New Trump Tax Plan Passes- Good For LLc’s. - Business - Contractor Talk

New Trump Tax Plan Passes- Good For LLc’s.

 
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Old 12-15-2017, 05:58 PM   #1
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New Trump Tax Plan Passes- Good For LLc’s.


So far this new plan looks good for guys that have LLc’s which most contractors are..
gonna look into this more. So far, it looks good.
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Old 12-21-2017, 07:56 PM   #2
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Re: New Trump Tax Plan Passes- Good For LLc’s.


I haven't reviewed yet, but thought I heard 9% tax rate on the fisrt 70 or 75k of profit on pass thrus like S-corp and LLC's that will be AMAZING!

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Old 12-21-2017, 08:05 PM   #3
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Re: New Trump Tax Plan Passes- Good For LLc’s.


It'll be great until the debt piles up, working middle class can't deduct housing expenses on the east and west coast, and interest rates rise causing a recession and building stops from 2019-2022.
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Old 12-21-2017, 08:55 PM   #4
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Re: New Trump Tax Plan Passes- Good For LLc’s.


A 750k mortgage is "working middle class"? It's amazing how much spin the media can put on something.
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Old 12-21-2017, 08:56 PM   #5
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Re: New Trump Tax Plan Passes- Good For LLc’s.


We need a constitutional amendment that limits the federal government to a certain % of gpd and requires equal taxation.
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Old 12-21-2017, 09:03 PM   #6
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Re: New Trump Tax Plan Passes- Good For LLc’s.


Biggest tax break in 30 years...29 years ago was a major recession.
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Old 12-21-2017, 09:12 PM   #7
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Re: New Trump Tax Plan Passes- Good For LLc’s.


Quote:
Originally Posted by Metro M & L View Post
It'll be great until the debt piles up, working middle class can't deduct housing expenses on the east and west coast, and interest rates rise causing a recession and building stops from 2019-2022.
Projected 1T over 10 years. Much less debit than 750B a year over the last 8 years.

They can deduct up to 750K in interest and 10K in taxes.

We'll see what the fed does.

Tom
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Old 12-21-2017, 09:13 PM   #8
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Originally Posted by Peter_C View Post
Biggest tax break in 30 years...29 years ago was a major recession.
With 18% interest rates.
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Old 12-21-2017, 09:18 PM   #9
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Biggest tax break in 30 years...29 years ago was a major recession.
I recall the recession in the late 70's early 80's. Had one of those double digit interest rate mortgages. The '90's recession was child's play comparatively.

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Old 12-21-2017, 09:59 PM   #10
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Re: New Trump Tax Plan Passes- Good For LLc’s.


I've only lived in Illinois and in California so I only know what property taxes and state income taxes are in those states. It's actually a tax increase for these two states as they have income tax and relatively high property taxes. I did the numbers today and it's a tax increase for me. You can't buy a house in my modest area for much less than 750K period. If they cap property tax and income tax deductions at 10K ( the number I read) total I'm going to be federally taxed on more money. I looked at the new income tax rates and I am basically a couple points lower on that but taxed on more money. It's going to be better for people in states with low or no income tax and low property values. Correct me if I'm wrong but once it's passed through it's personal income. I don't know many contractors who pay corporate tax as most of us don't make enough money so that means nothing to me
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Old 12-21-2017, 10:08 PM   #11
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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I've only lived in Illinois and in California so I only know what property taxes and state income taxes are in those states. It's actually a tax increase for these two states as they have income tax and relatively high property taxes. I did the numbers today and it's a tax increase for me. You can't buy a house in my modest area for much less than 750K period. If they cap property tax and income tax deductions at 10K ( the number I read) total I'm going to be federally taxed on more money. I looked at the new income tax rates and I am basically a couple points lower on that but taxed on more money. It's going to be better for people in states with low or no income tax and low property values. Correct me if I'm wrong but once it's passed through it's personal income. I don't know many contractors who pay corporate tax as most of us don't make enough money so that means nothing to me
Intrest is 750K.

Depends on where you're at in Illinois. Not all areas are property taxed at a high rate.

I left one of the high rate areas for NWI.

Tom
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Old 12-21-2017, 10:56 PM   #12
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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It'll be great until the debt piles up...
Seems no matter who is in office (although to varying degrees), the debt increases, so since the politicians won't put themselves in a balanced budget situation (like the rest of us have to), at the very least, EVEN IF tax revenue didn't increase, which is will, I'd much rather have the money in the peoples pocket who earned it than the black hole of government...
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Old 12-21-2017, 11:36 PM   #13
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Re: New Trump Tax Plan Passes- Good For LLc’s.


the poster above is correct that you can deduct the interest on up to 750K. but you can only deduct 10K total for state and local income tax and property tax combined. that's gonna hurt. I'll see how it works out but it doesn't pencil out as a cut for many. I hope i'm proved wrong
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Old 12-22-2017, 06:11 AM   #14
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Re: New Trump Tax Plan Passes- Good For LLc’s.


this may explain it a little
https://nypost.com/2017/12/21/nancy-...ill-delusions/
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Old 12-22-2017, 06:56 AM   #15
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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the poster above is correct that you can deduct the interest on up to 750K. but you can only deduct 10K total for state and local income tax and property tax combined. that's gonna hurt. I'll see how it works out but it doesn't pencil out as a cut for many. I hope i'm proved wrong
At least the rest of us won't b subsidizing those high tax states any longer. Maybe it's time those of you in those states, start voting in different politicians.
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Old 12-22-2017, 08:34 AM   #16
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Re: New Trump Tax Plan Passes- Good For LLc’s.


Don't worry we pay our way. California pays way more into the federal treasury than they get back and that's a fact.
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Old 12-22-2017, 08:39 AM   #17
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Re: New Trump Tax Plan Passes- Good For LLc’s.


Quote:
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the poster above is correct that you can deduct the interest on up to 750K. but you can only deduct 10K total for state and local income tax and property tax combined. that's gonna hurt. I'll see how it works out but it doesn't pencil out as a cut for many. I hope i'm proved wrong
How many is many? I've heard just over 80%.

Maybe those high tax rate states will reduce some of those taxes

Tom
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Old 12-22-2017, 08:39 AM   #18
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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At least the rest of us won't b subsidizing those high tax states any longer. Maybe it's time those of you in those states, start voting in different politicians.
Where did you get that information???? Snapple bottle cap?
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Old 12-22-2017, 09:22 AM   #19
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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At least the rest of us won't b subsidizing those high tax states any longer. Maybe it's time those of you in those states, start voting in different politicians.


Missouri gets more than it pays.
That makes your state a Welfare Queen.
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Old 12-22-2017, 09:27 AM   #20
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Re: New Trump Tax Plan Passes- Good For LLc’s.


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Projected 1T over 10 years. Much less debit than 750B a year over the last 8 years.

They can deduct up to 750K in interest and 10K in taxes.

We'll see what the fed does.

Tom


They didn't magically balance the budget this year.
That $1.5 trillion cut will be on top of the yearly $750billion imbalance in the day to day running of the country.

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