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Find out if your taxes are going up or down (1 Viewer)

With all the kitchen renovating that will be going on there may be a spike in related costs due to increased demand. Shark move is to get your bathrooms renovated... 

 
stbugs said:
Senate plan looks better for me by a lot but the other is pretty much just a kitchen renovation. 
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Well, that can be a ginormous difference. We're going to need to know the size of your kitchen, whether or not you're redoing the cabinets or replacing them and if new appliances are involved. Also, what is the level of friendship like with all of your buddies that are licensed contractors? I'm going to need this before I write my representatives. TIA

 
From CNN's Phil Mattingly

Senators are still debating over the GOP tax plan, but here are some details on what the legislation could include if it passes. (Note: Everything is fluid. This could change.)

State and local tax, also known as SALT, deduction will be restored. The Senate had proposed to repeal the deduction.

Pass-through taxes will be increased from 17.4% to 23%

Restore the Interest-Charge Domestic International Sales Corporation, or IC-DISC, to present law

Increase repatriation to 7% and 14%

Increase individual alternative minimum tax exemption amounts and phase-out thresholds in lieu of full repeal

Maintain the corporate alternative minimum tax exemption

 
sublimeone said:
With all the kitchen renovating that will be going on there may be a spike in related costs due to increased demand. Shark move is to get your bathrooms renovated... 
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I'm also moving all my investments into this sweet kitchen appliance etf that I found

 
Snotbubbles said:
I renovated my kitchen for $3000.  Removed drop ceiling and installed a permanent, put in recessed lighting, tiled backsplash, granite counters, new faucets, under mount sink.  The counters cost $2000, the rest was pretty cheap.
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:lmao:  no way in hell

granite counters alone would cost you 4-6k, at a bare ugly minimum. Cabinets are 8-10k for the cheap ones. You are straight up lying. 

 
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I don't know...I have 4 children:  2 under 14 and 2 over 17.  According to the link, under the current plan I get $0 back in child tax credit, but that's not true.

Fake news?

 
TheFanatic said:
Well, that can be a ginormous difference. We're going to need to know the size of your kitchen, whether or not you're redoing the cabinets or replacing them and if new appliances are involved. Also, what is the level of friendship like with all of your buddies that are licensed contractors? I'm going to need this before I write my representatives. TIA
Click to expand...
Nah, dude said I could remodel for a grand. Senate plan would allow me to remodel another 5 kitchens. 

 
TheFanatic said:
And granite counters in a small kitchen aren't that much money. 
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Yep. I’m redoing my third floor and got a 9 foot long piece installed today for $1k and that was about the same for when we redid a bedroom into an office for my wife. About the same length for a built in for her desk, bookshelves and TV. Both were small enough that we could pick from remnants and not have to buy a big slab.

 
"Ohh cmon guys, when I say renovated my kitchen I meant I got a giant pack of paper towels, bought a new (to me) microwave at a garage sale, stole some steak knives from Outback Steakhouse and kicked the hooker I got from backpages an extra 20 to sweep and mop it after we banged"

 
So you do need to do some extra calculations if you want to compare switching from itemized to standard or the other way around since it only compares rates using the same method. You need to subtract one federal tax bill from another between the 2 methods.

 
With the extra $ we will now be able to hire an illegal to clean the house. While it won't create a job, it will put more $ in the Mexican woman's pockets. Thanks Mr. Trump and thank you D's for allowing all these illegals to be in the country. D's & R's coming together.

 
Capella said:
:lmao:  no way in hell

granite counters alone would cost you 4-6k, at a bare ugly minimum. Cabinets are 8-10k for the cheap ones. You are straight up lying. 
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Maybe if you contract it out to Home Depot @General Malaise

We have a small kitchen but did ours for less than 5K gutted down to the studs. Granite was about $2K...i think $40/sq installed and included a sink.   Cabinets were Home Depot unfinished oak that we painted, maybe $1K tops.  New plumbing, flooring, drywall, etc me up the rest.

 
Sandeman said:
From CNN's Phil Mattingly

Senators are still debating over the GOP tax plan, but here are some details on what the legislation could include if it passes. (Note: Everything is fluid. This could change.)

State and local tax, also known as SALT, deduction will be restored. The Senate had proposed to repeal the deduction.

Pass-through taxes will be increased from 17.4% to 23%

Restore the Interest-Charge Domestic International Sales Corporation, or IC-DISC, to present law

Increase repatriation to 7% and 14%

Increase individual alternative minimum tax exemption amounts and phase-out thresholds in lieu of full repeal

Maintain the corporate alternative minimum tax exemption
Click to expand...
Trump would stand to lose millions if the pass-through tax rate went up 6%. We can’t have our dear leader reduced to eating at McDonalds because he can’t afford to put steak and ketchup on the table. Time to get out there to protest this proposal.

 
pecorino said:
Trump would stand to lose millions if the pass-through tax rate went up 6%. We can’t have our dear leader reduced to eating at McDonalds because he can’t afford to put steak and ketchup on the table. Time to get out there to protest this proposal.
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I think he prefers McDonalds.

 
lod001 said:
With the extra $ we will now be able to hire an illegal to clean the house. While it won't create a job, it will put more $ in the Mexican woman's pockets. Thanks Mr. Trump and thank you D's for allowing all these illegals to be in the country. D's & R's coming together.
Click to expand...
:lol:

 
Dan Lambskin said:
Maybe if you contract it out to Home Depot @General Malaise

We have a small kitchen but did ours for less than 5K gutted down to the studs. Granite was about $2K...i think $40/sq installed and included a sink.   Cabinets were Home Depot unfinished oak that we painted, maybe $1K tops.  New plumbing, flooring, drywall, etc me up the rest.
Click to expand...
If you just bought 50 feet of granite, then it just means you have a tiny kitchen.  I think our kitchen is miniscule and I taped it off and have 95 feet of surface area. 

 
My counter tops are 2 feet wide.   If I had 95 feet of surface area, that would give me 47.5 feet long of counter top.  That's barely enough room to make a sandwich.

 
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Got my taxes back today, my tax guy said if everything is the same we will get back about half as much back next year. 

 
Doctor Detroit said:
Um, the tax cuts apply to 2018 not 2017.  Your return was for 2017, HTH. 
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Exactly. I will try to explain this slowly because you like to jump to conclusions and fail at reading comprehension. 

I just got my 2017 return back, my tax guy said if everything stays the same, so income, deductions and such, that our return in 2018 will be cut in half under the new tax reform. 

Just to give you an example, if my 2017 return was 2000 dollars, I can anticipate my 2018 return to be about 1000. Assuming we have no major changes. 

Did you get all that or should I try again?

 
msudaisy26 said:
Exactly. I will try to explain this slowly because you like to jump to conclusions and fail at reading comprehension. 

I just got my 2017 return back, my tax guy said if everything stays the same, so income, deductions and such, that our return in 2018 will be cut in half under the new tax reform. 

Just to give you an example, if my 2017 return was 2000 dollars, I can anticipate my 2018 return to be about 1000. Assuming we have no major changes. 

Did you get all that or should I try again?
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You are really an angry guy.  Your first post was at the 8th grade writing level, so don't shoot the messenger if you aren't able to articulate your thoughts.  Eat something maybe?  Are you hypoglycemic? 

 
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