Tag Archives: itemized deductions

Tax Relief- IF you are a company owner

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Agreement- at least in modern day America- comes slowly, if at all.

Of course, when one party takes it upon itself to harm citizens of states that vote for their counterpart, it becomes even more evident why such problems exist.

Continue reading Tax Relief- IF you are a company owner

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A small gift

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So, it’s almost November.   Which means we should be considering our 2020 tax positions.

Most of you know that it’s become nearly impossible to itemize deductions nowadays.  Overall, the Tax Cut and Jobs Act (effective for 2018 forward) decimated the number of folks who itemize- from 31% of all returns down to 13.7%.  But, you can see from the chart that it really has hurt those that are not the richest folks in America the most.

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Again? Really?

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Here we go again!

Another article in the Wall Street Journal that indicates it has stopped providing analysis and depth in news reporting. And, you can bet that a bunch of other papers will use the same basic facts that will mislead you.  (Since I wrote that sentence, it has come true- I’ve added the “pack’s” comments below.)

Continue reading Again? Really?

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Charity begins at home? Nope- no more.

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Are you going to be surprised that charitable donations are down this year? I’m certainly not.

Given the change to the tax code- rendering fewer people capable of itemizing deductions- this should have been the most obvious conclusion, besides the fact that the new tax code favors Republican states and the rich.

Continue reading Charity begins at home? Nope- no more.

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Point/Counterpoint

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I told you that the Tax Cut and Jobs Act (sic) was partly created (or maneuvered) as political retribution by the GOP against those states that don’t vote their way. (Here’s but one  example.)  Which was the driving force behind the plot to outlaw State and Local Tax (SALT) deductions of $ 10,001 or more.  Which would allow the U.S. Treasury collect some $ 650 billion more over the 8 years that this restriction is in effect.  (The personal tax rate changes under this Act expire in 2026.)

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Personal Taxes, from 2018 until 2026

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This is a continuation of our discussion of the final versions of the House and Senate Tax Cuts and Jobs Act (sic) bill. Those are now the law of the land, PL 115-97.

Continue reading Personal Taxes, from 2018 until 2026

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