Are the changes to the tax laws going to affect you?

9 write offs you can’t claim anymore

1. Personal exemptions
2. Casualty and theft losses
3. Unlimited SALT deductions (state and Local tax)
4. Mortgage interest above $750,000
5. Unrestricted home equity loan interest deduction
6. Moving expenses
7. Work-related expenses
8. Tax preparation fees
9. Other miscellaneous expenses
[quote]Many other miscellaneous deductions are off the table for 2018. Also included in this bunch are expenses related to investment fees, legal fees, home office use and alimony for divorces finalized after December 31, 2018. These deductions will be reinstated in 2026 unless Congress votes to extend the current rule.[/quote]

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jackjjackson · 61-69, M

They are all minor other than the SALT restrictions which only affect the coastal elites. Boo hoo.

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MethDozer · M

@CopperCicada Seriously, being born in the late 70s or early 80's in NY is kinda depressing. You saw the tail ends of the glory days as a child, but then the shit and vacancy that came by the mid 90's and has been snowballing downhill since.

CopperCicada · M

@MethDozer I know those areas. Utica, Roma, Whitesboro. Was born there. Was born there in the mid 60's. My father was a civilian at GAFB. Shut it down and then lost his job.

Went back in the 80's for school. Then later in the 2000's for personal reasons.

Fuck.

MethDozer · M

@CopperCicada The Utica bus station is beautiful though. If one wants to see how prosperous it was at time. Look how opulent they made their bus station back in the day. The moment you walk outside though, reality comes to focus.

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VeronicaJane

@SeymourWeiner amen.

CopperCicada · M

It's not going to affect me. I had good counsel and actually aborted some of my activities. Namely things related to "work-related expenses".

So I'll have more money in my pocket, but I won't be doing the pro-bono teaching that I once did.

KaysHealingPath · 36-40, F

@CopperCicada would’ve been nice if this information would have been more widely shared with us before lol 😂

CopperCicada · M

@KaysHealingPath Well, as I was told--- if you file a couple W2's as a family, the tax changes are good for you. If you are a small business owner, the tax changes are also good for you.

But if your life is more complicated, then the tax changes aren't good for you.

That "more complicated" can be anything from financial crises and personal tragedies to working professionally without forming an LLC as a shield.

Northwest · M

#1 hits lower income people, relative to their income, a lot harder than it does higher income people. If you're in the low to mid level income brackets, that's $4050 per person that you can no longer claim.

The same goes for SALT.

I know that some people may have been seeing higher paychecks, throughout 2018, but let's see what happens when they file their tax returns. My state has no state taxes, but we have a lot of local and real estate taxes that make up the difference, so we end up putting in more than we take out.