hectorteto

This might be off topic but I was just wondering if any of you would recommend a place to get my taxes done here in southern California?

Morris

Hector go to CalCPA.org, look under Resources to find a CPA, by zip or other parameters.

cosmomiller

Some 80-90% of Americans will see less money confiscated by the government. That does not count increased business investment and pay increases we have been reading about. This could really light the economy's fire.

Jet sitter

^Personally, I see a 25% tax reduction for next year.

Morris

^^ I wish I did. My federal tax will increase by 85%.

Legal Bill

That's clever. Care to explain how? I'm curious because i expected a similar fate, but instead I am looking at a 10 to 15% reduction.

Morris

I'll lose a chunk of my SALT deduction, (all but 10K) all my miscellaneous itemized deductions (like account management fees etc) and the personal exemptions will be gone ($8,100 this year). I did an estimate using tax software used by CPAs for thousands of clients, and the figure I gave was my tax increase. Two things, I did use the new tax brackets for 2018, and the deductions I lose apply to everyone reading this. Not clever, Bill, just factual.

SALT is state and local taxes

Jet sitter

Sounds like you need more charitable contributions. I'll send you my banking information.

Morris

I used the same charitable figure for my estimate that I gave in 2017. It's a decent figure, I do my part. I also donate all my time as treasurer of a 501(c)(3).

trapper

Looks like we'll see a reduction in our taxes also.
We'll be losing a fair amount in deductions but they've changed the income levels enough that I should still make out OK.

2018 Federal Tax Rates
Rate.......... Individuals................... Married Filing Jointly
10%........ Up to $9,525................... Up to $19,050
12%....... $9,526 to $38,700 ............ $19,051 to $77,400
22% ...... $38,701 to $82,500 ........ ... $77,401 to $165,000
24%.......... $82,501 to $157,500.. ..... $165,001 to $315,000
32%.......... $157,501 to $200,000...... $315,001 to $400,000
35%......... $200,001 to $500,000...... $400,001 to $600,000
37%........ over $500,000................... over $600,000