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Publication 5330 the new tax cut law will impact your 2022-2023 tax return Form: What You Should Know

The income method of accounting is now used.

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Instructions and Help about Publication 5330 the new tax cut law will impact your 2022-2023 tax return

A tax cuts and Jobs Act as amended is passed last year Congress enacted the biggest tax overhaul in a generation by making modest tax cuts for the middle class and slashing corporate tax rates President Trump said the overhaul would bring big economic benefits to the country well now that Americans are filing their tax returns for the first time under the new law how the changes will they actually see here's what it means for your personal finances in four minutes or less under the new law 80% of Americans are expected to pay fewer taxes in 2023 according to the Tax Policy Center that means many Americans are getting more money in their paychecks but many filers will see smaller refunds than they did the previous year in fact IRS data shows total tax amounts refunded are down from tax year 2023 here's personal finance expert Lynette Calif Ani Cox to explain how that's the case in 2023 the big change that happened is that the withholding tables changed and so for most people they actually did have less taxes taken out so they had bigger paychecks the problem though is that it was a relatively small amount for some people it was like 20 bucks 50 bucks maybe every single pay period so it wasn't particularly noticeable so when people heard that they were getting a tax break they thought that their tax refund checks would go up but that's not actually how it works the reality is that fewer taxes were taken out of their paycheck over the course of the year and so that in effect was the refund that they received getting less of a refund is actually a good thing if you get a refund you paid too much in taxes to...

FAQ - Publication 5330 the new tax cut law will impact your 2022-2023 tax return

How will the new tax rates for 2023 affect how much you pay in taxes?
Unfortunately, I wonu2019t know the answer to this question until about October 2023. which is when I usually am able to file an almost-complete set of tax forms. (In April, my accountant files an extension, because only about half of the K1s and 1099s come in before 15 April. And Iu2019m still receiving updates and corrections a year later than that for K1s and 1099s from the previous year.)I can probably save about 20% of about $200k by funneling that through a business (itu2019s a new option in the tax code, but has dollar limits.) I can turn some other income into capital gains, which will save about 20% on that income.On the other hand, there are a bunch of business expenses that may no longer be able to be written off, and the state taxes (which I pay in a dozen or so states) can no longer be written off, and the property taxes (which I pay in several states) can no longer be written off. So Iu2019ll lose a few hundred thousand in deductions, and probably find a way to switch to a 50% lower tax rate on a few million. In theory, I should come out way ahead.So, in general, I should be able to get my actual federal tax rates down well below 20% if I try hard. Maybe even down to the 17% that Warren Buffet pays. Perhaps even lower (sub-15%) if I can push all dividend and coupon payments out to a year and a day (so I can treat them as long term cap gains) via some fancy financial instruments that the banks are now selling. And obviously, Iu2019ll continue to avoid realizing gains so that I donu2019t have to pay any taxes on those gains.It wonu2019t actually make any real difference to my life, though, since I already live well within my means, and work hard simply because I enjoy working.On the other hand, it will drive up the national debt. (Iu2019ve already apologized to my children for this atrocity.) And it wonu2019t help the poor. And it wonu2019t help the middle class much at all. And when the US dollar collapses, anyone left holding their assets in dollars will be wiped out (Iu2019m working on hedging against this already, but a currency hedge is not even an option for most Americans.)But hey, you canu2019t have everything, and when we say u201cgovernment for the peopleu201d, we mean for the people who can afford to buy the politicians, right?
Why would the US Congress pass a law making everyone's tax returns public and no longer protected under any rights to privacy and how will this impact you and your family?
Everyoneu2019s? I havenu2019t seen any evidence that Congress has proposed any such thing. However, there are certain circumstances where some would consider making tax returns public, such as when someone is running for elected office.This is a good idea, in the interest of transparency, and making sure a candidate does not have any conflict of interest. The easy way to avoid such a disclosure requirement is not to run for office.
How will the IRS determine if your HELOC loan was actually used to improve your home under the new US tax laws? What if the HELOC was taken out 5 years ago?
If there is any question, the IRS will ask for proof of what the funds were used for. Copies of contracts, receipts for materials and labor, etc.It does not matter when the loan was taken out. If you used the HELOC 2 years ago to buy that sweet BMW in the garage, you can no longer deduct the interest. If that's the case, your Republican buddies in Congress just bent you over the table and rammed it up your a$$.
If our economy falls into recession in 2023 and 2023 and unemployment rises back to pre-Obama levels, how much of a tax cut will the top 1% need to get us out of it?
The premise of the question is faulty. The question asks u201chow much of a tax cut will the top 1% need to get us out of a recession later this year or early in 2019?Clearly, since we are not in a recession right now, the assumption is that the tax cuts recently enacted by the Trump administration will cause a recession in a few months or so. That is probably a good prediction. Reaganu2019s tax cuts for billionaires caused a recessionary economy. So did GW Bushu2019s tax cut swindle. There is no reason to presume that the most recent incarnation of Trickle Down economic voodoo will not have the same results that every previous tax cut policy has had. The US will almost certainly fall into a recession. The only question really is u201cwhen will it happenu201d, and u201chow deep will it be?u201dThe fallacy of the question is in the assumption that once the economy goes into a recession thanks to tax cuts for billionaires, that more tax cuts for the richest billionaires will be the way to remedy the situation. You cannot enact tax cuts, that then go on to cause a recession, and then fix the recession with more of the policy that caused it in the first place.While there are no doubt many people who have been exposed for so long to Republican Trickle Down economic voodoo that they actually believe tax cuts will be good for the economy, the fact is that you donu2019t fix a problem by increasing the policies that caused the problem in the first place.The real world doesnu2019t work that way.
When Trumpu2019s tax plan cuts out a company truck driveru2019s tax credit of $63 a day, how does that directly impact your paycheck for the year assuming your company isnu2019t paying you that in your checks? Is it safe to assume an $18000 credit is gone?
A per diem is a reimbursement. If you are a W2ed trucker, or salesman or college sports recruiter or anything else, your boss either says u201cturn in all your receipts, for breakfast, lunch, dinners, etc.u201d or they have a flat allowance they give you per day, sayu2023 $63. Or if they donu2019t, you can write it off on your taxes (but you can never write off 100%, so youu2019re always better off being reimbursedu2014that goes with all business expenses everywhere.) This is what the question is about.If youu2019re not an employee, this doesnu2019t apply to you, because of course you can write off your business expenses. So any trucker who owns their truck can still write off their expenses.So basically whatu2019s changed, in all industries, isnu2019t the math or totals, itu2019s that the government wants the business to pay for your expenses and for both them and you you to itemize. You canu2019t easily say u201cIu2019ll take the standard decduction for fast foodu201d anymore.In the ideal world, your itemization would still work out to be $63, so no change.See Truck Driveru2019s Per Diem for 2023 - Filing Taxes for Truckers
If Trump and Betsy DeVos are successful in gutting public education, how much more in tax cuts will the billionaires need to educate your children?
Public education stinks. Taxpayers spend more on it per student than any other nation and get horrible results. It isnu2019t a problem of insufficient money. It is that the public education system is run by teachers unions and teachers unions run it for their own sake. Not the students.So you can try to blame the u201cbillionairesu201d, but they donu2019t have enough money collectively to make a dent.The idea of vouchers and charter and private school options has the unions terrified. Because they work too well and are not run for the benefit of the unions.
California, Washington and New Jersey have or are considering introducing bills that presidential candidates must release a certain number of tax returns in order to appear on the ballot. How likely is it that these bills will become law?
I suspect there is a 90% chance that at least one of these states pass the bills, and they will become lawStates control the selection criteria for who appears on the stateu2019s ballots. Since there are 50 states, there are 50 different sets of rules.Ballot access - WikipediaFor the most part, as long as the criteria apply to all candidates, the state can enforce their own rules. But with 50 states, and more than 200 years of history, there are many exceptions to this guidelineSo, if the voters of California want to have some visibility into the financial dealings of the POTUS candidates who are listed on the California ballot, the state government can make that a required criterion.There is nothing in the US Constitution that forces the states to put a specific personu2019s name on the ballot.Presidential Election Laws
How do you fill out your taxes when your soon to be ex spent all the HSA moneys? Will IRS understand if you file separately and donu2019t include it?
As with most answers thus far, youu2019ve left out relevant information which will make it impossible to answer your question:The HSA Account is in whose name? If yours then yes, you are on the hook for complying with the rules in this regard,In referencing your u2018Exu2019, are you formally separated? Is there a legal document verifying the date of the separation? If yes, then the withdrawal may be attributable to both of you, or to your u2018Exu2023 in the event the proceeds were NOT used in conformity with the rule. Alternatively, was your divorce proceeding initiated BEFORE the HSA withdrawal? If yes, then the proceeds may be deemed to be a joint asset and severable towards the settlement and thereby tax attributable to your soon-to-be ex-spouse. Pay attention to the calendar dates relating to each piece of the process.Is your u2018Exu2023 listed as injured or dependent? If yes, then explanatory notes may be included in your filings in support and or clarification of the usage.Perhaps you might flesh out your answer which gives us the opportunity to be more precise in our answers . . the devil is in the details when it comes to dealing with the IRS, as we all know.
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