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Best New Tax Law Calculator?

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  • Best New Tax Law Calculator?

    I think the Tax Policy Center may have the best calculator for the new tax law. What does everyone else think? I've still been looking for an easy comparison tool.

    http://tpc-tax-calculator.urban.org/

  • #2
    seems consistent with my back of envelope calcs.

    this makes it seem like the bracket decrease is going to overtake my sig loss of SALT deduction for a net tax decrease.

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    • #3
      This looks good however I don't know how to put in deductions for 401k, self employed health insurance premiums and defined benefit plan? Should I just reduce my business income accordingly?

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      • #4
        that's what i did, just put in taxable income which should be on your final Dec paystub

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        • #5
          It's the best I've seen.  I had previously been using Excel for all of my comparisons because most of the calculator's are trash.

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          • #6

            • I've always like the CalcXML calculators. Has anyone tried this one?

            • This one is for simple comparisons.

            • And I've got a great spreadsheet prepared by a fellow CFP. He obviously put a lot of work into it so I don't want to upload it to a public website, but I'll send it to anyone who wants to message me their email addy.

            Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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            • #7
              All these calculators show a big reduction, and every single one seems to omit something. No tax deferred in one, the other assumes you're non professional if pass through, etc...I will not believe any large crazy change like Im seeing (20% to 40% federal) til I see it on the Turbo Tax next year. I'll be stoked as this year was bad with the large SS increase and larger AMT than ever.

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              • #8




                • I’ve always like the CalcXML calculators. Has anyone tried this one?

                • This one is for simple comparisons.

                • And I’ve got a great spreadsheet prepared by a fellow CFP. He obviously put a lot of work into it so I don’t want to upload it to a public website, but I’ll send it to anyone who wants to message me their email addy.


                Click to expand...


                The CalcXML has given me trouble as there is no way to denote my business as an excluded doctor position.

                The simple one doesn't work well for business income.

                I'll probably hit you up with my email.

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                • #9
                  TPC says I'll be saving $20,000 this year, or about 20%. I'm happy with that.

                  https://i1.wp.com/www.physicianonfire.com/wp-content/uploads/2018/01/TCJA.png?w=537&ssl=1

                  Full detail in my latest Sunday Best.

                   

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                  • #10
                    I wanted to bring this post back to the top again. I PM'd Joanna awhile back and she graciously sent me a one page excel spreadsheet to estimate taxes with new tax law. I just finished my 2017 taxes and inputted my numbers and looks like alll my suspicions were confirmed-- we will be paying about 2% more in federal taxes. So, if you're mostly W2 income w/o a business to deduct, with a high income and live in HCOL state with income tax, join the club in paying more next year. I won't be changing my withholding given we are already at 0. I won't be paying making extra payments either since the amount of taxes due still would not trigger the underpayment penalty. The killer was the property and state income taxes which together was almost 6 figures now is a $10k. Mortgage interest is such that we would still itemize. No ones posted recently about the new tax laws, but nows the time to think about any changes you might make this year. Run the numbers folks! We are strongly considering opening a DAF this year since we give a certain amount yearly anyway...

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                    • #11
                      The excel file from this site is great: http://www.taxvisor.com/taxes/

                       

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                      • #12
                        I hope my estimates are wrong, but in my new SALT less world, I may have to DASH to a new state...

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