New Tax Bill and Per Diem
12-20-2017, 10:17 AM
#1
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Joined APC: May 2012
Posts: 400
New Tax Bill and Per Diem
Since it is against this site’s TOS, I do not intend to start political debate.Does anyone know if this bill does away with deducting what our per diem doesn’t not cover? In case you’re not familiar, those of us that do a lot of international flying often use airline oriented per diem services such as Pro Diem or EZ Per diem to either decrease our tax liability or in many cases, to significantly increase our refunds.
12-20-2017, 10:35 AM
#2
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Originally Posted by Ludicrous Speed
Since it is against this site’s TOS, I do not intend to start political debate.Does anyone know if this bill does away with deducting what our per diem doesn’t not cover? In case you’re not familiar, those of us that do a lot of international flying often use airline oriented per diem services such as Pro Diem or EZ Per diem to either decrease our tax liability or in many cases, to significantly increase our refunds.
Apparently is does away with ALL uncovered employee expenses.
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12-20-2017, 03:51 PM
#4
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Position: Wichita
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Replaced by a 3% tax cut- reducing the amount in interest-free loans you give the government each year... I’d rather keep more of my money than fill out forms in the hopes that Uncle Sam gives some of it back.
12-23-2017, 10:42 AM
#5
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This is real quick and dirty, so grain of salt. Here goes:
Married, joint return. 2016 numbers are used because we haven't done 2017 yet.
The new standard deduction will be ~$3000 more than my 2016 Schedule A deductions. Yay.
The loss of our personal exemptions will increase our agi by $8100, wiping out that gain and then some. Oh.
A 3% cut in my tax rate might offset the difference.
We will not know the actual effect until we do our 2018 taxes, but quick and dirty looks like we may break even.
YMMV
Married, joint return. 2016 numbers are used because we haven't done 2017 yet.
The new standard deduction will be ~$3000 more than my 2016 Schedule A deductions. Yay.
The loss of our personal exemptions will increase our agi by $8100, wiping out that gain and then some. Oh.
A 3% cut in my tax rate might offset the difference.
We will not know the actual effect until we do our 2018 taxes, but quick and dirty looks like we may break even.
YMMV
Last edited by Hetman; 12-23-2017 at 10:53 AM.
01-03-2018, 04:46 AM
#7
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Posts: 19,273
Originally Posted by JackStraw
Replaced by a 3% tax cut- reducing the amount in interest-free loans you give the government each year... I’d rather keep more of my money than fill out forms in the hopes that Uncle Sam gives some of it back.
01-06-2018, 04:49 PM
#8
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Posts: 774
a huge point of this big was to get 90%+ on the standard deduction to simplify their taxes, thats why so many people are saying that their rates will stay the same. High local tax deduction and the corporate rate are where this thing makes a difference.
01-07-2018, 11:53 AM
#9
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I make under $200K, and my wife makes some money. We will get a tax increase.
I have no problem with paying taxes. What I don't think is fair, is when so many people making much, much more than we do pay a much lower tax rate than I do.
If everyone in the US paid at least the same effective tax rate as we do, our yearly deficit would turn into a massive surplus.
I have no problem with paying taxes. What I don't think is fair, is when so many people making much, much more than we do pay a much lower tax rate than I do.
If everyone in the US paid at least the same effective tax rate as we do, our yearly deficit would turn into a massive surplus.
01-07-2018, 04:20 PM
#10
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Position: 767 Captain
Posts: 3,988
Originally Posted by atpcliff
What I don't think is fair, is when so many people making much, much more than we do pay a much lower tax rate than I do.
