I have enough itemized deductions, but it is still better to double pay.

Dec 15, 2018
12:40:03pm

Acorn All-American

It is primarily about mortgage interest, not total deductions. I paid off my mortgage in part because it is only tax deductible on some years. The tax benefit of mortgage interest is mostly gone for me.

This message has been modified

Originally posted on Dec 15, 2018 at 12:40:03pm

Message modified by Acorn on Dec 15, 2018 at 12:40:53pm

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Acorn

Bio page: Acorn
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Last login: Jun 7, 2024
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Messages

Author

Time

Double paying tithing just got better. Standard deduction raised to $24,400 MFJ

Acorn

12/15/18 12:01pm

<< Deleted >>

Abe Froman

12/15/18 12:07pm

I already go on and on and on for this subject. Worry you guys are tired of me.

Acorn

12/15/18 12:08pm

We are all friends

conflictedcoug

12/15/18 12:09pm

I'd like to see your spreadsheet too

DirtyWater

12/15/18 12:11pm

Please share the spreadsheet

PickleButton

12/15/18 12:14pm

^ why living in California is terrible in some ways

BertoChavez

12/15/18 12:15pm

Even worse. There is a cap on SALT of $10K

Acorn

12/15/18 12:20pm

Yep. And even with that it's still impossible for me to use Acorn's idea.

BertoChavez

12/15/18 2:02pm

I remember those days when I lived in California. Interest rates were 10 1/2%

Acorn

12/15/18 2:17pm

Yes I would be interested in your spreadsheet also.

Blue for Life

12/15/18 12:18pm

I'm running some calculations and it looks like I can save a couple hundred

Skeptical Optimist

12/15/18 12:23pm

Actually, I'm missing the sales tax deduction, so it doesn't make sense

Skeptical Optimist

12/15/18 12:26pm

SALT is capped at $10K. Once your mortgage interest approaches

Acorn

12/15/18 12:31pm

How many people who fall into your scenario have the money sitting around to pay

Chester Copperpot

12/15/18 12:23pm

This is CB, everyone has tons of money

cougarnerd

12/15/18 12:25pm

Here is how you get around that. Keep all of this years money in a separate

Blue for Life

12/15/18 12:26pm

That is exactly what just said, but you can't got back for 2018 if you haven't

Chester Copperpot

12/15/18 12:31pm

An alternative to that. This year you pay your tithing like normal

Acorn

12/16/18 7:30am

Anyone with a two month emergency fund

Acorn

12/15/18 12:26pm

Maybe, but most people live paycheck to paycheck and right now at Christmas most

Chester Copperpot

12/15/18 12:30pm

Just because you miss this year, start planning for the future.

Acorn

12/15/18 12:34pm

It is a good strategy and I agree with everything you are saying. I have found

Chester Copperpot

12/15/18 12:37pm

I have enough itemized deductions, but it is still better to double pay.

Acorn

12/15/18 12:40pm

That is what I meant. Many have $10,000 in SALT and Property taxes plus

Chester Copperpot

12/15/18 12:41pm

Agree. There are quite a few on CB that have paid down or paid

Acorn

12/15/18 12:43pm

Can you share the Excel sheet or upload it to Google drive and

molodyets

12/15/18 12:24pm

Yes please

PickleButton

12/15/18 12:31pm

Pretty please!

gmj81

12/15/18 12:43pm

I love the financial tips. Thanks!

Lalau

12/15/18 12:26pm

This is a practice called "bunching." If you plan to make significant charitable

RealTexan Coug

12/15/18 1:25pm

The donor advised fund is a little more context than just bunching. But yeah,

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