You forgot a big change: elimination of personal exemptions

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Nov 13, 2018
4:08:01pm

El Paso Coug All-American

You forgot a big change: elimination of personal exemptions

That was a deduction of around $4,000 per person. For a family of 6, that is $24,000 of income you don't get to deduct. The increase in the standard deduction is great as is the new child tax credit. Just realize that the elimination of the personal exemptions eats into the new benefits.

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El Paso Coug

Bio page: El Paso Coug
Joined: Dec 29, 2002
Last login: Apr 29, 2024
Total posts: 8,501 (26 FO)

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Messages

Author

Time

PSA: New tax changes for 2018 with tax season coming up

jrifkin48

11/12/18 5:12am

I had forgotten about the Child tax credit being increased

BulldogCoug79

11/12/18 5:20am

And by a $1000k. BYU Football needs to slip that into their season ticket ads

jrifkin48

11/12/18 5:26am

<< Deleted >>

supertux

11/12/18 5:31am

Is the child tax credit a refundable credit?

demon_llama

11/12/18 6:05am

Yes.

AeroCoug

11/12/18 6:11am

The refundable amount is $1400 though.

kcca

11/12/18 6:52am

One important change with the Child Tax Credit,

AeroCoug

11/12/18 6:06am

The tax changes were too sweeping and not what you'd expect from a fiscally

fbguru

11/12/18 6:37am

It’s a spending problem not a revenue problem. Unfortunately, I don’t believe

kcca

11/12/18 8:08am

And we the people are to blame. We all expect OUR congressman to bring $ home

jrifkin48

11/12/18 9:25am

2/3 of Federal Spending goes to SS, Medicare and Medicaid (mandated programs)

memento

11/12/18 9:38am

Every medicare expansion program seems to easily pass through both politicians

fbguru

11/12/18 10:25am

And don't forget interest on the national debt. In a few years that will cost

demon_llama

11/12/18 6:19pm

Will the SALT cap of $10k be raised in the future? That one sucks for me.

rainorsnow

11/12/18 6:16am

It’s called the “move to Nevada” cap.

Sandstone Cougar

11/12/18 8:01am

Also alimony will no longer be deductible after this year

coolcats

11/12/18 6:25am

Thanks for posting this stuff.

boogers

11/12/18 6:39am

Hypothetically speaking, if I make next to nothing and have 1 kid. Does that

Powerbait DPM studnt

11/12/18 6:49am

$1,400

rggee

11/12/18 7:49am

Additional PSA - Tax loss harvest now

memento

11/12/18 7:14am

And don’t forget the 20% small business pass through deduction!

11/12/18 7:20am

I haven’t yet gotten any saving from the lower brackets. That will come to me at

garyfan

11/12/18 7:41am

And the best one is the 20% pass through— but make sure you keep taxable income

Sandstone Cougar

11/12/18 8:02am

Yay for defecit growth!!! -Every responsible millennial who hates that they will end up paying for this crap

11/12/18 8:29am

Yep. Time to exceed tax cuts with spending cuts!

boogers

11/12/18 8:48am

Starting now, 1T annual budget deficits going forward. Early 80’s, the natl debt

MatthiasG

11/12/18 10:49am

With a gridlock government maybe we won't approve anyone's pet projects

jrifkin48

11/12/18 12:11pm

Deficit growth rate has been REDUCED since Trump took office

AZ Coug

11/12/18 6:04pm

Doesn't Understand taxes and Economics^^^^^^^^. How about Congress tighten their

CObluezone

11/13/18 5:08am

Why I vote Republican every election, without fail. GOP!!!

CObluezone

11/13/18 5:06am

You forgot a big change: elimination of personal exemptions

11/13/18 4:08pm

Most people here are probably in the 22% bracket. The upped child credit

molodyets

11/13/18 4:17pm

Morrgsge interest not deducted either right?

11/14/18 5:11pm

Still deductible. But the standard deduction went up meaning fewer

garyfan

11/14/18 5:23pm

To optimize you should alternate years when using the standard deduction

BYU'01

11/29/18 12:58pm

They still dinging people for not having health insurance?

buckeyecougarguy

11/13/18 5:03pm

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