Gold Supporter
- Messages
- 6
- Reactions
- 12
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Why would you need to itemize if your standard deduction basically doubled?Tax deductible donations are a thing of the past. Our effective tax rate went up almost exactly 10% in one year from 2018 to 2019 because we were basically denied itemized deductions. My wife and I are incredulous that there hasn't been an uprising in response to this egregious money grab. I never thought in my lifetime I would see the mortgage interest deduction eliminated.
Thank you for the suggestion.If not just donate 30% less than the amount you were going to donate...problem solved.
Totally get it, I was just having fun anyway. Thank you for supporting NWFAThank you for the suggestion.
I don't wish to reduce my monthly donations. I am working on my tax return for 2019. I just want to claim donations here if they happen to be eligible, ie: 501(c)3
I don't really care how much the standard deduction has gone up as long as my effective tax rate went up by 10% on the same income. It's not rocket science. By itemizing all previous years in my working life since I became a home owner, I was able to always pay lower taxes than taking the standard deduction. However, never in all my working and tax-paying years have I been punished like this past year.Why would you need to itemize if your standard deduction basically doubled?
I don't really care how much the standard deduction has gone up as long as my effective tax rate went up by 10% on the same income. It's not rocket science. By itemizing all previous years in my working life since I became a home owner, I was able to always pay lower taxes than taking the standard deduction. However, never in all my working and tax-paying years have I been punished like this past year.
I would have someone else take a look at your tax situation. I use an enrolled agent when I have a tax question. Expensive, but worth it. When I had $30K in itemized deductions I was paying around 8% effective tax rate. My wife works for a school district now, so we're not paying $10K for health insurance anymore. Under the new laws, taking the standard deduction, my effective tax rate is zero thanks to the $4K (versus $2K) child tax credit I now enjoy. Even without that credit my effective rate would be around 5%.Well my effective tax rate is now about 33% and it's killing us. I have a CPA doing our taxes and she has done a great job every year. I don't know what the f&%k happened. All I know is now it seems we are just working to pay the feds and the state...
And my best friend ever just received a silver ring. (teehee)
Thank you my love The new sparkly band fits just right with the diamond and gold.
Happy wife, helping NWFA, what can one more ask for?