Sentences with phrase «losing your tax deduction»

Example: You're prepared to contribute $ 1,000 per month to a traditional account, but if you switch to the Roth you'll cut back to $ 750 per month because you're losing the tax deduction.

And PLEASE do not stress over losing your tax deduction!

Example: You're prepared to contribute $ 4,000 to a traditional IRA, but if you switch to the Roth you'll cut back to $ 3,040 because you're losing the tax deduction.

In return, you lose the tax deduction you would get with a traditional IRA.

Review your mortgage statement to see how much of your loan you have left to payoff, then evaluate targeting this as a goal before you retire (the «return» on your money is essentially equal to your interest rate — you'll lose the tax deduction for the interest, but if you invested the same amount you'd owe taxes on the investment return).

But if people pay their mortgages off, he says, they lose the tax deduction.

Again, if you think that's nuts because of all of the taxes you'd pay on dividends and capital gains, then losing the tax deductions on contributions - then you've just been brainwashed by the usual ancient financial services industry hype, and haven't done your math homework yet.

Even more amazingly - and it will no doubt be attacked from the extreme left as well as the extreme right - is that Australian parents must now, by law, either demonstrate that their children get properly immunized or risk losing tax deductions.

So although you lose the tax deduction, remember you have gained a priceless and nontaxable relationship.

Not exact matches

Individuals may also want to consider paying up their state income taxes this year, particularly if the deduction for those taxes is lost.

Goldman Sachs estimates New York City could lose up to 4 percent of its «top earners» if state and local tax deductions are eliminated.

As the details of this plan become known, and as the political response builds from people who fear their taxes will be raised, and as they build a coalition with special interests who would lose out from other aspects of the proposal (like investors who do not like the proposed limitation on the deduction of business - interest expenses), this plan will become an enormous liability.

If you're nearly retired and about to lose your state and local tax deductions, here is where you should move.

It may be that losing some of the entertainment - related expense deductions will be offset by reduced tax rates in case of corporations and the new 20 percent qualified business income deduction for pass - through entities.

In addition, renters may lose the incentive to buy a home in high - cost areas if they can't use the mortgage interest deduction or the ability to deduct some of those other housing - related costs from their taxes.

Republicans, meanwhile, have argued that other changes in the tax bill would offset the loss of the medical expenses deduction for those who lose it.

Others reduce deductions, in which case their quantitative impact depends on the taxpayer's marginal tax rate: the higher the tax rate, the greater the value of the lost deduction.

Under the Republican tax overhaul, a significant number of households will lose the tax benefit from charitable giving because they will no longer itemize their deductions.

«The worst part [of the NDP plan],» Mintz added, «is that it doesn't have good economic impacts because small business deductions contribute to a wall of taxation, so if they grow, they lose some of their benefits and get hit with higher taxes....

With the new cap on SALT deductions and other changes, expensive homes with high property tax bills will lose previously favorable treatment.

The ATO had been expected to focus on interest deductions claimed by the Australian subsidiaries of Exxon and rival oil giant Shell, both of which are shareholders in Gorgon, after the operator of the giant gas project, Chevron, lost a $ 340 million tax fight in the Federal Court last year.

Even if we assume that SNA loses its current tax deductions and just pays the new statutory rate of 21 %, that would be worth an additional $ 87 million based on 2017 NOPAT, a 13 % increase and a bump up in NOPAT margin to 18.5 % from the current 16.3 %.

However, that increase wo n`t offset the $ 150 million the state lost through a 1981 tax law that liberalized individual retirement account deductions, business depreciation and the marriage penalty.

Since the ave. SALT deduction in NY is $ 22k, losing $ 12k in deductions isn't that much considering the tax rates all went down.

The Cuomo administration is floating a federal tax reform work - around aimed at partnerships with the most to lose from the new cap on SALT deductions.

State Comptroller Tom DiNapoli issued a report that finds New York residents «stand to lose more than $ 72 billion in reported deductions for income and property taxes» if the proposals to change the federal tax code are approved.

Under federal tax legislation, «Long Islanders are already facing a significant economic loss which will cost residents billions in taxes due to lost income tax deductions,» Mr. Thiele said.

That's 33 % that itemize and will lose some SALT deductions but it doesn't mean they're getting a tax increase.

Claudia Tenney, a conservative - leaning Republican who represents parts of central New York, said until the state overhauls its own tax codes, New Yorkers «can not afford» to lose their itemized deductions because the benefit offers state residents one of their few forms of tax relief.

But IRS data showed that 125,970 Erie County taxpayers claimed a deduction for state and local taxes in 2015 — nearly 35, o00 more than Cuomo said would lose out because of the end of the SALT deduction.

In case you're confused, the Rockefeller Institute has released a handy YouTube video explaining the SALT deduction, and what losing it through tax reform would mean for New Yorkers.

Minutes before the vote this morning, New York Comptroller Tom DiNapoli issued a report that says state resident stand to lose $ 72 billion a year in state and local tax deductions under the GOP tax plan.

The GOP is using the additional revenue gained by capping the SALT deduction to lower taxes for its constituencies (i.e. corporations and those with large estates to pass on) while keeping the total revenue lost below the $ 1.5 trillion limit that Republicans set.

New York could stand to lose more than $ 67 billion in state and local tax deductions if they are eliminated by congressional tax reform legislation, Comptroller Tom DiNapoli found in a report released Wednesday.

Cuomo says New York State would be lose big on federal proposals, especially elimination of deduction for state and local taxes added by rctadmin on October 5, 2017 View all posts by rctadmin →

Claudia Tenney, a conservative leaning Republican who represents parts of Central New York, says until the state overhauls its own tax codes, New Yorkers «can not afford» to lose their itemized deductions, because the benefit offers state residents one of their few forms of tax relief.

For middle - class New York families, the average tax increase attributable to losing that deduction would be $ 1,715.

Cuomo also talked about the possibility of establishing a payroll tax and exploring other avenues to help make up for lost state and local tax deductions under the new federal tax law.

State Comptroller Thomas DiNapoli released a report Thursday saying New York residents stand to lose more than $ 72 billion in reported deductions for income and property taxes if proposals to change the federal tax code are implemented, a figure for 2015.

Long Island taxpayers overall lose big, local business leaders, lawmakers and economists have told Newsday, because the bill eliminates the full deduction for state and local taxes, called SALT.

Claudia Tenney, a conservative - leaning Republican who represents parts of central New York, says until the state overhauls its own tax codes, New Yorkers «can not afford» to lose their itemized deductions because the benefit offers state residents one of their few forms of tax relief.

Schumer also stressed that under the proposed Republican compromise, New Yorkers would lose the vast majority of the tax savings they get through the SALT deduction.

«Despite losing the deduction for state and local taxes, they end up with the same taxable income,» McMahon said.

But there is lingering opposition from northeastern Republicans fearful of losing a cherished deduction for state and local taxes and anxiety among other rank - and - file lawmakers over emerging details.

Stating that allowing parents to use their 529 savings for K - 12 tuition «will erode the tax base that funds public schools» when it will benefit many middle class New Yorkers already taking a 2018 hit with lost state and local deduction opportunities; when the real world state budget impact is demonstrably negligible; and in a state that already spends more per public school pupil than any other — is simply poor public education.

Because of the new federal relief which allows the $ 10,000 deduction, however, this option is likely to be much more attractive to tax payers, causing states to lose a portion of their taxable base.

Some argue that being debt free is dumb because you lose out on special tax deductions, others argue that you just can't live in these «modern times» without assuming debt, and some folks even justify carrying debt because «everyone else does it ``.

Do you think the federal government's financial issues today will force it to raise tax rates overall by the time you retire?Keep in mind that you might lose some valuable deductions and tax credits, such as those for your home mortgage or kids, in retirement that would increase your taxable income and tax rate, even if your gross income doesn't rise.

If your employer won't or can't make payroll deductions to an account of your choosing, you could theoretically set up a direct deposit to your individual HSA but you lose some of the tax benefit of a payroll deduction.

If you are paying $ 500 / month in interest (as OP clarified above), and you don't have a written agreement, you are probably unable to claim that payment as mortgage interest if you itemize your deductions on U.S. federal or state tax returns, thus you may be losing out on a legal tax deduction (assuming you earn enough to itemize).