Page 45 - Standard Deduction News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Deduct as much as of it next year. >> let's 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 you're affected by the amt. but what about charitable giving? this time of year it's a ritual to give away to the less fortunate and then take the deduction. does that still hold? >> well, if you don't have a mortgage and don't have mortgage interest next year, you're going to get, if you're a married couple, $24,000 standard deduction. if you take $10,000 for state and ...

Small compared to the upside is where i get a big deduction in 2017 as opposed to maybe no deduction or limited deduction in 2018. >> is there anyone who wouldn't benefit potentially if they were to pay early? >> so there are some people who might not benefit. and one group might be if the irs recent pronouncement is correct, that if your taxes were not really paid or accrued in 2017, and you paid them in 2017, you might not get the deduction in 2018. and if you wait to make your payment in 2018 with the new higher standard deduction, you actually might get phased out of property taxes that yo...

>> that can be simply proven to be not true. they were consulted. they didn't want to play ball. they didn't want to help the american people. that is why this is a republican bill. americans will see benefits out of this bill next year. that's my question. if you are scoring at home -- >> um-huh. >> tucker: how do you know if this works and when will you know? >> in january, your paycheck will be bigger. less withholding taken out of your paycheck. you will see that result immediately. even small businesses that have payroll, they will see more money that they have to reinvest in their busine...

>> tucker: i believe that. >> that can be simply proven to be not true. they were consulted. they didn't want to play ball. they didn't want to help the american people. that is why this is a republican bill. americans will see benefits out of this bill next year. >> tucker: if you are scoring at home. >> um-huh. >> tucker: how do you know if this works and when will you know. >> in january your paycheck will be bigger. less withholding taken out of your paycheck. you will see that result immediately. even small businesses that have payroll, they will see more money that they have to reinvest ...

Numbers. here's what we found. here's where some filers will stand in 2018. take a family of four that owns a home in san diego making $150,000 a year. they save $3,559 next year because of a lower tax rate, doubled standard deduction and an expanded child tax credit. california has high state taxes. how about a single mom in kansas city with two children making $45,000. she also saved $1,802 because of a bigger standard deduction and the child tax credit. what if you don't have children? a single homeowner in colorado making $70,000 would pay $1,484 more next year. that's because the standard...