Taxes 2018 file with a smile.

I’m hoping this thread will be revealing and once and for all put a end to the bickering.

The Trump tax plan is supposed to save on average $2600. I took a look at it for a middle class married couple filing Jointly on $100,000 of income and using just the basic deductions. Which is $24,000 the standard deduction for a married couple. ( plus $2000 per child if you can use it )

In 2017 the standard deduction was $12,700 Plus a $8100 personal deduction.




You don’t need to do the math for 2017 just look at what you owed after all deductions.

Here’s my summary comparing the two . Keep in mind my accountant normally does this so if I got anything wrong I’d like to hear your input. Let’s use the figure of $100,000 gross income.

In 2017 married couple filing a return for $100,000 .

Plays out like this .....

$100,000
- $12,700 ( Standard to deduction 2017 )
Is $87,300
$ 8,100 (personal deduction)
= $79,200 ( taxable income)

Which in the chart above leaves ‘me’in the 25% tax bracket .

$79,200
X .25

= $19,800 owed

2018 rate

$100,000
- $24,000 ( Standard deduction )
= $76,000

The new tax plan moved ‘me’ from 25% down to 12% .

$76,000
X .12
= $9,1200

Is that right?

Every Democrat should immediately check my math!

Reminder..... these are just the standard deductions.

And despite what many people say there are other deductions available in 2018 .

Deductions you should take in 2018.



I’m not data mining, no one needs to give a exact figure.

Just do the math and let me know if you saved over two grand ?

The way I look at it January is going to put a smile on almost everybody’s face .

No way, I own my own company. Filing taxes is BS and this just equates to more welfare for you and the government. I'm never happy filing that bs nor is our accountant team.

a reply to: Fallingdown

I wont be smiling. I will owe 20 grand. But I am glad other people will get alot back because then they will spend it at my store.

a reply to: notsure1

I don’t want to use my income because no one would believe me. ( never believe anything you hear on the Internet )

But did you save money over last year ?

a reply to: Fallingdown

Not exactly...
The percentages are sectional. So you pay 10% up to the threshold, then you pay 12% on earnings above the 10% threshold up to the next threshold, so on and so forth.
Say you make $100,000... in 2017 your taxes would look like so:
$100000-12700-8100: $79,200
0.10x18650 +
0.15x57249 +
0.25x3300 =
$11,277.35 taxes owed

2018:
$100,000-24,000= $76,000
0.10x19050 +
0.12x 56950 =
$8,739.00

In this scenario, you'll pay $2,538.35 less in taxes.

originally posted by: notsure1
a reply to: Fallingdown

I wont be smiling. I will owe 20 grand. But I am glad other people will get alot back because then they will spend it at my store.

You student?

Drops my taxes by 9%...not crumbs for me...

originally posted by: burdman30ott6
a reply to: Fallingdown

Not exactly...
The percentages are sectional. So you pay 10% up to the threshold, then you pay 12% on earnings above the 10% threshold up to the next threshold, so on and so forth.
Say you make $100,000... in 2017 your taxes would look like so:
$100000-12700-8100: $79,200
0.10x18650 +
0.15x57249 +
0.25x3300 =
$11,277.35 taxes owed

2018:
$100,000-24,000= $76,000
0.10x19050 +
0.12x 56950 =
$8,739.00

In this scenario, you'll pay $2,538.35 less in taxes.

Do it on 250k

a reply to: Xtrozero

I wish I needed to...

originally posted by: Fallingdown
a reply to: notsure1

I don’t want to use my income because no one would believe me. ( never believe anything you hear on the Internet )

But did you save money over last year ?

All I know is last year I wrote a check for 12k. I have made quite a bit more this year so I will have to write a bigger check.

Anything else you will have ask our tax guy

a reply to: burdman30ott6

I figured I needed some help with it thanks. I just wanted to put it out there for everyone to look at .

You saved around $2600 that seems to be right on par with the claims .

a reply to: notsure1

Burdman has just become H&R Block. See if you get him to run the numbers ?

This will help quite a bit for people that didn't have a lot of personal exemptions. Was the child tax credit in personal exemptions? Or mortgage interest?

Basically what is considered personal exemptions?

originally posted by: Fools
This will help quite a bit for people that didn't have a lot of personal exemptions. Was the child tax credit in personal exemptions? Or mortgage interest?

Basically what is considered personal exemptions?

Folks with kids make out even better. $2,000 per child with a $1,400 cap on the "refund" (effectively a welfare payment) amount for folks at the bottom of the pay scales.

a reply to: burdman30ott6

You should’ve made this thread at least it would’ve been more accurate .

originally posted by: Fallingdown
a reply to: burdman30ott6

You should’ve made this thread at least it would’ve been more accurate .

I despise the taxation system and the programs that use my tax dollars to pay Kept Voter programs ensuring certain groups remain relevant. As a result, I do spend an unhealthy amount of time knowing my enemy as well as possible. If the IRS tells me I "owe" them a penny, believe me when I say I'll get that and a whole lot more out of them before they see me pay on it.

originally posted by: burdman30ott6
a reply to: Fallingdown

Not exactly...
The percentages are sectional. So you pay 10% up to the threshold, then you pay 12% on earnings above the 10% threshold up to the next threshold, so on and so forth.
Say you make $100,000... in 2017 your taxes would look like so:
$100000-12700-8100: $79,200
0.10x18650 +
0.15x57249 +
0.25x3300 =
$11,277.35 taxes owed

2018:
$100,000-24,000= $76,000
0.10x19050 +
0.12x 56950 =
$8,739.00

In this scenario, you'll pay $2,538.35 less in taxes.

CRUMBS!!!!

According to rich politicians and their welfare base, it's CRUMBS!!!!

The class that pays no taxes in the first place will see no benefit. That is the argument I typically see.

IT'S HARD TO BENEFIT FROM A TAX BREAK WHEN YOU PAY ZERO IN TAXES! That's my usual response.

a reply to: burdman30ott6

I immediately knew you crossed your T‘s and doted your eyes .

I can admit I’m not well-versed on this . I’ve got a gal for it.

But I was kind a hoping more people would do the math on the basics. Regardless of what I left out it seems to be a pretty good litmus test .

originally posted by: Fallingdown
a reply to: burdman30ott6

I immediately knew you crossed your T‘s and doted your eyes .

I can admit I’m not well-versed on this . I’ve got a gal for it.

But I was kind a hoping more people would do the math on the basics. Regardless of what I left out it seems to be a pretty good litmus test .

Remember demoncrats have already stated that when they regain power after the midterms ( they hope) they are going to cancel any recent changes in the tax laws and INCREASE our taxes.....so if you are on the fence as to who to vote for, remember this and vote accordingly.

a reply to: manta78

Trump has that covered . VETO!