Can Please explain new tax plan for pass through biz?

Once you have paid for a CPA or equivalent to give you tax advice, you should report back here with your advice otherwise we will consider you a leech.
 
Sig said:
Taking advantage of living in a safe prosperous society paid for by taxes while proclaiming taxes as theft is hypocrisy at best, I'd just call it idiocy myself.
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It's the fact that it's not Voluntary transaction!! How am I taking advantage of living in a prosperous society... You just assume the alternative to paying crazy high taxes is living in a unsafe place.....you just can't make that assumption... Plus.. if you so happy with it donate some more money to the gov
 
I pay for my own health insurance., is that fully deductable or is that included with the personal 24k standard deduction?
My accountant is gone til after new year or i would of called him.. trust me on that..lol
 
NY_HOOD said:
I pay for my own health insurance., is that fully deductable or is that included with the personal 24k standard deduction?
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Sorry but you lose both ways. Health insurance that you pay for out of your own pocket is not deductible, unless you have your own LLC or C-Corp. If you are not covered on any other health insurance plan, one thing that you can do if you move fast before Dec 31st is to set up and fund a Health Savings Account. You get a full deduction for the deposit, and you will be able to use the funds to pay medical expenses with with pre-tax funds. I use HealthEquity.com since you can park the balance in Vanguard funds.
 
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