Thump's Place FL

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 Tax Cuts

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Posts : 1547
Join date : 2008-05-16

PostSubject: Tax Cuts   Sat Dec 23, 2017 7:47 am

Hey Thump,
Will the new tax changes allow you guys to file a standard deduction this year? If I did the math right, we are gonna come out much better than we did last year :-)

Seniors can still grab this tax break under the new tax law: the additional standard deduction.

The "Tax Cuts and Jobs Act," which President Donald Trump signed into law on Dec. 22, doubles the standard deduction to $12,000 for single filers and $24,000 for joint filers who are married.

The legislation also leaves intact the additional standard deduction for filers who are 65 and over or blind, allowing them to claim an additional $1,300 when they file their 2018 taxes.

This means that two married taxpayers who are both over 65 can lower their taxable income by an extra $2,600.

Single filers who are blind or over 65 are eligible for a $1,600 additional standard deduction, on top of the $12,000 they get from the new tax law.

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Posts : 2735
Join date : 2008-05-13
Location : Central Florida

PostSubject: Re: Tax Cuts   Mon Dec 25, 2017 12:13 pm

I haven't studied it yet so no real math
but I don't believe it means anything for the 2017 return
and only starts next year sometime after the first of Jan.

I also think from what I've read but cannot vouch for that
although they raised the standard deduction that they take
away another deduction worth $4500 each so not too
much there.  The new rate for our bracket is a little better
but I also believe it's going away in about 8 years so
maybe Ma should take out more from her retirement
accounts during the next 8 years.  We haven't talked  about
it yet though.

I'm old so I just hope the over 1 trilion addition to the
deficit each year doesn't hurt some people so bad that
this is no longer a fit place to live.
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