Gheeze, my property tax+insurance averages $700/ month
Sent from my iPhone
> On Apr 1, 2019, at 8:00 PM, Forrest Christian (List Account)
> <li...@packetflux.com> wrote:
>
> Mine appraised at 334K when I refinanced a couple years back. Tax bill is
> around $2.8K.
>
> We also don't have a sales tax in the majority of the state (a couple of
> tourist towns have a local sales tax to help pay for infrastructure that the
> tourists consume).
>
> We do get hit a bit harder than most on income tax if you're in the top
> couple of brackets.
>
>> On Mon, Apr 1, 2019 at 5:34 PM Mike Hammett <af...@ics-il.net> wrote:
>> I purchased my house last year for $150k. It appraised for $200k. I pay
>> $6,200/year in property taxes.
>>
>>
>>
>> -----
>> Mike Hammett
>> Intelligent Computing Solutions
>>
>> Midwest Internet Exchange
>>
>> The Brothers WISP
>>
>>
>>
>>
>> From: "Bill Prince" <part15...@gmail.com>
>> To: "AnimalFarm Microwave Users Group" <af@af.afmug.com>
>> Sent: Monday, April 1, 2019 5:52:38 PM
>> Subject: Re: [AFMUG] OT: Tax cut my ass...
>>
>>
>> Wow. Your property taxes seem pretty high. Similarly, here in California,
>> property taxes are not a state tax at all, but a local tax to (primarily)
>> pay for schools.
>>
>> When we had our S corp, our CPA advised us to pay a salary, but only enough
>> to keep the IRS satisfied that we were paying salaries. So we each took a
>> token salary, and any excess revenue was taken as a "distribution to
>> shareholders". We paid minimal payroll taxes as a result.
>>
>> --
>> bp
>> part15sbs{at}gmail{dot}com
>>
>>
>>> On Mon, Apr 1, 2019 at 3:12 PM Ken Hohhof <af...@kwisp.com> wrote:
>>> FWIW, property tax is typically a local tax, not a state tax. Illinois
>>> does not have a state property tax, and around 2/3 of property taxes go to
>>> fund school districts.
>>>
>>>
>>>
>>> I still live in the house we bought in 1976. We added two bedrooms and a
>>> family room after we had kids. It is not a mansion, but we live in DuPage
>>> County, in a town on one of the commuter rail lines. My property tax bill
>>> is around $19,000. More than some neighbors, less than others. Add the
>>> state taxes, and the $10,000 cap on SALT means I will be paying federal tax
>>> on at least $10K that I didn’t pay tax on last year and that I never
>>> received as disposable income. My wife died 2 years ago so my standard
>>> deduction is $12K not $24K. Yes that is higher than last year, but that’s
>>> cancelled out by the personal exemption going away. I have one kid who
>>> lives with me, but that doesn’t help me with taxes.
>>>
>>>
>>>
>>> Lots of people, especially seniors, are probably in the same situation as
>>> me. If you don’t have a large income so you can pay the substantially
>>> higher taxes, the federal government is essentially telling you that you
>>> have to move out of your house. And I think for a lot of people the
>>> withholding tax formulas didn’t properly account for this change.
>>>
>>>
>>>
>>> I think you are oversimplifying this as we’re finally sticking it to the
>>> state governments who spend and tax too much. In the case of property tax,
>>> it’s not even a state tax. And it’s not like property taxes were invented
>>> yesterday or during the administration of <fill in whatever President you
>>> didn’t like>. Like I say, I’ve lived here for over 40 years, paid property
>>> taxes the whole time, but I didn’t then also pay income tax on that money
>>> that I never got to spend. It’s not taking any money away from the state
>>> of Illinois, and it has no effect on the state’s spending or taxing
>>> decisions. It just takes several thousand dollars out of my wallet.
>>>
>>>
>>>
>>> The other thing I’m going to have to discuss with my accountant is the S
>>> Corp pass through change. It could be really stupid now for my company to
>>> be paying me a salary, maybe a distribution would be the way to go. I’m
>>> not sure. I always tried to do the right thing and pay myself a reasonable
>>> salary so the government could get their various payroll taxes, but maybe
>>> I’m being a moron.
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>> From: AF <af-boun...@af.afmug.com> On Behalf Of Steve Jones
>>> Sent: Monday, April 1, 2019 4:16 PM
>>> To: AnimalFarm Microwave Users Group <af@af.afmug.com>
>>> Subject: Re: [AFMUG] OT: Tax cut my ass...
>>>
>>>
>>>
>>> the state has their right to do as they please, but they dont have the
>>> right to do it on the feds back. why arent the states offering credits on
>>> federal taxes?
>>>
>>>
>>>
>>>
>>>
>>> On Mon, Apr 1, 2019 at 2:29 PM Carl Peterson <cpeter...@portnetworks.com>
>>> wrote:
>>>
>>> Whatever happened to states rights? The states have a right to decide what
>>> level of service/taxation they like. What it BS is the federal government
>>> taxing you on money that you never made because it was taxed at the state
>>> level.
>>>
>>>
>>>
>>> On Mon, Apr 1, 2019 at 11:06 AM Steve Jones <thatoneguyst...@gmail.com>
>>> wrote:
>>>
>>> Im glad they dropped the SALT to 10 percent. I wish they would phase it out
>>> to zero. Force the states to get their houses in order, force people to
>>> make more sound decisions in both purchases and in whom they check off at
>>> the ballots. No more raising taxes and saying, its all good, you can write
>>> it off on your federal.
>>>
>>>
>>>
>>> On Mon, Apr 1, 2019 at 1:53 AM Forrest Christian (List Account)
>>> <li...@packetflux.com> wrote:
>>>
>>> One gotcha I found with my taxes (when doing the estimates for the
>>> extension) is that many preparers and tax software don't handle the
>>> pass-through entity deduction correctly.
>>>
>>> If you have a s-corp or a partnership or a LLC or similar which passes
>>> through it's income to you, then in many cases up to 20% of this can
>>> be written off regardless of what else is going on on your return.
>>> I.E. it's a separate deduction from either your standard or itemized
>>> deduction.
>>>
>>> I though I was getting hit really hard until I figured out that this
>>> hadn't been applied correctly.
>>>
>>> On Sun, Mar 31, 2019 at 8:32 PM Ken Hohhof <af...@kwisp.com> wrote:
>>> >
>>> > All state and local taxes (SALT) limited to $10K deduction so income tax,
>>> > sales tax, and property tax. Trust me, it's not hard to exceed $10K in
>>> > property taxes alone. Also property tax is typically local, not state,
>>> > and in many areas is the primary means of funding public schools.
>>> >
>>> > Real estate tax on farmland used for crops and livestock is still 100%
>>> > deductible.
>>> >
>>> >
>>> > -----Original Message-----
>>> > From: AF <af-boun...@af.afmug.com> On Behalf Of Bill Prince
>>> > Sent: Sunday, March 31, 2019 8:41 PM
>>> > To: af@af.afmug.com
>>> > Subject: Re: [AFMUG] OT: Tax cut my ass...
>>> >
>>> > Yeah, our taxes don't reach that threshold. Mainly because we bought our
>>> > house over 2 decades ago, and Prop. 13 keeps the valuation from rising
>>> > too fast.
>>> >
>>> >
>>> > bp
>>> > <part15sbs{at}gmail{dot}com>
>>> >
>>> > On 3/31/2019 6:22 PM, Seth Mattinen wrote:
>>> > > On 3/31/19 5:03 PM, justsumname wrote:
>>> > >> The IRS website shows what changed. Tax rates did in fact go
>>> > >> down... but deductions were eliminated and/or capped lower and so
>>> > >> that's where the sticker shock is coming from. Itemized deductions
>>> > >> were capped at 10k for example, if I remember correctly.
>>> > >>
>>> > >> Two observations ... a very broad brush summary:
>>> > >>
>>> > >> --no longer are people with big mortgages being tax-subsidized by
>>> > >> people with smaller mortgages --no longer are States with low(er)
>>> > >> property taxes tax-subsidizing States with high(er) property taxes
>>> > >>
>>> > >
>>> > >
>>> > > State and local income tax is capped at $10k deduction.
>>> > > https://www.irs.gov/newsroom/tax-reform-brought-significant-changes-to
>>> > > -itemized-deductions
>>> > >
>>> > >
>>> > > Mortgages are capped at $750k for new mortgages after Dec 31, 2017.
>>> > > https://www.irs.gov/publications/p936
>>> > >
>>> >
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>>> >
>>> >
>>> >
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>>>
>>>
>>>
>>> --
>>> - Forrest
>>>
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>>>
>>>
>>>
>>> --
>>>
>>> Carl Peterson
>>>
>>> PORT NETWORKS
>>>
>>> 401 E Pratt St, Ste 2553
>>>
>>> Baltimore, MD 21202
>>>
>>> (410) 637-3707
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>
> --
> - Forrest
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