Getting rid of the Obamacare individual mandate tax penalty equals to driving a stake through its heart, as far as I'm concerned. Nothing has angered me more than the individual mandate. Not even the AWB of '94. Living here over 42 years, nothing has defined tyranny more than Obamacare, in my eyes.

quote:

Originally posted by chellim1:
I don't know of any provision that would treat a dental practice different than a plumbing business of the same size. Could you be more specific? Code section?

FOR BUSINESSES AND CORPORATIONS
13. Lowers tax burden on pass-through businesses: The tax burden on owners, partners and shareholders of S-corporations, LLCs and partnerships -- who pay their share of the business' taxes through their individual tax returns -- would be lowered by a 20% deduction, somewhat less than the 23% called for in the Senate-passed bill.


The 20% deduction would be prohibited for anyone in a service business -- unless their taxable income is less than $315,000 if married ($157,500 if single).

The bill seems to specifically carve out health professionals, attorneys, accountants, etc.


Qualified trade or business means any trade or business other than a specified service trade or business and other than the trade or business of being an employee.

Specified service business
A specified service trade or business means any trade or business involving the performance of services in the fields of health,44 law, engineering, architecture, accounting,
actuarial science, performing arts,45 consulting,46 athletics, financial services, brokerage services, including investing and investment management, trading, or dealing in securities, partnership interests, or commodities, and any trade or business where the principal asset of such trade or business is the reputation or skill of one or more of its employees. For this purpose a security and a commodity have the meanings provided in the rules for the mark-to-market accounting method for dealers in securities (sections 475(c)(2) and 475(e)(2), respectively).

Yes, I see what you mean. As an attorney, I'm in the same boat.

But... talk to your accountant... you may be able to get the pass through treatment of the first $315,000: "unless their taxable income is less than $315,000 if married ($157,500 if single)".

"Here's how much income would apply to the new rates:
-- 10% (income up to $9,525 for individuals; up to $19,050 for married couples filing jointly)
-- 12% (over $9,525 to $38,700; over $19,050 to $77,400 for couples)"

$24,000 + $77,400 = $101,400. This will be a boon to married retirees as it means they can take significant withdrawals from their regular IRAs/401Ks within the 10%-12% tax bracket. Glad i didn't convert anything to Roth IRA.

Summary, Fact: Lots of people will get a tax cut.

MSM: The rich are getting the biggest tax cut (...because they pay the most taxes. 3% of 100,000 is a bigger number than 5% of 3,000) and 13,000,000 people will "lose" their Obamacare insurance (Well, they'll stop paying the mandate because they don;t want that crappy insurance. Same thing, right?)

Dems in congress: We're all going literally die because of this tax plan. The GOP is literally trying to kill us all.

I don't think Diane Feinstein likes the Tax cut!

quote:

The bill will do this by closing IRS loopholes and requiring all taxpayers to submit work-eligible Social Security numbers in order to claim tax credits.

So how do they plan on stopping the illegals from using someone else's SSN?

I remember some time ago when it was announced that the IRS? was prosecuting some poor schlub for fraud. Turns out a bunch of illegals, all across the country, were using his info for their own purposes.

If gubberment wants to deal with the illegal problem, send all the fuck out of the country and secure the fucking borders!!!!

We tax payers do not need to be supporting them!!!!!!!!!!!!!

quote:

Originally posted by PD:
I’m done with these lying motherfuckers. Let the tax bill die. Right now on on the news they’re talking like Democrats. Pass a bill for the sake of passing it.

The middle class will not get a tax cut, the blue states will become more pissed than they are already, we become more divided, loss of tax-free muni bonds, etc. This is a disaster like health care reform.

Losers. All fuckin losers.

Yeah, to quote that evil witch Ol' Nasty, pass it to find out, eventually, what the hell is in it! I cannot think of a single one, in the House, or Senate, that I would trust with a used condom.

So the House was passing the Tax Cuts and this happened:




https://twitchy.com/sarahd-313...mpaign=twitchywidget

If this passes when will it take effect? When I get my taxes done next April? Or the year after?

^^^^

2018 payable in 2019

quote:

Originally posted by MNSIG:
^^^^

2018 payable in 2019

They are saying people will see it in their checks as of February. I assume that is if you leave withholdings alone. I don't know how they calculate that but I'm assuming I'll need to recalculate what my withholding should be. I currently end up about even at the end of the year. I want to stay that way.

FWIW I did a calculation based on the new rates I saw and the loss of certain deductions. This is based on an income of 100K and having 1 child dependent.

I'm no accountant but I think this is pretty accurate and shows a savings mostly due to the new tax brackets.

quote:

Originally posted by frayedends:
FWIW I did a calculation based on the new rates I saw and the loss of certain deductions. This is based on an income of 100K and having 1 child dependent.

I'm no accountant but I think this is pretty accurate and shows a savings mostly due to the new tax brackets.

So all this hooha saves someone making 100K per year a little over $100 per month? That’s the big deal? 28 frickin’ years in the making, huh.

So apparently, the House will have to re-vote on the the bill

quote:

The bill passed on a 227-203 vote, with 12 Republicans defecting to join Democrats in opposition. The Senate started debate shortly afterward, with a vote expected overnight. Due to a parliamentary glitch, the House will probably have to vote one last time before the legislation can be signed.

http://www.foxnews.com/politic...legislative-win.html

to get an idea of how diff states will be affected, here is 2015 data from:

http://www.pewtrusts.org/en/mu...email&utm_source=Pew

The Distribution of Select Federal Tax Deductions and Credits Across the States

for total itemized deductions:

the % is the % of filers who used itemized deductions

"per Claimant" is the average total itemized for those who did itemize

The "United States" line is the data over the entire country



***********

for just the state and local tax part of the deductions:

Their principle job is to pass legislation and they can't even do that correctly.

RMD

quote:

Originally posted by Jimineer:

quote:

Originally posted by frayedends:
FWIW I did a calculation based on the new rates I saw and the loss of certain deductions. This is based on an income of 100K and having 1 child dependent.

I'm no accountant but I think this is pretty accurate and shows a savings mostly due to the new tax brackets.

So all this hooha saves someone making 100K per year a little over $100 per month? That’s the big deal? 28 frickin’ years in the making, huh.

Look a gift horse in the mouth much?

quote:

Originally posted by Jimineer:

So all this hooha saves someone making 100K per year a little over $100 per month? That’s the big deal? 28 frickin’ years in the making, huh.

Yeah, I'd like to save $123 per month. Could go to an IRA, 401K, college fund, buy a new scope.

Better than going the other way, like it has for the past 30 years...

quote:

Originally posted by RHINOWSO:

quote:

Originally posted by Jimineer:

So all this hooha saves someone making 100K per year a little over $100 per month? That’s the big deal? 28 frickin’ years in the making, huh.

Yeah, I'd like to save $123 per month. Could go to an IRA, 401K, college fund, buy a new scope.

Better than going the other way, like it has for the past 30 years...

Not to mention the value of your time saved by having a simplified tax code.