{"id":37456,"date":"2017-12-24T19:00:35","date_gmt":"2017-12-25T00:00:35","guid":{"rendered":"https:\/\/tjbdeals.com\/?p=37456"},"modified":"2017-12-27T00:18:43","modified_gmt":"2017-12-27T05:18:43","slug":"trump-tax-plan-calculator-will-you-be-paying-more-or-less-tax-with-the-new-tax-plan","status":"publish","type":"post","link":"https:\/\/tjbdeals.com\/?p=37456","title":{"rendered":"Trump Tax Plan Calculator: Will You Be Paying More Or Less Tax With The New Tax Laws"},"content":{"rendered":"<p><span style=\"font-size: 14pt;\">With the House &amp; Senate passing the new tax bill and the President signing it into law on Friday, many have the simple question of whether they&#8217;ll be paying more or less with the new law.<\/span><\/p>\n<p><span style=\"font-size: 14pt;\">A couple of the highlights (or in some cases lowlights) of the new tax bill include:<\/span><\/p>\n<ul>\n<li><span style=\"font-size: 14pt;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-12-15\/gop-tax-plan-s-top-rate-of-37-said-to-hit-earners-at-600-000\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #0000ff;\">Individual Tax Rates will be lowered and tax brackets will be expanded though there will still be seven brackets<\/span><\/a><\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-37463 \" src=\"https:\/\/tjbdeals.com\/wp-content\/uploads\/2017\/12\/Screen-Shot-2017-12-24-at-7.27.45-PM.png\" alt=\"\" width=\"474\" height=\"278\" srcset=\"https:\/\/tjbdeals.com\/wp-content\/uploads\/2017\/12\/Screen-Shot-2017-12-24-at-7.27.45-PM.png 669w, https:\/\/tjbdeals.com\/wp-content\/uploads\/2017\/12\/Screen-Shot-2017-12-24-at-7.27.45-PM-300x176.png 300w\" sizes=\"auto, (max-width: 474px) 100vw, 474px\" \/><\/p>\n<ul>\n<li><span style=\"font-size: 14pt;\">Standard Deduction will nearly double. For Single Taxpayers, the deduction will increase from $6,350 to $12,000. For Married Filing Joint Taxpayers, deduction will increase from $12,700 to $24,000<\/span><\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<li><span style=\"font-size: 14pt;\">Elimination of the Personal Exemption Deduction: For 2017, the exemption was\/is $4,050 per person.<\/span><\/li>\n<li><span style=\"font-size: 14pt;\"><a href=\"http:\/\/money.cnn.com\/2017\/12\/16\/news\/economy\/child-tax-credit\/index.html\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #0000ff;\">The child tax credit will double from $1,000 to $2,000<\/span><\/a> for each child under 17 years old. Up to $1400 of that will be refundable<\/span><\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<li><span style=\"font-size: 14pt;\"><a href=\"https:\/\/www.cbsnews.com\/news\/gop-tax-bill-curbs-impact-of-hated-amt\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #0000ff;\">The AMT exemption<\/span><\/a> will be increased<\/span><\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<li><span style=\"font-size: 14pt;\">Deduction for Taxes paid for State, City &amp; Property Taxes will be capped at $10,000<\/span><\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<li><span style=\"font-size: 14pt;\">Mortgage interest will be deductible only on the first $750,000 of the loan. Interest on a Home Equity Line of Credit will no longer be deductible. <\/span><\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<li><span style=\"font-size: 14pt;\"><a href=\"https:\/\/www.forbes.com\/sites\/katiepf\/2017\/12\/15\/what-tax-reform-really-means-for-529-plans\/#44a1a9fb729a\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #0000ff;\">Expansion of Permitted 529 Plans Distributions: <\/span><\/a>Until now, these tax free distributions were limited to college tuition &amp; expenses. Under the new law, it will be expanded to include tuition &amp; expenses for private &amp; religious schools with a cap of $10,000 per person\/year.<\/span><\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<li><span style=\"font-size: 14pt;\">Corporate Tax Rate will be reduced from a maximum of 35% to a flat rate of 21%<\/span><\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<li><span style=\"font-size: 14pt;\"><a href=\"https:\/\/www.forbes.com\/sites\/robbmandelbaum\/2017\/12\/22\/what-the-gops-final-pass-through-tax-cut-means-for-business-owners\/#5da924b952b2\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #0000ff;\">A new 20% Pass-Through deduction for income received from a sole proprietorship, partnership, or S-corporation<\/span><\/a><\/span><\/li>\n<li style=\"list-style-type: none;\"><\/li>\n<li><span style=\"font-size: 14pt;\">The new tax laws won&#8217;t affect your 2017 return <a href=\"http:\/\/www.foxbusiness.com\/markets\/2017\/12\/24\/tax-reform-wont-affect-your-2017-return-but-these-4-moves-might.html\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #0000ff;\">but these 4 moves might<\/span><\/a>.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 14pt;\"><strong>Will You Be Paying More or Less?<\/strong><\/span><\/p>\n<p><span style=\"font-size: 14pt;\">See what these new laws mean for you. MarketWatch has created a Trump Tax Plan Calculator to give you an estimate of what your tax liability will be with the new plan. Just remember, these taxes go into effect for your 2018 tax return (filing due date of April 2019)<\/span><\/p>\n<p><span style=\"font-size: 14pt;\"><a href=\"https:\/\/www.marketwatch.com\/story\/the-new-trump-tax-calculator-what-do-you-owe-2017-10-26\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #0000ff;\">Click Here to go to the Trump Tax Plan Calculator<\/span><\/a><\/span><\/p>\n<p><span style=\"font-size: 14pt;\">For optimal results, pull out your filed 2016 tax return and input the requested totals in the tax calculator. When completed, compare the tax owed in the tax calculator with line 63 on your 2016 tax return. The tax calculator does not account for every single provision of the law but it should give you a basic idea of how it&#8217;ll affect you.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-size: 14pt;\"><strong>Stay Connected!<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 14pt;\">Follow @TJBDeals On<strong> <span style=\"text-decoration: underline;\"><span style=\"color: #0000ff;\"><a style=\"color: #0000ff; text-decoration: underline;\" href=\"https:\/\/twitter.com\/tjbdeals\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a><\/span><\/span><\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 14pt;\">Like On <strong><a href=\"https:\/\/www.facebook.com\/TJBdeals\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><span style=\"color: #0000ff; text-decoration: underline;\">Facebook<\/span><\/span><\/a><\/strong>!<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 14pt;\">@TJBDeals on<span style=\"text-decoration: underline;\"><span style=\"color: #0000ff;\"> <strong><a style=\"color: #0000ff; text-decoration: underline;\" href=\"https:\/\/www.instagram.com\/tjbdeals\/\" target=\"_blank\" rel=\"noopener noreferrer\">Instagram<\/a><\/strong><\/span><\/span><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 14pt;\">Join Our<a href=\"http:\/\/bit.ly\/TJB-22\" target=\"_blank\" rel=\"noopener noreferrer\"> <strong><span style=\"color: #0000ff;\"><span style=\"text-decoration: underline;\">Whatsapp<\/span><\/span><\/strong><\/a><span style=\"color: #0000ff;\"><span style=\"color: #333333;\"> Group!<\/span><\/span><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 14pt;\">Get Alerts via SMS by Texting &#8216;<strong>Follow TJBDeals<\/strong>&#8216; to <em><span style=\"font-family: helvetica, arial, sans-serif;\">40404<\/span><\/em><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 14pt;\">Join Our <span style=\"text-decoration: underline;\"><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/bit.ly\/TJB-Telegram\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Telegram<\/strong><\/a><\/span><\/span> Channel!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"mh-excerpt\"><p>With the House &amp; Senate passing the new tax bill and the President signing it into law on Friday, many <a class=\"mh-excerpt-more\" href=\"https:\/\/tjbdeals.com\/?p=37456\" title=\"Trump Tax Plan Calculator: Will You Be Paying More Or Less Tax With The New Tax Laws\">&#8230;.. Get This Deal<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":37652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[124],"tags":[],"class_list":{"0":"post-37456","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-tjb-blog"},"_links":{"self":[{"href":"https:\/\/tjbdeals.com\/index.php?rest_route=\/wp\/v2\/posts\/37456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tjbdeals.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tjbdeals.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tjbdeals.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tjbdeals.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37456"}],"version-history":[{"count":13,"href":"https:\/\/tjbdeals.com\/index.php?rest_route=\/wp\/v2\/posts\/37456\/revisions"}],"predecessor-version":[{"id":37478,"href":"https:\/\/tjbdeals.com\/index.php?rest_route=\/wp\/v2\/posts\/37456\/revisions\/37478"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tjbdeals.com\/index.php?rest_route=\/wp\/v2\/media\/37652"}],"wp:attachment":[{"href":"https:\/\/tjbdeals.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tjbdeals.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tjbdeals.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}