I live in TN on 4 acres. I have a 2400 sqft house with a 1200 sqft basement. My taxes are $1245/yr. My house is paid off so I have no mortgage interest. If your property and local taxes are too high, either petition your elected officials to lower them and get a manageable city/county budget or get rid of them and elect someone who will.
I consider myself to be middle class and I benefited enormously from the tax cut.
You are 100% correct. I just helped two of my kids prepare their returns. Both are middle class and single. Their itemized deductions, which exceeded the $12,000 standard deduction, were limited due to the $10,000 SALT limit. The tax cut may have helped some but screwed others in the middle class. Not well thought though in my opinion.
Sent from Yahoo Mail for iPad On Sunday, February 3, 2019, 8:46 AM, Paul Kusen paulkayporsha@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
Here's a great tax plan calculator for the new tax plan that was initiated last year. Unfortunately, many in the country will not be able to itemize anymore due to the SALT -$10K limitation. So, if you must use the standard deduction and you did not change your W4 with-holdings, made the same or more in Salary, did not use catch-up or additional funds to a 401K, and have no kids- you will most likely be owing on the federal side.
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| Tax Plan Calculator by Maxim Lott How the Trump tax plan will change YOUR taxes. Will the GOP tax plan lower your taxes or raise them? This is the... | | |
Thx
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Posted by: David Gordon <david@digitaldata.us>
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Neither the TSP Strategy group, nor individual members, are licensed or authorized to provide investment advice. Any statements made herein merely reflect the personal opinions of the individual group member. Please make your own investment decisions based upon your personal circumstances.
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