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Just a little heads up on taxes.
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Mbmaring
Posted 12/8/2018 07:56 (#7157106 - in reply to #7156999)
Subject: RE: Just a little heads up on taxes.



North west MN

Yes taxes are always fun. I was doing some tax planning and after 45 years of just paying the taxes and doing what what the tax professional suggested i decided to question it a little. Came up with 3 different scenarios. One that stuck out was  If I end up with a Taxable income 37,188 after taking the standard deduction I have a net total tax due of 22,580 or a 60% tax bracket with the taxable income at 37188?

Now that includes State tax of 4362 and a Social security tax of 14,130 because you pay Social security on the Adjusted Gross income I don't see much help from any tax cut here. 
If not planned for and the last half of the tariff payment comes it would more than double my income tax bill. I guess be ready to make another appointment with your accountant depending on what way the tariff payment goes and what year it is paid

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