Page 74 - Deductions News Today

I said listen, i think 2018 will be a big year for the republicans. because we both know that the midterm elections for first time president always go to the other side i think the president will surprise here by delivering. >> what are the most controversial an state and local deducti deductio deductions. president trump said it might have turned out differently if democrats had been willing to work with him. he said i could have done something or made it less sever veer but they were very infe...

Senate races. because who is in the governors mansion controls redistributing. and that -- that is the -- democrats are focused on that. >> redistributing, which controls the house district. >> the state legislature, very important. someone who served in the ohio senate, we draw the lines. so it is important not to ignore state legislature. >> the president is talking as we end this year a lot about bipartisanship, the fact that he wants to reach the across the aisle, does want to work with demo...

Deductions are limited to $10,000. if the president is going to do the right thing they should work to do the right thing. >> on infrastructure. >> okay. i love ending on optimistic notes. easy, up next her husband might be the most powerful man in america but his wife is more popular, a look back at the first ladys unexpected year in the white house next. growing up, we were german. we danced in a german dance group. i wore lederhosen. when i first got on ancestry i was really surprised that i ...

A all of a sudden, off the top vis-a-vis this tax bill? >> the issue response, talk to your c.p.a. and tax lawyer. leland: what about people who dont have c.p.a. or. tax lawyer. what about turbo-tax. >> theyll be incorporating into their taxes. bottom line, dont overreact. youre going to get a tax cut and its going to come sometime in early spring through the holding and youll start to see this coming out. leland: certainly for people who count on charitable deductions and itemize different thin...

The global market, and continued to strengthen. and g.o.p. taxover is haul also encourag encouraged investors. leland: that made on friday the major stock indices closed down as people took profits or losses to finish out the 2017 tax year. come tuesday, we will all be living under the new tax bill, lake it or not. this past week for these living in high tax states scrambled to take advantage of the last minute pre-payment deductions especially on state and local property taxes to tell us what i...

Located you are paying tens of thousands. new jersey has 7.9 income tax. if you live in california its 14%, new york city its a lot of money. so in those states. and also expensive states in which to live. you are going to lose a fair number of deductions. it could cost you significant amount of money. >> put that money back up there. 25% of all 2015 tax russians property tax deduction. you lacked about the guidance from the irs this week, advisory note from them, meaning not legally binding. ho...

I was listening to alisyns interview with the congressman. people should understand this. nine out of 10 americans will no longer have to itemize their deductions because of the doubling of the standard deduction. in other words, from now on, 90% of americans will just check a box and they will get the 24,000 up front and wont have to worry about charitable deductions and state and local deductions and the others. the only people who are affected are really, really rich people. i shouldnt say th...

Point that 90% of americans can file on a postcard. i hadnt heard that before. is that true? >> it is. remember, in my district and in america as a whole 75% of all americans dont itemize right now and they can file a simplified tax form. i believe in my district youll see 90 to 95% take the standard deduction and still be able to do a simple calculation to see whether or not the three most popular deductions, charitable, home mortgage interest deduction and property tax deduction will be better...

Unconstitutional. violating the right to due process and protection. exploring legal challenges to the tax bills deduction limits. the order will allow residents to prepay property taxes before planned caps on deductions take effect next year. still ahead, closer look at the presidents first year. foreign trips he took and ones he did not. and brutally cold air is expected to come across the eastern half of the u.s. also keep this part of the country on ice. through the new year and beyond. on...

To file an official petition to contest the election. he would, though, have to pay for it himself, and that could cost more than a million dollars. tom? >> a lot of money for that recount. all right, stephanie, thank you. next, to confusion over the new tax law signed into law just last friday. thousands lining up at city halls and county officers across the country, paying next years property taxes before the end of this year, because the new law limits the state and local income tax, includ...