Page 76 - Deductions News Today

♪ >> we have signed more legislation than anybody, broke the record of harry truman and saying if we get this big tax cut, because thats the legislation of all legislation, thats the biggest there is. >> trish: that was president trump just a short time ago touting the legislation of all legislation, a sweeping overhaul of tax reform. but one thing the president did not mention is the mad dash by residents of high tax states to pay property taxes in order to get larger deductions before the en...

Benefit the larger group. those are people who are currently itemizing deductions and claiming property taxes. but where under the increased standard deduction in 2018 they would no longer find it profitable to itemize deductions. the first group i think theyre roughly about four million tax payers in that situation, the second group is actually larger, were talking about 18 million tax payers. >> so, we talk about a benefit, how big of a tax benefit are we talking about? the biggest possible? i...

Taxpayers want to pay their 2018 property tax bill now before the new tax code hits next week because it caps the state and local income tax and property tax deduction at $10,000 total. the calculation here is very simple. to try to take on as many deductions this year before they go away next year. the tax administrator in fairfax county says he has never seen a rush like this. >> this started off as a slow drip. it turned into a trickle and then a stream and now a river. we did not anticipate ...

♪ (christmas marching band music) (drumsticks click) were back with the money lead. you heard me right, some residents in high tax states are scrambling to pay their 2018 property taxes ahead of time before the new republican tax plan takes effect. thats because the tax plan passed last week and it limits the amount of money you can deduct for state income, sales, and property taxes, and it limited to $10,000. right now, those deductions are unlimited, the irs has tried to clarify some of th...

Rimmed out. so all these things are being taken away. the only thing they have left is their whiteness and that wont feed their bellies or education their children or keep a roof over their heads. >> when it comes to the tax problems. 72% of people dont itemize their deductions. theyll realize an increase in their paychecks but theyll see a decrease in their tax refunds. but thats what he had to have and the republicans had to have going into the mid terms to make an argument that theyve done so...

The irs, if nothing else, noticed this trend thats been taking place across the count trip, mostly especially in the high tax areas of property owners trying to prepare they 2018 property tax bill before the $10,000 deduction cap with the new tax bill kicks in next week. so the irs yesterday put out this advisory meant to clear things up, except for a lot of people all it did is cause confusion. they boiled it down to two different factors. the first one, straightforward. if youre doing to move ...

>> i know we can write it off but im not sure about next year. >> reporter: a $10,000 cap on deductions for state and local taxes will disproportionately impact owners like new york, california, connecticut, new jersey, and d.c. >> they are unfairly targeting new york. and i want to avoid as much payment as possible by prepaying. >> but the irs is now saying not so fast, attempting to clarify who qualifies and cautioning it could work but only under limited circumstances. to avoid the cap, homeo...

Deduct as much as of it next year. >> lets put up a graphic why you might not want to prepay this week and not worry about it. your local tax authority -- if you pay less than $10,000 in state and local taxes. as you said, if youre affected by the amt. but what about charitable giving? this time of year its a ritual to give away to the less fortunate and then take the deduction. does that still hold? >> well, if you dont have a mortgage and dont have mortgage interest next year, youre going to g...

Cabin somewhere. >> i appreciate that. and you can get nachos in any state. so i will be looking forward to that. >> please make that the title of your auto biography. >> thank you, chad. meanwhi meanwhile, listen to whats happening today. people in high tax states are rushing out, you see the long lines, to prepay their 2018 property taxes before they lose these deductions thanks to the new tax bill. will this work? we get the answers next.

Deductions are as an llc owner. so this say long conversation ill be having with my accountant over the next several months. >> if ron insanas confused, theres no hope for any of us. >> taxes always confusing. >> thanks to you. hard sell. secretary of state rex tillerson defending his first year in office and he did it in the failing "new york times," believe it or not. also, president trump calling out china saying he caught them red handed letting oil into north korea. is an ama. but as yo...