Well their mouths were open so it was inevitable.That's an instant tax hike for me. Trump and the rest of the Republicans lied, imagine that.
I am renting for this exact reason. Place I am renting would be 2x as much monthly to buy. I am OK with this hike, maybe prices will crash and I will buy a house, and then when Democrats come back they'll bring back SALT and increase mortgage deduction. But don't fool yourself into thinking it's not going to impact overall economy. For better or worse, SV is going to automate a lot of jobs and a big chunk of that money is going to go from the non-tech workers to "over-compensated" tech workers. Their spending is going to be key to keeping the economy afloat.
Section 1307 of the bill repeals the deduction for tax prep services. While not huge it's a flick in the nuts to the middle class.
Where are you renting the owner would rent at so much lower than the market? I rent single family homes. Typically my rent is at or slightly above what the house would cost to buy. Majority of my renters are people who want a house but don't qualify for a mortgage for various reasons. Would never think about renting for half what a typical mortgage would cost. Costs of the building, insurance, rental fees, repairs ect typically increase. And I need to cash flow it to pay for these items.
It doesn't. People are too lazy to read the forms and figure out that filing personal taxes isn't rocket surgery. Folks pay preparers to fill out the EZ form when putting the address on the envelope takes longer than filling out the form.Meh this was an indirect subsidy to the tax prep industry. In all honesty if this bill what is is supposed to(doubtful). The tax code shouldnt require a tax prep service to complete a typical middle class tax form.
Meh this was an indirect subsidy to the tax prep industry. In all honesty if this bill what is is supposed to(doubtful). The tax code shouldnt require a tax prep service to complete a typical middle class tax form.
It doesn't. People are too lazy to read the forms and figure out that filing personal taxes isn't rocket surgery. Folks pay preparers to fill out the EZ form when putting the address on the envelope takes longer than filling out the form.
Meh....I'll find a "SlickDeal' on TaxACT each year and pay my $6 (last year) to file my taxes the easy way!
Although, I've done the forms long hand many times including capital gains / losses (mostly losses) - even when I had to keep track of the cost basis myself. I love modern technology, lol!
I think I paid $80 or so on TaxAct last year. They gouged the shit out of me. They must have changed their pricing structure.
Meh this was an indirect subsidy to the tax prep industry. In all honesty if this bill what is is supposed to(doubtful). The tax code shouldnt require a tax prep service to complete a typical middle class tax form.