[Boomer]

Originally Posted by retiredguy123

I wish someone would tell me what these deductions are. I pay more in taxes than I spend on everything else combined. I can only claim the standard deduction, nothing else.

rg123, I think you can answer this for me……

Are there things in “the regular people” part of the tax law changes that went into effect in 2017 that are set to expire soon?

Seems like I thought that once-upon-a-time — but I am not sure.

I don’t think it has been an advantage to a lot of regular people, other than simplifying record keeping, because there are no deductions for us.

Boomer

[retiredguy123]

Originally Posted by Boomer

rg123, I think you can answer this for me……

Are there things in “the regular people” part of the tax law changes that went into effect in 2017 that are set to expire soon?

Seems like I thought that once-upon-a-time — but I am not sure.

I don’t think it has been an advantage to a lot of regular people, other than simplifying record keeping, because there are no deductions for us.

Boomer

There a several websites that you can Google to get all the details. But, basically, the tax rates will increase and the standard deduction will be cut in half, although part of that will be offset by restoring the personal exemption. These changes will become effective in 2025, unless Congress acts to delay or change things. I don't see anything that "regular people" can do to improve their tax situation. I expect to pay higher taxes in 2025, but the current higher interest rates have greatly increased my interest income.

[Boomer]

Originally Posted by retiredguy123

There a several websites that you can Google to get all the details. But, basically, the tax rates will increase and the standard deduction will be cut in half, although part of that will be offset by restoring the personal exemption. These changes will become effective in 2025, unless Congress acts to delay or change things. I don't see anything that "regular people" can do to improve their tax situation. I expect to pay higher taxes in 2025, but the current higher interest rates have greatly increased my interest income.

I was being lazy (but I think you probably knew that already) and figured I could just ask you. You saved me from the rabbit hole or helped me put it off, at least. Thanks.

I thought there was something. Does not sound good.

And then gotta watch out or IRMAA’s gonna getcha! (sigh)

Boomer

[Cybersprings]

Originally Posted by Boomer

BINGO!

In my not-so-humble opinion on this one (a hot button for me) — all these churches that are preaching politics from the pulpit should lose their tax-exempt status…..

Many of them are nothing more than political machines, using members as voting tools by keeping them angry and self-righteous and distracted.

Separation of church and state is for a reason. This does not mean we should be a nation of heathens, but c’mon, politics from the pulpit is out of control — and there is no reining it in.

And America pays — in so many, many ways.

Boomer

Can I assume that you are also outraged by planned parenthood's tax exempt status since they are constantly preaching from their pulpit and donating to political candidates?

[manaboutown]

Just don't sell the family farm, so to speak. IRMAA will max out, AMT will hit hard, section 1250 property unrecaptured gain will be taxed at regular income rates (up to 25% - not 37%, thankfully) and to top it off Obamacare's 3.8% icing on the cake will finish the job of substantially reducing your net worth. So much for loopholes, bah, humbug!

[Whitley]

Originally Posted by Stu from NYC

The real question is how efficient is the IRS in collecting taxes. Think the vast majority would say not very.

Recent weeks shows us the IRS/DOJ will not put people in jail even if they cheated on millions of dollars of income. That is true isn't it? Does that just apply to certain people?

[Bay Kid]

Originally Posted by manaboutown

Just don't sell the family farm, so to speak. IRMAA will max out, AMT will hit hard, section 1250 property unrecaptured gain will be taxed at regular income rates (up to 25% - not 37%, thankfully) and to top it off Obamacare's 3.8% icing on the cake will finish the job of substantially reducing your net worth. So much for loopholes, bah, humbug!

Death Tax is coming back. This is the worse thing possible for family farms/business. Tax on tax until they are no more.