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

 
Thread Tools Search this Thread Display Modes
Old 12-22-2017, 10:32 AM   #21
Pro
 
tjbnwi's Avatar
 
Trade: Remodeling
Join Date: Feb 2009
Location: Cedar Tucky, Indiana
Posts: 8,049
Rewards Points: 3,630

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


Quote:
Originally Posted by TimNJ View Post
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.
2018 budget is proposed less than 2017.

2017-4.17T
2018-4.09T

80B in costs cuts.

Tom
tjbnwi is online now  

Warning: The topics covered on this site include activities in which there exists the potential for serious injury or death. ContractorTalk.com DOES NOT guarantee the accuracy or completeness of any information contained on this site. Always use proper safety precaution and reference reliable outside sources before attempting any construction or remodeling task!

   

Advertisement

 

Old 12-22-2017, 10:51 AM   #22
Pro
 
KAP's Avatar
 
Trade: Custom
Join Date: Feb 2011
Posts: 9,513
Rewards Points: 27,826

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


Quote:
Originally Posted by TimNJ View Post
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.
Well since we're extrapolating the numbers, $1.5 trillion over 10 years is only 3.75% of the $42 TRILLION dollars they will take in during that time... now this assumes the budget stays at it's current level of $4.2 trillion (it doesn't) and and never increases and does not take into account of baseline budgeting NOR increased revenues from growth...

Considering the spending power of the federal government, if they can't figure out how to trim 3.75% to "pay" for giving us our own money back, which would be even smaller if they eliminated baseline budgeting and didn't SPEND the coming increased revenues, exactly why are we paying them six-figure salaries, outstanding bene's, out of line expense accounts, and HUGE retirement packages for so little work again?...

Exactly how incompetent do they have actually have to be before they are held to account?...

Last edited by KAP; 12-22-2017 at 01:01 PM.
KAP is offline  
The Following User Says Thank You to KAP For This Useful Post:
Tom M (12-22-2017)
Old 12-22-2017, 02:08 PM   #23
Hair Splitter
 
TNTSERVICES's Avatar
 
Trade: General
Join Date: Aug 2010
Location: Naperville, IL
Posts: 17,693
Rewards Points: 3,796

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


Quote:
Originally Posted by Windowcentric View Post
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.
Depends on the LLC and how is setup.

Sent from my SM-N950U using Tapatalk
__________________
Tried & True on Facebook
Tried & True Website
Quote:
Originally Posted by CarpenterSFO View Post
You ask for your money frequently, and you collect it quickly, else you stop working immediately.
TNTSERVICES is offline  
The Following User Says Thank You to TNTSERVICES For This Useful Post:
Golden view (12-22-2017)
   
 
Old 12-22-2017, 02:09 PM   #24
Hair Splitter
 
TNTSERVICES's Avatar
 
Trade: General
Join Date: Aug 2010
Location: Naperville, IL
Posts: 17,693
Rewards Points: 3,796

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.
Debt isn't created by reducing the money the govt steals from its people. It's created by spending. Now it's time to reduce the budget.


Also, every time taxes have been cut tax revenue had increased.

Sent from my SM-N950U using Tapatalk
__________________
Tried & True on Facebook
Tried & True Website
Quote:
Originally Posted by CarpenterSFO View Post
You ask for your money frequently, and you collect it quickly, else you stop working immediately.
TNTSERVICES is offline  
The Following 2 Users Say Thank You to TNTSERVICES For This Useful Post:
Fouthgeneration (12-23-2017), Tom M (12-22-2017)
Old 12-22-2017, 02:11 PM   #25
Hair Splitter
 
TNTSERVICES's Avatar
 
Trade: General
Join Date: Aug 2010
Location: Naperville, IL
Posts: 17,693
Rewards Points: 3,796

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


Quote:
Originally Posted by calmod View Post
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
But why should states who don't have high property tax or state income subsidize those that do?

Sent from my SM-N950U using Tapatalk
__________________
Tried & True on Facebook
Tried & True Website
Quote:
Originally Posted by CarpenterSFO View Post
You ask for your money frequently, and you collect it quickly, else you stop working immediately.
TNTSERVICES is offline  
The Following 2 Users Say Thank You to TNTSERVICES For This Useful Post:
Fouthgeneration (12-23-2017), NDW (12-23-2017)
Old 12-22-2017, 02:12 PM   #26
Hair Splitter
 
TNTSERVICES's Avatar
 
Trade: General
Join Date: Aug 2010
Location: Naperville, IL
Posts: 17,693
Rewards Points: 3,796

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


Quote:
Originally Posted by calmod View Post
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
Creating a corporation has nothing to do with revenue. I started my company as an S-Corp.

Sent from my SM-N950U using Tapatalk
__________________
Tried & True on Facebook
Tried & True Website
Quote:
Originally Posted by CarpenterSFO View Post
You ask for your money frequently, and you collect it quickly, else you stop working immediately.
TNTSERVICES is offline  
Old 12-22-2017, 02:12 PM   #27
Hair Splitter
 
TNTSERVICES's Avatar
 
Trade: General
Join Date: Aug 2010
Location: Naperville, IL
Posts: 17,693
Rewards Points: 3,796

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


Quote:
Originally Posted by calmod View Post
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
It's not the feds fault a state had high taxes.

Sent from my SM-N950U using Tapatalk
__________________
Tried & True on Facebook
Tried & True Website
Quote:
Originally Posted by CarpenterSFO View Post
You ask for your money frequently, and you collect it quickly, else you stop working immediately.
TNTSERVICES is offline  
Old 12-22-2017, 02:14 PM   #28
Hair Splitter
 
TNTSERVICES's Avatar
 
Trade: General
Join Date: Aug 2010
Location: Naperville, IL
Posts: 17,693
Rewards Points: 3,796

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


Quote:
Originally Posted by rrk View Post
Where did you get that information???? Snapple bottle cap?
What do you mean? States with an income tax can deduct their state income tax from their earnings. That means they don't have to pay that tax to the feds. State's that done have a state income tax have to make up for that loss. Pretty simple concept.

Sent from my SM-N950U using Tapatalk
__________________
Tried & True on Facebook
Tried & True Website
Quote:
Originally Posted by CarpenterSFO View Post
You ask for your money frequently, and you collect it quickly, else you stop working immediately.
TNTSERVICES is offline  
The Following User Says Thank You to TNTSERVICES For This Useful Post:
NDW (12-23-2017)
Old 12-23-2017, 05:29 AM   #29
Pro
 
rrk's Avatar
 
Trade: remodeling
Join Date: Apr 2012
Location: new jersey
Posts: 4,738
Rewards Points: 2,076

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


Quote:
Originally Posted by TNTSERVICES View Post
What do you mean? States with an income tax can deduct their state income tax from their earnings. That means they don't have to pay that tax to the feds. State's that done have a state income tax have to make up for that loss. Pretty simple concept.

Sent from my SM-N950U using Tapatalk
He was talking about his state Missouri supporting eastern states like NJ, when actually it is the other way around. NJ federal tax payers get back 61 cents on the dollar of every tax dollar going to DC, the lowest return in the nation
rrk is offline  
The Following User Says Thank You to rrk For This Useful Post:
jlhaslip (12-24-2017)
Old 12-23-2017, 05:58 AM   #30
The Finisher
 
lawndart's Avatar
 
Trade: Carpentry
Join Date: Dec 2006
Location: New York
Posts: 1,396
Rewards Points: 668

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


Quote:
Originally Posted by pinwheel View Post
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.
That is an incredibly dumb statement. Perhaps you can explain how the good ole state of Missouri subsidizes the people who live in NY and CA?

I voted for Trump BTW.
lawndart is offline  
The Following User Says Thank You to lawndart For This Useful Post:
Metro M & L (12-23-2017)
Old 12-23-2017, 06:01 AM   #31
The Finisher
 
lawndart's Avatar
 
Trade: Carpentry
Join Date: Dec 2006
Location: New York
Posts: 1,396
Rewards Points: 668

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


Quote:
Originally Posted by jhark123 View Post
A 750k mortgage is "working middle class"? It's amazing how much spin the media can put on something.
Around here and in many parts of the country a $750K mortgage is middle class.
lawndart is offline  
The Following 2 Users Say Thank You to lawndart For This Useful Post:
Metro M & L (12-23-2017), rrk (12-23-2017)
Old 12-23-2017, 06:03 AM   #32
The Finisher
 
lawndart's Avatar
 
Trade: Carpentry
Join Date: Dec 2006
Location: New York
Posts: 1,396
Rewards Points: 668

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


Quote:
Originally Posted by rrk View Post
He was talking about his state Missouri supporting eastern states like NJ, when actually it is the other way around. NJ federal tax payers get back 61 cents on the dollar of every tax dollar going to DC, the lowest return in the nation
I was going to rip him but I see many others have already.
lawndart is offline  
The Following 2 Users Say Thank You to lawndart For This Useful Post:
Metro M & L (12-23-2017), rrk (12-23-2017)
Old 12-23-2017, 06:10 AM   #33
Pro
 
AllanE's Avatar
 
Trade: Home Builder
Join Date: Apr 2010
Posts: 228
Rewards Points: 513

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


The change in the top tax rate saves me about $30,000 in taxes. The new Sec 199A deduction for S-Corps, LLC's, sole proprietors is a bit hard to figure out, but it might be another $20,000 or even more in savings, even after the Sec 199 is now done away with. The Sec 199 for contractors was an $83,000 deduction for me last year and a $114,000 the year before.
__________________
http://aedwards.com
AllanE is offline  
Old 12-23-2017, 08:41 AM   #34
Focusing on solutions.
 
pinwheel's Avatar
 
Trade: hardwood floor contractor & so much more
Join Date: Dec 2009
Location: Missouri
Posts: 4,559
Rewards Points: 1,344

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


Quote:
Originally Posted by lawndart View Post
I was going to rip him but I see many others have already.
Rip away boys, we're not the ones that keep voting in Liberal politicians that tax & regulate us to death. Yeah, I'm the dumbass in this conversation.
pinwheel is offline  
Old 12-23-2017, 10:06 AM   #35
Pro
 
rrk's Avatar
 
Trade: remodeling
Join Date: Apr 2012
Location: new jersey
Posts: 4,738
Rewards Points: 2,076

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


Quote:
Originally Posted by pinwheel View Post
Rip away boys, we're not the ones that keep voting in Liberal politicians that tax & regulate us to death. Yeah, I'm the dumbass in this conversation.
No one said that, just that your assumption that your state subsidized people on the east coast was wrong.
rrk is offline  
Old 12-23-2017, 10:31 AM   #36
Pro
 
tjbnwi's Avatar
 
Trade: Remodeling
Join Date: Feb 2009
Location: Cedar Tucky, Indiana
Posts: 8,049
Rewards Points: 3,630

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


Quote:
Originally Posted by lawndart View Post
Around here and in many parts of the country a $750K mortgage is middle class.
it's 750,000.00 in interest not mortgage, down 250K from 1 million cap.

Tom
tjbnwi is online now  
Old 12-23-2017, 12:04 PM   #37
Pro
 
Fouthgeneration's Avatar
 
Trade: Masonry
Join Date: Jan 2014
Location: Mid west
Posts: 1,820
Rewards Points: 6,515

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


Are all types of federal spending included in the NJ and Cal pay more then they get manure???

A very large fraction of US spending is OVERSEAS, thus many states will never get back more then they pay....

As federal taxes are very progressive income wise, wealthier pay more, as they SHOULD.

Note also the border and seacoast states have the MAJORITY of large navy and military bases......

All other thing beings equal (OTBE) removal of state deductability is no brainer as the high tax states are STEALing from their poorer fellow citizens.

Democrats want to control everything in stagnant economy state, while Repubs and conservative old school non socialist demos want a small g federal government with the economy DOUBLING every 24 years or LESS. thus Our grandkids will have more 4x wealth and the USG will have MORE money/less % of GDP 48 years from now....

Federal deductilbility is a legacy of the 95 and 90 % FDR income tax top rates that lasted till JFK lowered them to 70% in 1963.

It is funny strange how federal welfare prostitutes of any type think their rice bowl was ordered by the Old Testament God, and the end of their ill gotten incomes streams a national disaster....

Last edited by Fouthgeneration; 12-23-2017 at 12:12 PM. Reason: dropped growth rate from 4 to 3 %
Fouthgeneration is offline  
Old 12-23-2017, 12:11 PM   #38
Hair Splitter
 
TNTSERVICES's Avatar
 
Trade: General
Join Date: Aug 2010
Location: Naperville, IL
Posts: 17,693
Rewards Points: 3,796

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


Quote:
Originally Posted by lawndart View Post
Around here and in many parts of the country a $750K mortgage is middle class.
That's not middle class anywhere. What you mean is average, not middle class. Middle class is defined the same for the entire country. It runs from 42k-125k income.
__________________
Tried & True on Facebook
Tried & True Website
Quote:
Originally Posted by CarpenterSFO View Post
You ask for your money frequently, and you collect it quickly, else you stop working immediately.
TNTSERVICES is offline  
The Following User Says Thank You to TNTSERVICES For This Useful Post:
Fouthgeneration (12-23-2017)
Old 12-23-2017, 12:14 PM   #39
Pro
 
artinall's Avatar
 
Trade: Repairs & Finishing
Join Date: Aug 2007
Location: Ohio
Posts: 775
Rewards Points: 1,574

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


Can't seem to find an answer on: Will the new tax plan eliminate itemizing deductions 'across the board' (the so-called postcard filing) or only take away certain things that can be itemized?

Last edited by artinall; 12-23-2017 at 12:30 PM.
artinall is online now  
Old 12-23-2017, 12:19 PM   #40
Hair Splitter
 
TNTSERVICES's Avatar
 
Trade: General
Join Date: Aug 2010
Location: Naperville, IL
Posts: 17,693
Rewards Points: 3,796

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


Quote:
Originally Posted by lawndart View Post
I was going to rip him but I see many others have already.
Wow, I feel so ripped. And this coming from the guy who thinks middle class is 750k. Talk about dumb.

Advertisement

__________________
Tried & True on Facebook
Tried & True Website
Quote:
Originally Posted by CarpenterSFO View Post
You ask for your money frequently, and you collect it quickly, else you stop working immediately.
TNTSERVICES is offline  


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Reviewed my business plan Ohio painter Business 11 11-29-2015 04:19 PM
This is a very good start of the year! Roofcheck Marketing & Sales 11 04-11-2013 07:03 PM
Is this a good deal on SEO? Trojan Builders Marketing & Sales 15 03-16-2013 11:57 AM
Good Morning, Good Afternoon & incase I don't see You Good Night ContractorG New Member Introductions 1 02-05-2013 10:10 PM
Qualify em? Not always a good plan. pinwheel General Discussion 6 06-28-2010 10:52 PM

Join Now... It's Fast and FREE!

I am a professional contractor
I am a DIY Homeowner
Drywall Talk is for
PROFESSIONAL CONTRACTORS ONLY!

At DrywallTalk.com we cater exlusivly to professional contractors who make their living as a contractor. Knowing that many homeowners and DIYers are looking for a community to call home, we've created www.DIYChatroom.com DIY Chatroom is full of helpful advices and perfect for DIY homeowners.

Redirecing in 10 seconds
No Thanks
terms of service

Already Have an Account?