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If you live in Texas, SALT doesn't even affect you since the state tax rate is zero.
So we’ve come to the point in which we establish you don’t understand the topic well enough to give advice. Add the fact that I’m going pretty good with math it doesn’t look like you could be of value to me
So we’ve come to the point in which we establish you don’t understand the topic well enough to give advice. Add the fact that I’m going pretty good with math it doesn’t look like you could be of value to me
Well, then instead of taking the FREE advice of s stranger on the internet trying to HELP you, maybe you should go PAY someone for advice.
There's often a surcharge on taxes for sales, real estate, and property for an incorporated community above that levied by the state. The big thing for most people deducting sales taxes would probably be the car or the recreational vehicle. Some states require you add back on the state income tax deducted on the federal return. That's going to be convoluted for preparing the state return. The IRS reports the figure to the states.
I am married and no I am not in a blue state. My property taxes are over 10k and therefore the amount I can deduct is limited, I lose the ability to deduct my sales tax and I have lost 8100 in the personal exemption. The delta in marginal rates is not sufficient to cover the amount my taxable income increased yoy
When push comes to shove, what really matters is your effective tax rate, not your marginal tax rate.
You're kind of quibbling over nothing if your AGI is $200K. On a joint return, the 24% bracket goes up to $315K. If you had some heroic deductions, it would knock you down to $165K where the 22% bracket ends.
When push comes to shove, what really matters is your effective tax rate, not your marginal tax rate.
You're kind of quibbling over nothing if your AGI is $200K. On a joint return, the 24% bracket goes up to $315K. If you had some heroic deductions, it would knock you down to $165K where the 22% bracket ends.
So with a basic understanding of how taxes are calculated, gross income of 200k in both years and I pay more taxes in 2018 than 2017 did my effective rate go up or down? It will go up and never did I mention marginal rates as I’m aware they aren’t what’s important
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