The 2017 Tax Cut & Jobs Act
Submitted by james300@comcast.net on Mon, 01/01/2018 - 16:23
Will the next release of ESPlanner that incorporates the new Tax law changes calculate taxes with & without itemized deductions? I have all my medical costs and property taxes as special expenses & it's not obvious to me if itemizing would result in a lower federal tax than taking the new $24k std deduction. It would be a great benefit if ESPlanner would calculate the federal taxes both ways and use the lower amount. I suspect this would add a significant amount of added computational time. It may also involve too much added programming to be worthwhile. Either way, ESPlanner & the FANTASTIC support your team provides is Exceptional! Without ESPlanner I would be "flying blind" into my financial future.
Thanks,
James Mavrogenis
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Comments
Mike OConnor
Mon, 01/01/2018 - 19:55
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James,
James,
ESPlanner always has calculated both itemized deductions and the standard deduction. It uses the larger of the two.
tomindenver
Tue, 01/02/2018 - 18:59
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I would guess that you
I would guess that you ESPLanner folks have been studying the recently passed tax bill. Can you give any advice on how to find out what may have survived or not survived the new legislation? For example, there is an obscure tax credit called the Health Care Tax Credit (HCTC) I would qualify for in 2018, but I don't know if they eliminated it in the new legislation. I tried to search the 1000+ page bill (PDF), but couldn't find anything on it. Maybe that means they didn't eliminate it, I don't know. Any advice is greatly appreciated.
Mike OConnor
Tue, 01/02/2018 - 21:01
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I'm not familiar with the
I'm not familiar with the HCTC and it is not addressed in ESPlanner.
But here's a link to the final version of the TCJA:
https://www.congress.gov/bill/115th-congress/house-bill/1/text?q=%7B%22s....