Prepaying taxes

[teejk]

part of getting that 24k is you losing the state and local tax credit.

Huh? On the federal level there is no such thing. On the state/local level (like Wisconsin) nothing has changed unless your state/local people did something in the past month and we'll still get our property tax credit against our Wisconsin taxes. On that point, I'll repeat that this law FAILED on "simplification". We will most likely have to produce a "pro-forma" Federal schedule A to attach to the Wisconsin form (so much for that postcard thing).

 

[aczlan]

Its nice to get a tax break for charitable giving, but i would give even if it wasn't deductible, and i think most others will to.

Same here.

Huh? On the federal level there is no such thing. On the state/local level (like Wisconsin) nothing has changed unless your state/local people did something in the past month and we'll still get our property tax credit against our Wisconsin taxes. On that point, I'll repeat that this law FAILED on "simplification". We will most likely have to produce a "pro-forma" Federal schedule A to attach to the Wisconsin form (so much for that postcard thing).

It used to be that you could take your State Taxes as a deduction on your Federal Taxes, that is now going away (or being limited to $10,000).

Aaron Z

 

[murph1]

Thanks aczlan I guess I lost the art of communication today.

 

[Steppenwolfe]

Got an email from my accountant today, he is at a two day seminar for this new tax bill ( can't really call it a plan, can you?). Anyway, no one knows exactly what is in this bill, how it will effect most of us, ( working stiffs ), and how to prepare for it. He says wait a few months till it all shakes out...

 

[goeduck]

Car donations were huge at one time... but now they are sold and the proceeds reported so this has made the numbers realistic as to value...
...[/QUOTE

I have donated two cars to charity since the new regulations went into effect but I will not do it again. The amount they got on the auction was BOTTOM dollar. The tires were worth more. I thought the first was a fluke but after the second, never again. I would rather donate in other means.

 

[goeduck]

Same here.

It used to be that you could take your State Taxes as a deduction on your Federal Taxes, that is now going away (or being limited to $10,000).

Aaron Z

It has never made sense to me that you could not deduct dollar for dollar your local and state taxes from your federal taxes. You don’t have the money, the state and local governments do, so why should you be taxed on it? I sure hope this tax restructuring works out or it will test my conservative roots.

 

[wngsprd]

Further to that point, I give money to the NRA which is never tax deductible, rather I just do it.

You are right about contributions to the NRA, but The NRA Foundation is a 501(c)(3) charitable organization. Contributions are tax-deductible to the full extent allowed by law. The NRA Foundation Tax ID number is: 52-1710886.

 

[wngsprd]

The NRA Foundation | Home

 

[teejk]

The NRA Foundation | Home

I contribute to the "mother" organization because they fight the fights. I think the foundation does the shooting education things.

 

[buckeyefarmer]

You are right about contributions to the NRA, but The NRA Foundation is a 501(c)(3) charitable organization. Contributions are tax-deductible to the full extent allowed by law. The NRA Foundation Tax ID number is: 52-1710886.

I should join. I was married 15 yrs before I found out my wife is a life member. Her dad signed her up when she was young.