Thanks for nothin' repubs!
Seems to be love it or hate it on the new republican tax plan.
I've reserved judgement until my own taxes were filed.
While I went from a 15% to a 12% "tax bracket" and payed about $1,000 less to the gubmint through payroll deduction over the course of last year, my "effective tax rate" increased by just over 1 1/2%.
So, I had the honor of writing a nice little check to the IRS before leaving the tax preparer's office last night.
The mega-corporation I work for however, recieved $7,000,000,000 in "tax relief ", of which they passed exactly 0 along to their employees.
Better yet, their vision for job growth and stimulating the economy is to make deep cuts to labor and overhead resulting in many thousands added to the unemployment rolls.
This from a company that has enjoyed record profits quarter after quarter and year after year.
So, in this case, Feloosi's statements about less than crumbs for working Americans, and a windfall for the wealthiest, are absolutely spot on!
Happy for those here who benefited though.
I'd just be happier if it hadn't been at my expense.
I've reserved judgement until my own taxes were filed.
While I went from a 15% to a 12% "tax bracket" and payed about $1,000 less to the gubmint through payroll deduction over the course of last year, my "effective tax rate" increased by just over 1 1/2%.
So, I had the honor of writing a nice little check to the IRS before leaving the tax preparer's office last night.
The mega-corporation I work for however, recieved $7,000,000,000 in "tax relief ", of which they passed exactly 0 along to their employees.
Better yet, their vision for job growth and stimulating the economy is to make deep cuts to labor and overhead resulting in many thousands added to the unemployment rolls.
This from a company that has enjoyed record profits quarter after quarter and year after year.
So, in this case, Feloosi's statements about less than crumbs for working Americans, and a windfall for the wealthiest, are absolutely spot on!
Happy for those here who benefited though.
I'd just be happier if it hadn't been at my expense.
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you need to start a company 0 -
Sounds like you need to get yourself a new accountant. My son said the same thing after he went to his accountant. so I told him to take them to my accountant and have them redone and I'd pay for it. He went from having to pay a bunch to getting a big fat refund.
The thing is, most average accountants aren't smart enough to figure how to do taxes properly. You need to talk to one that charge has more then $40
Just remember you pay for what you get, and with your finances it's not a smart thing to try to skimp on accountants0 -
Don't NEED to start a company.
Don't NEED a new accountant.
The difference this year, in my case, was the $13,000 in travel and other job related expenses that the republicrats decided should no longer qualify as deductions. (no accountant can replace those deductions, within existing tax code)
I'll just be taking home less money under the trump plan.
All the better to take care of the mega-rich, who I've got nothing against. (Always hoped I'd be one)
Just seeing it for what it is.
The good news is that the repub's tax plan has sent the national debt into a downward spiral,,,,,,, RIGHT?
Thanks so much though friends, for telling me what I "need".
When pointing out the shortcomings of this administration, the usual response from these forums is cricket's, or personal attacks.
BOcare continues to make us dig deeper into our wallet for health care and the trump plan will make us dig deeper to offset tax cuts for the wealthy.0 -
sxsnuf wrote:Don't NEED to start a company.
Don't NEED a new accountant.
The difference this year, in my case, was the $13,000 in travel and other job related expenses that the republicrats decided should no longer qualify as deductions. (no accountant can replace those deductions, within existing tax code)
I'll just be taking home less money under the trump plan.
All the better to take care of the mega-rich, who I've got nothing against. (Always hoped I'd be one)
Just seeing it for what it is.
The good news is that the repub's tax plan has sent the national debt into a downward spiral,,,,,,, RIGHT?
Thanks so much though friends, for telling me what I "need".
When pointing out the shortcomings of this administration, the usual response from these forums is cricket's, or personal attacks.
BOcare continues to make us dig deeper into our wallet for health care and the trump plan will make us dig deeper to offset tax cuts for the wealthy.
According to the new federal tax laws you can deduct travel expenses. Here's a list of what is deductible. Like I said before, it sounds like you need a new accountant. If you haven't set them in yet, I would have a GOOD accountant look them over. And if you have sent them in, you can have them amended buy a good accountant not one of those $40 accountants you hire apps H&R Block
Deductible travel expenses while away from home include, but aren't limited to, the costs of:
Travel by airplane, train, bus or car between your home and your business destination. (If you're provided with a ticket or you're riding free as a result of a frequent traveler or similar program, your cost is zero.)
Fares for taxis or other types of transportation between the airport or train station and your hotel, the hotel and the work location, and from one customer to another, or from one place of business to another.
Shipping of baggage, and sample or display material between your regular and temporary work locations.
Using your car while at your business destination. You can deduct actual expenses or the standard mileage rate, as well as business-related tolls and parking fees. If you rent a car, you can deduct only the business-use portion for the expenses.
Meals and lodging.
Dry cleaning and laundry.
Business calls while on your business trip. (This includes business communications by fax machine or other communication devices.)
Tips you pay for services related to any of these expenses.
Other similar ordinary and necessary expenses related to your business travel. (These expenses might include transportation to and from a business meal, public stenographer's fees, computer rental fees, and operating and maintaining a house trailer.)
By the way I'm not attacking you, I'm just giving you good sound advice. And if that threatens you, then that's on you0 -
"Itemized deductions are no longer allowed for unreimbursed employee expenses (such as your per diem). Although most people do see more benefits on their tax return, the transportation industry was hit hard by this tax law change."
I didn't for a minute think YOU were attacking me remoaks.
I believe your post was offered with best intentions.
I meant some will likely be along with personal attacks bye and bye.
The info above though, shows that the generally accepted deductions don't necessarily apply to everyone, and why I don't need a new accountant.0 -
What they did was instead of each individual taking business deductions they put them back where should have been in the first place on your employers tax return.
Your employer should be paying the travel expenses they are fully deductible by your employer.0 -
SW0320 wrote:What they did was instead of each individual taking business deductions they put them back where should have been in the first place on your employers tax return.
Your employer should be paying the travel expenses they are fully deductible by your employer.
Yep.
That's insanity for the individual to have to pay travel expenses relative to his job. Imagine if those in the military had to pay their travel expense.
Very grateful for the GOP tax cuts and there are many like me. Placed me in a much lower bracket and if I add up the extra money paid over the year, the accrued total is MUCH more than any tax return.
Most of the whining is from DEMOCRATs in high tax states. Had the extreme displeasure of spending enough time in such states as NJ, IL, CT etc to know damn well state and local taxes far eclipse federal taxes.
If DEMOCRATs had their way NY and CA would force their egregious high tax policy on the rest of us.0 -
The IRS is pure evil with an 800 telephone number. 0 -
Like the majority, I made a little more and paid a little less. I was a little conservative in cutting my quarterly tax payments as I was not sure what to expect. I could have cut them a little more. So I guess the tax cuts worked out for me. Regarding your employers tax cut, I don't know who they are but some of that probably was used in stock dividends and may be why my mutual funds are doing so well. Bob 0 -
sxsnuf wrote:"Itemized deductions are no longer allowed for unreimbursed employee expenses (such as your per diem). Although most people do see more benefits on their tax return, the transportation industry was hit hard by this tax law change."
I didn't for a minute think YOU were attacking me remoaks.
I believe your post was offered with best intentions.
I meant some will likely be along with personal attacks bye and bye.
The info above though, shows that the generally accepted deductions don't necessarily apply to everyone, and why I don't need a new accountant.
Okay I see what you're talkin about, the IRS changed the laws to force deadbeat companies that don't pay those unreimbursed per diem to start paying them. Sounds like you need a different employer and that doesn't expect you to take out of your pocket so that they can put into their pocket. What kind of company would expect an employee to pay to make them money? Unless of course those per diems are figured into their yearly salary. Then who would expect to be able to deduct those on reimbursed per diems when they're already being reimbursed per diem through their yearly salary. It sounds like you need to talk to your employer about it and not complain about the IRS until you find out exactly what's going on oh, they may be paying you to your base salary all ready for unreimbursed per diem. And then maybe come back and complain about your employer pronounce putting those per diems on your base salary if they're not0 -
It was clear that some might have to pay a little more, no body got killed I hope, I think overall the tax cuts were beneficial and as someone mentioned while companies may well have benefited the resulting gains in the savings of those who are at least partially invested in the markets has been awesome. Also while some companies may well have taken advantage of the cuts in a manner you disagree with, the end result is the company is making more money right? That has to be good for the overall economy.
On the other hand get back to us when AOC and that bunch decide to rape Americas wallets0 -
Bobjudy,
Yes, a portion of that tax relief went to stock dividends.
And, here's a shocker, the 10 largest shareholders start with the CEO and end at some lower level of company executive.
"What kind of company would expect an employee to pay to make them money? Unless of course those per diems are figured into their yearly salary. Then who would expect to be able to deduct those on reimbursed per diems when they're already being reimbursed per diem through their yearly salary. It sounds like you need to talk to your employer about it and not complain about the IRS until you find out exactly what's going on oh, they may be paying you to your base salary all ready for unreimbursed per diem. And then maybe come back and complain about your employer pronounce putting those per diems on your base salary if they're not"
1)I thought I pretty well explained in the OP "what kind of company" we're talking about here.
2)Of course the travel expenses WERE NOT figured into my pay, OR they would not have been acceptable deductions for the last 15 years that I've been able to claim them!
3)A company large enough to receive a $7,000,000,000 tax relief "package" from the republicrat congress has less than 0 interest in my income tax return! Think about it.
4)I'm not complaining about the IRS. The IRS didn't pass trump's new tax package, the reublicrat congress DID!
5)To reiterate, Feloosi's comments calling the so-called "tax relief" package "crumbs for working Americans and a windfall for the rich" were right on the money, in my case and in many more cases I'm sure.0 -
Best Tax Year Ever 0 -
Like I posted earlier SF, I'm happy to hear some have benefited from the republicrat plan.
You're welcome!0
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