New Tax Law

[Newsdreams]

I'm pretty sure they left some sort of loophole for companies. The new tax law is really about big companies. The lower taxes for individuals is only temporary.

[Mr. Sand-Knit]

I'm pretty sure they left some sort of loophole for companies. The new tax law is really about big companies. The lower taxes for individuals is only temporary.

Huge fin eye roll here, an absolutely amazing tax cut that will significantly benefit 99.9 % of all Americans in a big way is knocked for really being about big companies only and that it runs out in 8 years.  Watching the wrong channels or websites bro.

Most people like the writeoffs but its not gonna keep them from going to the games, it was just a bonus.  Corps will just expense it as advertising.

[SERocks]

Huge fin eye roll here, an absolutely amazing tax cut that will significantly benefit 99.9 % of all Americans ....

Only about 10 days left of tax season and from what I have seen the majority are benefiting (but no where near 99.9%).  It really is very dependent upon their individual tax circumstances and a lot of the benefit I see I would not describe as significant.  We also have a fair number of clients that will owe more in taxes.  I probably should have kept some type of stats as this is just my read from the sheets we are giving our clients showing how the new law impacts them.  Also, perhaps our client base does not represent typical America (but I am pretty certain it does).  The new law is what it is....and in my opinion did not go far enough for the majority of Americans.

[Benny B]

For a bunch of people who are pretty sure or not so sure of themselves, I’m pretty sure not one of you knows for sure if you’re sure.

[79Warrior]

Huge fin eye roll here, an absolutely amazing tax cut that will significantly benefit 99.9 % of all Americans in a big way is knocked for really being about big companies only and that it runs out in 8 years.  Watching the wrong channels or websites bro.

Most people like the writeoffs but its not gonna keep them from going to the games, it was just a bonus.  Corps will just expense it as advertising.

You might want to get your facts straight before you assume 99.9% of Americans make out in “a big way”.

[We R Final Four]

Watching the wrong channels or websites bro.

Fake news?

[Mr. Nielsen]

Bingo! 

[MomofMUltiples]

Only about 10 days left of tax season and from what I have seen the majority are benefiting (but no where near 99.9%).  It really is very dependent upon their individual tax circumstances and a lot of the benefit I see I would not describe as significant.  We also have a fair number of clients that will owe more in taxes.  I probably should have kept some type of stats as this is just my read from the sheets we are giving our clients showing how the new law impacts them.  Also, perhaps our client base does not represent typical America (but I am pretty certain it does).  The new law is what it is....and in my opinion did not go far enough for the majority of Americans.

Respect your expertise and your hard work this season. However, the new tax law isn’t applicable until 2018 taxes. We won’t know the outcome until next tax season. Only going to politely point that out and not further the political conversation on whether or not it is good for current or future taxpayers. Suggest you all do the same before Wocky shuts this down.

[ZiggysFryBoy]

Only about 10 days left of tax season and from what I have seen the majority are benefiting (but no where near 99.9%).  It really is very dependent upon their individual tax circumstances and a lot of the benefit I see I would not describe as significant.  We also have a fair number of clients that will owe more in taxes.  I probably should have kept some type of stats as this is just my read from the sheets we are giving our clients showing how the new law impacts them.  Also, perhaps our client base does not represent typical America (but I am pretty certain it does).  The new law is what it is....and in my opinion did not go far enough for the majority of Americans.

I sincerely hope you are not a CPA.

[GGGG]

Huge fin eye roll here, an absolutely amazing tax cut that will significantly benefit 99.9 % of all Americans in a big way is knocked for really being about big companies only and that it runs out in 8 years.  Watching the wrong channels or websites bro.

Most people like the writeoffs but its not gonna keep them from going to the games, it was just a bonus.  Corps will just expense it as advertising.

If you itemize in a state with high SALT taxes, you will likely lose money under this new law. 

[bilsu]

Respect your expertise and your hard work this season. However, the new tax law isn’t applicable until 2018 taxes. We won’t know the outcome until next tax season. Only going to politely point that out and not further the political conversation on whether or not it is good for current or future taxpayers. Suggest you all do the same before Wocky shuts this down.

I am not the original poster.
I am a CPA. On our system we can run a tax projector under the new tax law. We can leave the income and deductions the same as 2017 or adjust it for expected changes in income and/or deductions. Generally the tax projections I have run show that if the tax law took had taken effect in 2017 instead of 2018 most people would of paid less tax.

[TAMU, Knower of Ball]

All I know is my return was about the half the size it was last year, so I'm still waiting for these great benefits that were promised.

[Smokin' Jae]

All I know is my return was about the half the size it was last year, so I'm still waiting for these great benefits that were promised.

Yeah, once again, new tax law had minimal to no effect on this years tax returns. Doesn’t kick in until next years taxes

[SERocks]

I sincerely hope you are not a CPA.

What on earth does that mean?

[Newsdreams]

Yeah, once again, new tax law had minimal to no effect on this years tax returns. Doesn’t kick in until next years taxes

Yes and it will be temporary for individuals and add over a trillon to the deficit. Very wonderful!!

[ZiggysFryBoy]

What on earth does that mean?

Your statement about how most tax returns are unchanged or up (one of the two) when the new tax laws don't go into effect until 2018 tax year was pretty glaring.

[WarriorDad]

Yeah, once again, new tax law had minimal to no effect on this years tax returns. Doesn’t kick in until next years taxes

Yes.  Our accountant ran a pro forma and his clientele about 88% will pay less next year, but this isn't a 2018 situation. 

From the Tax Policy Center (Urban Institute and Brookings)  http://www.taxpolicycenter.org/taxvox/tcja-would-cut-taxes-average-1600-2018-most-benefits-going-those-making-300000-plus

"About 80 percent of households would get a tax cut while about 5 percent would pay more in 2018 (the rest would pay roughly the same as under current law). Among middle-income households, about 90 percent would pay less and 7 percent would pay more. Despite the many changes in the law that affect low- and moderate-income households, about 45 percent of low-income households would pay roughly the same amount of tax as they do today"

[TAMU, Knower of Ball]

Yeah, once again, new tax law had minimal to no effect on this years tax returns. Doesn’t kick in until next years taxes

Yep, like I said still waiting.

[SERocks]

Your statement about how most tax returns are unchanged or up (one of the two) when the new tax laws don't go into effect until 2018 tax year was pretty glaring.

Wow.  You clearly do not know how to read and for those that seem to think I don't know the difference between 2018 and 2017 these were projections of 2018 if their income and deductions remained the same.  I stand by my original post.

[#UnleashSean]

I for one really enjoy this tax law debate.

[TheREALwrk]

Came looking for season ticket update, got stupid tangential debate instead #OffseasonScoop

[rocky_warrior]

OK.  Some useful information here.  But will likely get more political, so split and locked.