for the self-employed, freelancers and independent contractors.

https://www.forbes.com/sites/kellyphilli...188e315e51
02-08-2019 10:48 AM
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200yrs2late Offline
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Post: #26
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 10:27 AM)Attackcoog Wrote:  Some with unique employee circumstances might take a hit. I know a salesman that does not have a company car and is not compensated for his mileage. He always itemizes and takes a large auto deduction for those miles. It’s about a 18-20k deduction that he will lose. Add that to his mortgage interest and his other smaller itemized deductians—-and he may actually be the type of person that the new standard deduction won’t offset his lost itemized deductions. By and large—the vast majority of Americans will come out way ahead under the new tax bills. Those that don’t will be those using lots of itemized deductions or those with tons of mortgage interest (those with multiple homes will get hurt). However—most folks with multiple homes make a crap load of money—so the lower marginal rates will probably offset most (or all) of the effect of these lost deductions.

This sounds a little off. Most of my truck drivers that averaged 125k miles per year and could also deduct per diems and hotels rarely had a deduction much over 25k. Even deducting 100% of his auto payment, maintenance, and mileage it seems like it would be difficult to get to an 18-20k deduction.
02-08-2019 10:49 AM
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Kronke Offline
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Post: #27
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 10:43 AM)Machiavelli Wrote:  All of this so the rich can get richer and the poor poorer. We will remember..........................

You posted a bunch of fake stories from bot accounts, equivalent to when leftists all had woke 4 year olds teaching us about Trump's America. Little did they know that jumping on the bandwagon with their own fake story was easily exposed by the twitter keyword search feature.

Seek help.
(This post was last modified: 02-08-2019 10:51 AM by Kronke.)
02-08-2019 10:50 AM
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Post: #28
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 10:39 AM)gdunn Wrote:  
(02-08-2019 07:47 AM)stinkfist Wrote:  
(02-08-2019 07:35 AM)gdunn Wrote:  I made more money last year than the previous year. Paid in less to the state and got s bigger federal refund. I don’t itemize.

I'll never understand why getting a bigger refund is a good thing....

I stopped loaning at zero interest moons ago....

I just set a rate and go. Usually that refund goes into a slush fund and if something comes up or we take a nice vacation we have it.

while I understand the 'no see, no spend' attitude, there are better options....

#discipline

viewed longer term, it's a gimme...
02-08-2019 10:52 AM
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Kronke Offline
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Post: #29
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 10:49 AM)200yrs2late Wrote:  
(02-08-2019 10:27 AM)Attackcoog Wrote:  Some with unique employee circumstances might take a hit. I know a salesman that does not have a company car and is not compensated for his mileage. He always itemizes and takes a large auto deduction for those miles. It’s about a 18-20k deduction that he will lose. Add that to his mortgage interest and his other smaller itemized deductians—-and he may actually be the type of person that the new standard deduction won’t offset his lost itemized deductions. By and large—the vast majority of Americans will come out way ahead under the new tax bills. Those that don’t will be those using lots of itemized deductions or those with tons of mortgage interest (those with multiple homes will get hurt). However—most folks with multiple homes make a crap load of money—so the lower marginal rates will probably offset most (or all) of the effect of these lost deductions.

This sounds a little off. Most of my truck drivers that averaged 125k miles per year and could also deduct per diems and hotels rarely had a deduction much over 25k. Even deducting 100% of his auto payment, maintenance, and mileage it seems like it would be difficult to get to an 18-20k deduction.

See my above post and link to the Forbes story. Sounds like a traveling 1099 salesman that takes the mileage deduction, which is still very much valid.

I believe Attackcoog is mistaken.
(This post was last modified: 02-08-2019 10:53 AM by Kronke.)
02-08-2019 10:52 AM
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Machiavelli Offline
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Post: #30
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 10:50 AM)Kronke Wrote:  
(02-08-2019 10:43 AM)Machiavelli Wrote:  All of this so the rich can get richer and the poor poorer. We will remember..........................

You posted a bunch of fake stories from bot accounts, equivalent to when leftists all had woke 4 year olds teaching us about Trump's America. Little did they know that jumping on the bandwagon with their own fake story was easily exposed by the twitter keyword search feature.

Seek help.

please show evidence of any bot accounts. That is a lie. Show it or retract.
02-08-2019 10:53 AM
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Kronke Offline
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Post: #31
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 10:53 AM)Machiavelli Wrote:  
(02-08-2019 10:50 AM)Kronke Wrote:  
(02-08-2019 10:43 AM)Machiavelli Wrote:  All of this so the rich can get richer and the poor poorer. We will remember..........................

You posted a bunch of fake stories from bot accounts, equivalent to when leftists all had woke 4 year olds teaching us about Trump's America. Little did they know that jumping on the bandwagon with their own fake story was easily exposed by the twitter keyword search feature.

Seek help.

please show evidence of any bot accounts. That is a lie. Show it or retract.

None of these faceless accounts are real people. Three of them literally even have the first name/last name + string of random numbers bot format.

Learn how not to be so easily duped by everything on the internet, boomer.

[Image: DynYGDnUYAAnGrD.jpg]
(This post was last modified: 02-08-2019 10:57 AM by Kronke.)
02-08-2019 10:55 AM
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Post: #32
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 10:52 AM)Kronke Wrote:  
(02-08-2019 10:49 AM)200yrs2late Wrote:  
(02-08-2019 10:27 AM)Attackcoog Wrote:  Some with unique employee circumstances might take a hit. I know a salesman that does not have a company car and is not compensated for his mileage. He always itemizes and takes a large auto deduction for those miles. It’s about a 18-20k deduction that he will lose. Add that to his mortgage interest and his other smaller itemized deductians—-and he may actually be the type of person that the new standard deduction won’t offset his lost itemized deductions. By and large—the vast majority of Americans will come out way ahead under the new tax bills. Those that don’t will be those using lots of itemized deductions or those with tons of mortgage interest (those with multiple homes will get hurt). However—most folks with multiple homes make a crap load of money—so the lower marginal rates will probably offset most (or all) of the effect of these lost deductions.

This sounds a little off. Most of my truck drivers that averaged 125k miles per year and could also deduct per diems and hotels rarely had a deduction much over 25k. Even deducting 100% of his auto payment, maintenance, and mileage it seems like it would be difficult to get to an 18-20k deduction.

See my above post and link to the Forbes story. Sounds like a traveling 1099 salesman that takes the mileage deduction, which is still very much valid.

I believe Attackcoog is mistaken.

I'm 1099 all day long.....I have no worries and am licking my lamb chops....
02-08-2019 10:57 AM
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Kronke Offline
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Post: #33
RE: [news]Middle class feeling betrayed by Trump when filing taxes
Mach.

Dude, wtf. The guy that posted that picture himself knows they're fake. He's laughing about it in the comments, about how he baited some real people with it and retweeted them.



@5ugarcane
Feb 4
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Replying to @th3j35t3r
Point taken, as there’s always people upset about political decisions that impact them negatively.

But these accts appear to all be fake.

@Amuddrslr - 6 followers
@MattDav72811123 - 1
@distorion12345 - 30
@ShelbyKuh - 5
@Tide46 - 17
@deeebeeezz - 41
‘Yankees’ - no tweet found


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@th3j35t3r
Feb 4
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Did you notice all the actual real people who replied to my tweet though? I retweeted some of them.

5 replies 1 retweet 25 likes
Reply 5 Retweet 1 Like 25

Sugarcane


@5ugarcane
Feb 4
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Yeah, just continually disappointed in how many fake and trolling accts here - both sides. But you know that. :)

3 replies 1 retweet 4 likes
Reply 3 Retweet 1 Like 4


Sugarcane


@5ugarcane
Feb 4
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I’m just waiting for those fake accts to start protesting how real they are. Lol ?

1 reply 0 retweets 4 likes
Reply 1 Retweet Like 4
New conversation

Just A Girl ? ?


@reallyjustagirl
Feb 5
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Omg I have one lady already doing that to me haha. Says she lost her account. Smh

0 replies 0 retweets 2 likes
Reply Retweet Like 2
End of conversation
New conversation

Kelly Gloster


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Feb 4
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Replying to @th3j35t3r
These look like bot tweets. Russians trying to stir up civil discord? ??‍♀️ They are all too similar.
(This post was last modified: 02-08-2019 11:10 AM by Kronke.)
02-08-2019 11:08 AM
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Kronke Offline
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Post: #34
RE: [news]Middle class feeling betrayed by Trump when filing taxes
Mods, please close this trash thread.

It's literal propaganda.
02-08-2019 11:11 AM
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ODU BBALL Offline
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Post: #35
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 10:43 AM)Machiavelli Wrote:  All of this so the rich can get richer and the poor poorer. We will remember..........................

The CEO of Starbucks is rich but started out poor. He's living the American dream that anybody can make a success of themselves in this country if they work hard enough and smart enough to succeed.

To the crazy Democrats, "rich" is ANYBODY that has more money than they do. When that happens, as it often does, they want to then take some of your money away from you and give it to themselves so that you both then have an equal amount. That's not the American way. Just look at AOC's crazy "Green Deal" that she is promoting which allows for money to be given to people that "don't want to work". Wow!!!

"Income inequality" is one of the main buzz phrases that they throw out that is in line with this Socialist line of thinking. These people along with those that would vote for that are both crazy and against some of the very principals that this country was founded upon. If you want to live in a Socialist country then move to one. Don't try to push it on the rest of us.
(This post was last modified: 02-08-2019 11:19 AM by ODU BBALL.)
02-08-2019 11:18 AM
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NIU007 Offline
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Post: #36
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 11:11 AM)Kronke Wrote:  Mods, please close this trash thread.

It's literal propaganda.

Most of this board is propaganda.
02-08-2019 11:19 AM
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UofMstateU Online
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Post: #37
RE: [news]Middle class feeling betrayed by Trump when filing taxes
This thread is bogus sh*t.
02-08-2019 11:22 AM
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gdunn Online
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Post: #38
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 10:52 AM)stinkfist Wrote:  
(02-08-2019 10:39 AM)gdunn Wrote:  
(02-08-2019 07:47 AM)stinkfist Wrote:  
(02-08-2019 07:35 AM)gdunn Wrote:  I made more money last year than the previous year. Paid in less to the state and got s bigger federal refund. I don’t itemize.

I'll never understand why getting a bigger refund is a good thing....

I stopped loaning at zero interest moons ago....

I just set a rate and go. Usually that refund goes into a slush fund and if something comes up or we take a nice vacation we have it.

while I understand the 'no see, no spend' attitude, there are better options....

#discipline

viewed longer term, it's a gimme...

I agree. My wife does that. So all the federal money is based on my salary. However facts remain that we made more and we’re getting more back unlike what Mr. Mach is claiming. One has to wonder how Mach’s taxes went.
02-08-2019 11:39 AM
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stinkfist Online
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Post: #39
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 11:39 AM)gdunn Wrote:  
(02-08-2019 10:52 AM)stinkfist Wrote:  
(02-08-2019 10:39 AM)gdunn Wrote:  
(02-08-2019 07:47 AM)stinkfist Wrote:  
(02-08-2019 07:35 AM)gdunn Wrote:  I made more money last year than the previous year. Paid in less to the state and got s bigger federal refund. I don’t itemize.

I'll never understand why getting a bigger refund is a good thing....

I stopped loaning at zero interest moons ago....

I just set a rate and go. Usually that refund goes into a slush fund and if something comes up or we take a nice vacation we have it.

while I understand the 'no see, no spend' attitude, there are better options....

#discipline

viewed longer term, it's a gimme...

I agree. My wife does that. So all the federal money is based on my salary. However facts remain that we made more and we’re getting more back unlike what Mr. Mach is claiming. One has to wonder how Mach’s taxes went.

his should be simple to counteract regardless of any change....

in his enviro, one can manipulate withholding during the course of the year.....
(This post was last modified: 02-08-2019 11:49 AM by stinkfist.)
02-08-2019 11:48 AM
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q5sys Offline
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Post: #40
RE: [news]Middle class feeling betrayed by Trump when filing taxes
(02-08-2019 11:08 AM)Kronke Wrote:  Mach.

Dude, wtf. The guy that posted that picture himself knows they're fake. He's laughing about it in the comments, about how he baited some real people with it and retweeted them.



@5ugarcane
Feb 4
More
Replying to @th3j35t3r
Point taken, as there’s always people upset about political decisions that impact them negatively.

But these accts appear to all be fake.

@Amuddrslr - 6 followers
@MattDav72811123 - 1
@distorion12345 - 30
@ShelbyKuh - 5
@Tide46 - 17
@deeebeeezz - 41
‘Yankees’ - no tweet found


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@th3j35t3r
Feb 4
More
Did you notice all the actual real people who replied to my tweet though? I retweeted some of them.

5 replies 1 retweet 25 likes
Reply 5 Retweet 1 Like 25

Sugarcane


@5ugarcane
Feb 4
More
Yeah, just continually disappointed in how many fake and trolling accts here - both sides. But you know that. :)

3 replies 1 retweet 4 likes
Reply 3 Retweet 1 Like 4


Sugarcane


@5ugarcane
Feb 4
More
I’m just waiting for those fake accts to start protesting how real they are. Lol ?

1 reply 0 retweets 4 likes
Reply 1 Retweet Like 4
New conversation

Just A Girl ? ?


@reallyjustagirl
Feb 5
More
Omg I have one lady already doing that to me haha. Says she lost her account. Smh

0 replies 0 retweets 2 likes
Reply Retweet Like 2
End of conversation
New conversation

Kelly Gloster


@Kelly_Glo
Feb 4
More
Replying to @th3j35t3r
These look like bot tweets. Russians trying to stir up civil discord? ??‍♀️ They are all too similar.

links?
I cannot find this in the thread OP posted.
02-08-2019 12:02 PM
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