Do you run a small biz from your home? Domaining business? Freelancer? Trade? Have friends or relatives that do? Guess what? Under the GOP tax cut bill:
- Home office deductions GO AWAY
- Job expenses deductions GO AWAY
- Child and dependent care expenses deductions GO AWAY
- Education expense deductions GO AWAY
How much will that add to your taxable income, along with the loss of state, local and property tax deductions?
Call your reps. Especially if they vote red.
I don’t understand what sort of $ and cents impact what you mention really has.
How much tax do you save Deducting a home office?
I was self employed for many years, started at home and grew and moved several times warehouses. I never wrote off a home office as per my accountant it is peanuts deduction. I paid for childcare out of pocket, no such deduction. Took a few classes and books, peanuts for deductions.
I paid megabucks in medical insurance premiums (pre-obamawelfaredisastercare.) Could never write that off either, fortunate to be healthy.
If the changes include removing Mortgage deductions and state taxes agreed that is B.S. on the middle class. That should not change, but dumping obamacare subsidized payments and charge a flat tax, problem solved.
If Gates, Soros, etc. really wanted to help Americans, they would donate to build some up to date hospitals with high tech equipment, urgent care clinics and free or low cost healthcare.
Hospitals I believe in the 50-60’s used to be church and religious based non profits, healthcare turned into this mess with the consumer cheating the insurance, the doctors overcharging and insurance refusing to pay and all based on wallstreet corporate profits. All parties are at fault.