The people that are negatively impacted the most are those in living in high tax states such as NY and NJ due to the $10k SALT limit.
On Feb 3, 2019, at 3:37 PM, GUY DESANTIS taxdude1@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
Paul
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 iPadOn 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.
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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