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CO Horn

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Everything posted by CO Horn

  1. CO Horn

    Tax reform

    https://www.forbes.com/sites/seanpackard/2019/02/28/harper-signs-with-philly-against-his-tax-advisors-advice/#183675005896 Hmm....
  2. CO Horn

    Tax reform

    Athletes pay taxes in every location that they play games, so while th CA taxes are an issue, he would have paid some CA tax regardless. I’m sure NY taxes, including NYC, are more than CA and it doesn’t to seem to be an issue for the Yankees.
  3. We have fiber internet service from our city owned utility company. 1GB for $50/month forever. Prior to that I was paying $80 to Comcast for 10MB. At work we pay $100/month for 50MB down/10Mb up. Other cities in Colorado are looking at doing the same.
  4. He's definitely not doing anything illegal under the law, but the clergy housing rules need to be looked at.
  5. CO Horn

    Tax reform

    Again, few people have a higher tax liability with the new tax law. People equate a tax cut with larger refunds and this is not happening for most W-2 employees because of the wage withholding tables. The W-4 still asks for the number of allowances that you are claiming. There are no longer personal exemptions, so not sure why the number of allowances makes a difference, other than the increased child tax credit. The IRS should have considered this when adjusting the wage withholding tables. To my knowledge, they still have not corrected this.
  6. CO Horn

    Tax reform

    I'm lean pretty far-left leaning. but a single taxpayer earning $70K is probably paying $9K in taxes. The tax cut reduces that to say $7,300 in your example. It your saying that for it to be beneficial the tax cut would need to be 10% of gross, that would be a $7K reduction in tax for a tax liability of $2k. If we assume that all they get is the standard deduction, that would be $58K of taxable income, so a 3.5% tax bracket for single taxpayers on taxable income up to $58K seems rather low.
  7. CO Horn

    Tax reform

    Again, most of the pain that individuals will feel is related to the IRS fucking up the withholding tables. However, most of the blame lies with Treasury because they instructed the IRS to modify the tables. In my experience, more than 95% of my clients will benefit from the tax law changes. If people owe taxes, it is likely related to not having enough withheld in taxes or having a change in income which increased there liability. In terms of income, I'm probably in the top 2%, and if my income were the same, my taxes are going to decrease by about $15K, largely due to being able to claim a $6K child tax credit, not being subject to AMT, and the QBI deduction. Also, I'm 100% against the new tax law.
  8. CO Horn

    Tax reform

    I like Brew, am a CPA. I have about 250-300 individual returns. Last year we did a tax projection for their 2018 tax liability, assuming 2018 income would be the same as 2017 income. I had probably 3-5 clients that would have a higher liability under the new tax law. These were all individuals that high misc itemized deductions, that are no longer allowed (brokerage fees and unreimbursed employee expenses) If people owe tax, it’s likely a function of the new withholding tables that withheld less in taxes, or additional sources of income. None of my clients were impacted by the SALT limitation. Personally, with being able to claim the child tax credit, and QBI deduction, my overall tax liability will be about 10-15 less than in 2017.
  9. Has anyone normally hit by AMT done the maths yet? Since I live in a low SALT area I'm expecting no pain using just the standard deduction, but I'm getting mixed answers from peers across the country. The SALT limitation along with the increased phaseout of the AMT exemption means a large majority of the people previously subject to AMT no longer will be.
  10. 30k in deductions for? Also, if you sold house for at least $250k, you should probably report and exclude the gain to avoid a potential IRS Notice.
  11. WTF does a Prius have to do with it? Nice job Jess.
  12. Again, it says"registered to vote foreign nationals" not "noncitizens voting" There is nothing showing they actually voted, nor that they were Hispanic.
  13. I’ll bite. There are currently 10 Federal Holidays. Of these only 6 do most companies close. I don’t think many businesses would close if they made Election Day a National Holiday. Not saying I’m against it, just don’t see the point.
  14. 20% of qualified tuition and fees up to $10K, so not $200, $2000.
  15. With the current state of technology, the cost of automating certain job functions is cost effective even at the current minimum wage level
  16. I don't buy the argument that an increase in the minimum wage will lead to automation. Automation will occur regardless of whether there is an increase in minimum wage.
  17. There are still education credits (Lifetime Learning Credit).
  18. That omelet must take a long time to make to justify a $14 increase due to the increased cost of labor!!
  19. I agree with this article as it relates to Seattle. Colorado increased the minimum wage by $2.70 over three years, from $9.30, to $12. A lot of businesses complained initially, but I don't think the concerns have played out.
  20. A list of foreign-born people, that must be illegals and need to be deported. Melania Trump Sebastian Gorka Elaine Chao Dan Crenshaw Mark Meadows Ted Cruz oh and Icono
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