You consider sportsbetting and poker playing as businesses? Or are talking about other enterprises you own and operate where you have customers?Quote:
Originally Posted by Dan Druff
Pretty much my identical situationQuote:
Originally Posted by Jayjami
Me and the ex are currently "legally separated". (Maybe we will reconcile our marriage in the future, but that is still so far up in the air at least as far as im concerned) other than that we are on good terms with each other.
We didnt realize this before, but apparently we can still file jointly if we wish, so for curiosity, we had the accountant run the numbers both ways. If she filed separately, she would be paying in I think it was around 5k - DESPITE the fact that she has already shelled out around $45,000 in income tax throughout the year; I would still owe about 2K. If we filed jointly (which we ended up doing) we GET BACK around $8000!
Im glad we are on really good terms with each other (we all know things don't always turn out like that) because it obviously helped out both of us.
Prelim look at my federal income for 2018 shows an increase in gross income of about $1000 over 2017 (but I worked about 6 weeks less due to a medical leave), and lower federal income taxes by about $500.
:yes
I'm one of the very few who didn't get any tax benefit by Trump's changes. There is no one looking out for professionals who are doing well; go figure. The really rich/wealthy will always be protected as will the masses. Those left shoulder the bills.
Anyway, the gist of it is that certain professionals, but not others, who work through LLCs/S-Corps/etc. and make over $315k/$415k (top end where proration ceases) no longer receive the QBI (Qualified Business Income) deduction of 20%. Somehow this applies to doctors, lawyers, accounts, but not to architects, engineers, realtors (go figure) and others. Then to make matters worse our state/property tax deduction is capped at 10k which was supposed to be the trade off for the above (which I don't get) so it actually increases my tax burden, though that is slightly offset by the lower rates.
I likely am about the same. Still, I am highly disappointed in the arbitrary distinction between certain professionals and everyone else. Makes no sense beyond simply envy of those who have worked hard and done well as opposed to those who inherited well, among others, but I digress.
Not happy about any of this.
Sounds like architects, engineers and realtors need a lobby as strong as doctors and lawyers.Quote:
Originally Posted by TellafriendI'm one of the very few who didn't get any tax benefit by Trump's changes. There is no one looking out for professionals who are doing well; go figure. The really rich/wealthy will always be protected as will the masses. Those left shoulder the bills.
Anyway, the gist of it is that certain professionals, but not others, who work through LLCs/S-Corps/etc. and make over $315k/$415k (top end where proration ceases) no longer receive the QBI (Qualified Business Income) deduction of 20%. Somehow this applies to doctors, lawyers, accounts, but not to architects, engineers, realtors (go figure) and others. Then to make matters worse our state/property tax deduction is capped at 10k which was supposed to be the trade off for the above (which I don't get) so it actually increases my tax burden, though that is slightly offset by the lower rates.
I likely am about the same. Still, I am highly disappointed in the arbitrary distinction between certain professionals and everyone else. Makes no sense beyond simply envy of those who have worked hard and done well as opposed to those who inherited well, among others, but I digress.
Not happy about any of this.
Your problem is, you earned too much money =)
I'd do everything in my power to make sure my income was $314,999 if it were anything close.