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No one is going to get a tax deduction for $1200. AFter the tax act, you have to EXCEED $24,400 in deductions to even get any tax deduction. I am amazed at how many people still think they are getting a tax deduction from donations.
Yep. Generally, your legally allowable deductibles have to exceed the standard deduction of $12,200 (single) or $24,400 (married, filing jointly).
99% sure you are paying less total tax than you did before. Your paychecks most likely increased. He wanted the money to go directly in your pocket. He figured most people were smart enough to figure this out.
Many people are ridiculously stupid. Just accept that and it ends the frustration.
As to the issue at hand... For those who will be getting a stimulus check, yes, they're most likely already paying less in federal income tax. I don't qualify for a stimulus check AND my federal income tax has increased due to the $10,000 SALT deduction limit. I'm bearing the load for FAR too many.
I know you don't want to give Trump any cudos but Trump did have to sign it for it to pass.
Once each chamber has approved the bill, the legislation is sent to the President. ... When the President refuses to sign the bill, the result is called a veto. Congress can try to overrule a veto. To do this, both the Senate and the House must vote to overrule the President's veto by a two-thirds majority.
Not necessary true...if he doesn't/refuses to sign it with in ten days.... it will become law. He has to veto it before it to be sent back to congress.
I sure fired way to lose votes in November is not sign it.
Many people are ridiculously stupid. Just accept that and it ends the frustration.
As to the issue at hand... For those who will be getting a stimulus check, yes, they're most likely already paying less in federal income tax. I don't qualify for a stimulus check AND my federal income tax has increased due to the $10,000 SALT deduction limit. I'm bearing the load for FAR too many.
YOu wouldn't believe me if I told you how much federal tax I was paying this year.
Not using the government's play money will be good for future generations. Stop short-sighted thinking.
Being able bodied and frugal, I won't need it. I never accepted EIC when I qualified for it, either.
Sorry, but this is being insane.
That's your money. Why are you going to let the party that stole it from you keep it?
Yes, it isn't real money but it is the money we are forced to use at gunpoint.
Take it from them and give it to someone else.
My sister is mentally disabled. Has been since birth. I have her get her roughly $1,200 in benefits each month (odd coincidence that it matches up with the check amounts) even though I financially support her to live comfortably.
Why?
That's my money she's getting from the government anyway.
Government does create wealth. It only steals it and redistributes it.
No one is going to get a tax deduction for $1200. AFter the tax act, you have to EXCEED $24,400 in deductions to even get any tax deduction. I am amazed at how many people still think they are getting a tax deduction from donations.
Gifts to a non-qualified charity or nonprofit
For tax purposes, the law classifies charities and nonprofits according to their mission and organizational structure. ... Religious and charitable organizations fall under section 501(c)(3) and can receive tax-deductible donations. You must itemize on your tax return by filing Schedule A of IRS Form 1040 or 1040-SR.
In 2019, the standard deduction rose to $12,200 for individuals and $24,400 for married couples filing jointly
Government doesn't create wealth. It only steals it and redistributes it.
100% correct.
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