Recalculate your 2016 Federal taxes using the current proposed 2018 rules- here

[Dr. Mom]

Well, that was a fun little exercise.  Thanks, V!

We will pay $1015 more under Trump plan using your methodology which matches pretty close to the $1300 more I got with a quick estimate a few days ago although I was going by memory of 2016 not pulling out the actual 1040 like I did your way.  What may help us is that my husband owns his practice as an S Corp.  We also own all the equipment for his office in an LLC that we pay rent to ourselves to use.  This set up was very beneficial years ago.  Less so lately.  Will be curious to see if it can help again.

[CM]

Vagabond MD wrote:

1) Retrieve your 2016 tax return.

2) Using the methodology described here:

http://www.businessinsider.com/donald-trump-tax-plan-reform-change-take-home-pay-calculator-brackets-2017-11

3) And the brackets presented here:

https://www.fool.com/taxes/2017/11/03/how-could-your-2018-tax-bracket-change-under-the-g.aspx

Recalculate your 2016 taxes using the 2018 proposed law (and keep the political discussions on the other thread ).

I would have saved 6.0% on my Federal taxes applying my 2016 data to the 2018 proposed changes, as they currently stand.

 

Don’t forget that you can still deduct charitable contributions, mortgage interest, and personal property tax up to $10k.

 

Based on a lower 2017 income, and an expected even lower 2018 income, the savings will dissipate as I will not go as deep into the 35% tax bracket, where I gained ground to make up for the loss of the SALT deduction.

 

 

Click to expand...

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[G]

If my math is correct, my taxes will go up about $2k.  Not sure what to do with deductions, since I itemized quite a bit (I thought I read that business/rental prop etc deductions are still ok).  Also in the last two years, my mortgage interest is on that portion of the asymptote graph approaching zero (I'll have less to deduct if old rules stay in place).

This exercise has caused me to look back at my last few years of taxes.  Even though I'm working less each year, I'm taking home about the same....

[Lithium]

Pretty much exactly the same.  Comes out to 99.68% of my 2016 tax bill.  I thought it would be higher since I itemized over $23k but I guess not having to pay AMT and not getting too far into the 35% bracket makes up for that.

[VagabondMD]

1) Retrieve your 2016 tax return.

2) Using the methodology described here:

http://www.businessinsider.com/donald-trump-tax-plan-reform-change-take-home-pay-calculator-brackets-2017-11

3) And the brackets presented here:

https://www.fool.com/taxes/2017/11/03/how-could-your-2018-tax-bracket-change-under-the-g.aspx

Recalculate your 2016 taxes using the 2018 proposed law (and keep the political discussions on the other thread ).

I would have saved 6.0% on my Federal taxes applying my 2016 data to the 2018 proposed changes, as they currently stand.

 

Don't forget that you can still deduct charitable contributions, mortgage interest, and personal property tax up to $10k.

 

Based on a lower 2017 income, and an expected even lower 2018 income, the savings will dissipate as I will not go as deep into the 35% tax bracket, where I gained ground to make up for the loss of the SALT deduction.