I am surprised to see it passed. I need to read the fine print, but I think it will help a lot of people.

I would love to get some tax relief for myself, however, I'm not going to hold my breath. Sometimes Trump just says what he thinks we all want to hear and then just does what he wants. Sorry, but I really can't help but get all over this guy. He makes it so easy!

Pinky wrote: I agree with you however, he also promised to lower self-employment taxes to make it easier for self-employed folks to stay above water. I am one of those folks and I really need a break. Does he EVER do anything he says except blabbing on Twitter?

Agree, Trump supporters would argue it is still in process. We will see.....

I agree with you however, he also promised to lower self-employment taxes to make it easier for self-employed folks to stay above water. I am one of those folks and I really need a break. Does he EVER do anything he says except blabbing on Twitter?

Whatever happened with Trump's promise to lower the corporate tax? Wouldn't that help to stop them from lobbying against simplifying it for everyone else because they'd be paying a flat, but lower, rate?

FrankN wrote: Its not just the accounting lobby as they dont have nearly as much sway as others. Its all the industries and companies that get specific deductions and tax credits (think about mortgage industry, energy, (coal, clean energy, etc.) All of those industries that get benefits don't want those credit or deductions to be eliminated.

So in other words, the people who like it complicated are the large companies with large finance departments, and the rest of us get stuck trying to do the math single-handed, or throw our hands up and pass it on to an accountant!

Its not just the accounting lobby as they dont have nearly as much sway as others. Its all the industries and companies that get specific deductions and tax credits (think about mortgage industry, energy, (coal, clean energy, etc.) All of those industries that get benefits don't want those credit or deductions to be eliminated.

FrankN wrote: I 100% agree. The only solution to me and for it to be fair to EVERYONE is to drastically simply it.

Ah, but would the accountants lobby say it was fair to them? These laws must keep many of them employed! I just get tired of staring at the paperwork and keeping folders full of recipts for everything around ready for the end of year. I'm sure it wasn't like this in my grandparents' time.

Goldbug wrote:

FrugalFran wrote: The IRS is such a thorn in everyone's side. I'm very curious to see if anything is going to change after the election this year. I sure hope so because the amount of money my husband and I pay in taxes is ridiculous.

I just wish they'd simplify it. I know I overpaid because I never managed to work out all the deducations, and I ended up giving up and getting an accountant to do mine, which just makes it cost even more.

I 100% agree. The only solution to me and for it to be fair to EVERYONE is to drastically simply it.

FrugalFran wrote: The IRS is such a thorn in everyone's side. I'm very curious to see if anything is going to change after the election this year. I sure hope so because the amount of money my husband and I pay in taxes is ridiculous.

I just wish they'd simplify it. I know I overpaid because I never managed to work out all the deducations, and I ended up giving up and getting an accountant to do mine, which just makes it cost even more.

I'm sure it will be heavily discussed during the election but little will likely change for most Americans.

The IRS is such a thorn in everyone's side. I'm very curious to see if anything is going to change after the election this year. I sure hope so because the amount of money my husband and I pay in taxes is ridiculous.

Breakinger wrote: I definitely wouldn't put it off until next year because you are only going to end up owing more. I know someone who hasn't filed his income taxes in almost three years because he owes every year. I'm waiting for it to catch up with him, which it eventually will.

Holy smokes! Think of all the penalties and interest this friend will end up paying. I think you can even be arrested for tax evasion! The IRS will work out a payment plan.

I definitely wouldn't put it off until next year because you are only going to end up owing more. I know someone who hasn't filed his income taxes in almost three years because he owes every year. I'm waiting for it to catch up with him, which it eventually will.

Are you sure you're getting all the tax breaks possible? Having seen the consequences of deferring thorny issues firsthand I strongly recommend seeking some advice on this rather than hoping it will somehow be easier next year.