Granny's gone and done it again

[bruceha2000]

First tax "thing". DD2 isn't a dependent because she made more than $4K even though she paid nothing other than gas for her car for living expenses.

 

[h2oratt]

The only way to even try to make a profit is to sell chicks as soon as you hatch them , and sell a lot. Having rare breeds helps as you can sell chicks for more. I expect to get $10 a chick for the Tolbunts.
How are you today, H20?

I am doin* ok. I have tried to sell chicks. Around here they just go to the feed store and buy them. They don’t want to wait til you hatch.

 

[h2oratt]

Doing fine. Caught up on the forums. Need to get my butt in gear and start on Turbotax Guess I'll find out how badly the new tax law has screwed me. I don't fit in the "rich and powerful" or "business" categories that the law benefited.

Actually the tax benefits us all. Most people’s problem is our jobs changed everyones withholding so they are not getting back as much as they used to, so everyone thinks they were screwed. I checked and my husband job takes out 100 dollars less out of each months check.

 

[h2oratt]

First tax "thing". DD2 isn't a dependent because she made more than $4K even though she paid nothing other than gas for her car for living expenses.

Oh joy, do you charge her rent?

 

[h2oratt]

First tax "thing". DD2 isn't a dependent because she made more than $4K even though she paid nothing other than gas for her car for living expenses.

That will really screw you, no dependents.

 

[Granny Hatchet]

hi all, what a night. Weirdest storm I ever seen. The thunder lasted very long. I never heard it like that before and lightening was close and bad as well. I looked out and its ice ! Coated everywhere. thick too. Ice thunderstorm ? I slept from 4am til 2pm.

 

[bruceha2000]

Actually the tax benefits us all.

Not necessarily. For instance:

• You can't deduct more than $10K of state and local taxes. If you live in a state that has income tax, property tax and personal property tax, you may not be able to deduct it all where you could before.
• You can't deduct interest on home equity loans
• There is no longer a personal exemption. That means for a family of 4, you just lost $16.2K of deductions NOT related to itemized deductions. If two of those are dependents under 17 on 12/31/18 you do get $2K credit for each of them so the family loses "only" $12.2K of non itemizable deductions. So yeah, they doubled the standard deduction (MFJ) from $12K to $24K but for the subject family they removed $12.2K of deductions so no change. I guess you would make out if you don't have much in itemizable deductions.
• The tax brackets changed .... much benefit for the higher income earners, not much for low earners and dropped from 15% to 12% for middle income folks. Bigger benefit for those making over $77K and of course they also get the lower 12% rate for the first $77K.

They don’t want to wait til you hatch.

Or they want sexed chicks.

 

[bruceha2000]

Oh joy, do you charge her rent?

Nope, like I said, she has no living expenses.

 

[h2oratt]

Nope, like I said, she has no living expenses.

Was this one of tax law changes?

 

[bruceha2000]

Was this one of tax law changes?

Um, no.

hi all, what a night. Weirdest storm I ever seen. The thunder lasted very long. I never heard it like that before and lightening was close and bad as well. I looked out and its ice ! Coated everywhere. thick too. Ice thunderstorm ? I slept from 4am til 2pm.

Cool or scary?? Hopefully your temps will be high enough that the ice will melt.