The best way to end the Trump Tax Cuts is for the Middle Class to never pay taxes. In a well placed plan and the end of the Pease Limitations, PERHAPS, there is going to be enough ITEMIZED DEDUCTIONS for Middle Class families to end their tax liability.
Like, in 2019 all the kids get their dental braces.
Getting braces (click here) or other orthodontic work usually isn't an enjoyable experience for you or your bank account. However, when the work is finished and paid for, you -- or a member of your family -- might end up with an extra tax deduction in addition to a straighter smile....
This is called a tax revolt, it is completely legal and it starts now to plan for paying NO FEDERAL TAXES for the year 2019. Research this mess and tell your neighbors and friends to do their homework and ring in the New Year with a plan to end any tax payments. Imagine filing the 2019 tax return and have every penny refunded.
Figure what your tax liability will be for 2019 and then research what would apply to your household ON AN ITEMIZED DEDUCTION income tax return and plan for a full tax refund when filing in 2020. KEEP RECORDS!
The wealthy do this and now so does every other person in the USA.
November 15, 2018
By Kelly Phillips Erb
The Internal Revenue Service (IRS) (click here) has announced the annual inflation adjustments for more than 60 tax provisions for the year 2019, including tax rate schedules, tax tables and cost-of-living adjustments.
Like, in 2019 all the kids get their dental braces.
Getting braces (click here) or other orthodontic work usually isn't an enjoyable experience for you or your bank account. However, when the work is finished and paid for, you -- or a member of your family -- might end up with an extra tax deduction in addition to a straighter smile....
This is called a tax revolt, it is completely legal and it starts now to plan for paying NO FEDERAL TAXES for the year 2019. Research this mess and tell your neighbors and friends to do their homework and ring in the New Year with a plan to end any tax payments. Imagine filing the 2019 tax return and have every penny refunded.
Figure what your tax liability will be for 2019 and then research what would apply to your household ON AN ITEMIZED DEDUCTION income tax return and plan for a full tax refund when filing in 2020. KEEP RECORDS!
The wealthy do this and now so does every other person in the USA.
November 15, 2018
By Kelly Phillips Erb
The Internal Revenue Service (IRS) (click here) has announced the annual inflation adjustments for more than 60 tax provisions for the year 2019, including tax rate schedules, tax tables and cost-of-living adjustments.
These are the numbers for the tax year 2019 beginning January 1, 2019. They are not the numbers and tables that you’ll use to prepare your 2018 tax returns in 2019 (you'll find them here). These are the numbers that you'll use to prepare your 2019 tax returns in 2020.
If you aren't expecting any significant changes in 2019, you can use the updated numbers to estimate your liability. If you plan to make more money or change your circumstances (i.e., get married, start a business, have a baby), consider adjusting your withholding or tweaking your estimated tax payments. To check out the updated IRS withholding calculator, click here. For more on how to adjust your withholding using the updated form W-4, click here.
Tax Brackets and Tax Rates. The big news is, of course, the tax brackets and tax rates for 2019. There are still seven (7) tax rates. They are: 10%, 12%, 22%, 24%, 32%, 35% and 37% (there is also a zero rate). Here's how those break out by filing status:...
...There are changes to itemized deductions found on Schedule A, including:
- Medical and Dental Expenses. The "floor" for medical and dental expenses rises to 10% (it was 7.5% in 2018), which means you can only deduct those expenses which exceed 10% of your AGI.
- State and Local Taxes. Deductions for state and local sales, income, and property taxes remain in place but are limited to a combined total of $10,000 ($5,000 for married taxpayers filing separately).
- Home Mortgage Interest. You may only deduct interest on acquisition indebtedness - your mortgage used to buy, build or improve your home - up to $750,000 ($375,000 for married taxpayers filing separately). For more on mortgage interest under the new law, click here.
- Charitable donations. The percentage limit for charitable cash donations to public charities has increased from 50% to 60%.
- Casualty and Theft Losses. The deduction for personal casualty and theft losses is repealed except for losses attributable to a federal disaster area. For more on casualty losses after a disaster, click here.
- Job Expenses and Miscellaneous Deductions subject to 2% floor. Miscellaneous deductions, including unreimbursed employee expenses and tax preparation expenses, which exceed 2% of your AGI have been eliminated. For more info, click here.
- For high-income taxpayers who itemize their deductions, the Pease limitations (click here), named after former Rep. Don Pease (D-OH) used to cap or phase out certain deductions. There are no Pease limitations in 2019....
