Finally I found somebody who explained me in a simple way the medical expenses part! Thank you!!
@davidfolloni16235 жыл бұрын
Mark - you;re explanations are very clear and easy to understand...thank you for putting things in simple terms. i will look for more videos..you are a very good teacher...thx again.
@MarkJKohler5 жыл бұрын
Aww... your comment was the first thing I read today before I started working and you made my day! Thanks man! Really appreciate it!
@mjq21xb5 жыл бұрын
Great for entry level fresh out of college millennials :) I'm happy w it
@jayg30695 жыл бұрын
You are a very good teacher. Very straight forward and easy to understand 👍🏼
@MarkJKohler5 жыл бұрын
Thanks so much Jay! That means a lot!
@ThisGuyAndrew5 жыл бұрын
This video was perfect for a guy like me. It informed me about two forms of taxes, which i never knew about; If forms are the correct noun for these things. I'm a noob when it comes to taxes, meaning I know little to nothing about them. That being said the video also pointed out clarifications about these forms which helped out greatly because I would have made those mistakes if I didn't learn my lesson the first time lol. you get my thumbs up and I'll hit that subscribe button with the hunger to learn more about taxes from this channel.
@MarkJKohler5 жыл бұрын
Thank you for subscribing! Please reach out if I will ever be of service. 435-586-9366 ext 2024.
@brianhodge80495 жыл бұрын
IRS Pub 936 states that the mortgage interest can be on a second home as well. I thought I would also point out for the common people, not tax experts, watching, like me, home acquisition debt also includes substantial improvements to your home not just the purchase price. Great video and very informative. Keep up the good work.
@marybuford54145 жыл бұрын
IRS Pub 936...really...do a video.
@MarkJKohler5 жыл бұрын
Thanks Brian!
@edwindelcarpio15485 жыл бұрын
You can potentially deduct interest from a HELOC if you elect a 10-T (Reg 1.163-10T), thereby using the tracing rules rather than the equity rules. This would be especially important if money is borrowed against the home with the original acquisition debt to buy, build or improve that home.
@MarkJKohler5 жыл бұрын
Edwin, yes...and I'm sorry for the late reply. You are right on. Since shooting this video there has been IRS notices stating that HELOC interest DIRECTLY related to acquisition or improvement of the property is still tax deductible (but still subject to the total mortgage balance limit).
@MrSilence3605 жыл бұрын
Wow middleclass got ffff
@MarkJKohler5 жыл бұрын
Yeah....I'm not going to save anything on my personal return and probably owe more. Hopefully save something on my business return. At least the economy is booming and that's worth something.
@iamOAKland5 жыл бұрын
it pushes people to become business owners ie., job creators
@gcs88894 жыл бұрын
@@iamOAKland You aren't wrong. I went from working a corporate job to becoming an independent consultant - and I work for my old company. I make a bit more money (not huge), but the writeoffs I have as a businessowner means that my take home income greatly exceeds what I was doing working for them. Oh - and I can stack contracts too!
@mroberts5663 жыл бұрын
@@MarkJKohler That may be, but booming economies are temporary. Taxes are essentially forever.
@bigtoeknee113 жыл бұрын
As usual
@pamelahough38963 жыл бұрын
Thanks much!
@alexnjsikoko3 жыл бұрын
thanks for sharing knowledge
@edmsing5 жыл бұрын
Just in case... What I am about to write is not based on law but rather common sense, it should be possible for any citizen to be fully investigated if remotely suspected of committing or engaging in financial fraudulent activity in avoidance of their financial burden in obligation to the funding of the United States government, otherwise, how could it become known if a conspiratorial crime is being considered, conducted resulting in treacherous crimes rooted in financial benefit to an individual or committee of citizens. Hmm, the above sounds so clever, I should have been a legislator, or at the very least been able to play a lawyer on television…but then on second thought, there is the contents of my personal piggy bank to protect from prying eyes…
@MarkJKohler5 жыл бұрын
Edmund. I love it. It totally agree. I wish more people investigated and researched the possibilities of using government designed plans to help them make it through retirement. Social Security is just not enough for millions of people. Taking advantage of IRAs, 401ks, Roth accounts, HSAs, and anything to save on taxes ethically and honestly is CRITICAL to survive. I'm with you Edmund. I encourage any of you reading this to study, learn and do your research. Wall street products are NOT the only answer and the government has designed vehicles for you to invest it what you know best! mjk
@shuhrataz88074 жыл бұрын
Medical expense is 7.5% was 2018 > 2019 is 10%
@trexy-20453 жыл бұрын
How would you provide receipts from purchasing inventory from places you don’t receive receipts from? etc. Yard sales, Facebook marketplace meetups
@Jofie3 жыл бұрын
This is the stuff they should be teaching in schools. I'm 18 and taking matters into my own hands for when this applies to me.
@Quaifen5 жыл бұрын
I got screwed big time this year too. My itemize deductions are always higher than the standard deduction. But they screwed me when they took away the exemptions for yourself.
@s.gentle51565 жыл бұрын
C M same here!
@MarkJKohler5 жыл бұрын
It really is terrible. I'm getting far less in itemized deductions too. There certainly are winners and losers under the new TCJA.
@TheAnubis575 жыл бұрын
Same here --broke even for 2017 returns but now we have to pay $1,700 for 2018. What happened? With married joint we made $75,000 --that payment is a big chunk out of our income.
@PrincezMichelle14 жыл бұрын
@@TheAnubis57 I feel like something changed with the taxes withheld, I was fine 2017 and then 2018 even with 0 exeptions, my husband and I owed couple hundred dollars in taxes... we both get the maximum withheld... nothing else changed, we always take the standard deduction, can't afford a house where we live.
@miragexl0074 жыл бұрын
so you right off over the new 24 K (vs. older 12K) in deductions. good for you. it wasnt/isn't for everyone but for the vast majority I'm thinking of middle class NOT living in High income/property/house value areas or Casualty" areas. huh.
@danteanditzel4 жыл бұрын
Great video, very educational! Thank you for explaining this mark
@JS-bw9hs5 жыл бұрын
Thank you, Mr. Kohler! Great video.
@MarkJKohler5 жыл бұрын
You're welcome! Thanks for watching!
@autohelix5 жыл бұрын
Married no kids $109,000 taxable income still got $5,000 back federally you know why because Me and my Wife had enough taxes took out of our paychecks. The tax rate did not go up it went down. People are not paying more taxes this year you simply did not have enough took out of your paycheck.
@ramonnamoore54375 жыл бұрын
Ford ST Thank you
@MarkJKohler5 жыл бұрын
I edited my comment and I hope you Ford ST get this message. Please keep in mind that what you have withheld from your paycheck is irrelevant. That just is an estimate for what you may owe in April. The real issue is, what are your total taxes. Now if you got a refund, you may indeed be paying less tax (congrats and enjoy- seriously), but what you had withheld is different that what you have to ultimately pay in total. Maybe i missunderstood your comment, but just thought I would throw it out. Thanks
@2011blueman5 жыл бұрын
Ford ST, many many people are paying more in taxes thanks to Trump's 'tax cuts', especially home owners in higher tax states. The Trump tax cuts were explicitly targeted at Californians and New Yorkers where high property values result in high taxes, and the SALT limit drastically hurt them. As for your $5,000 refund, that just means you're bad at tax planning and give the federal government an interest free loan.
@autohelix5 жыл бұрын
@@2011blueman I fully understand all of this. Is it fair for people to pay less federal income tax just because their state taxes them to death I don't think it is. State property tax does not support the military or any federal program. I like to have a nice refund that's the only time me and my Wife ever spend money on ourselves. Yes we could have bigger paychecks instead but we already save plenty for retirement. It works for us and that's what we choose to do we are well off financially.
@2011blueman5 жыл бұрын
@@autohelix Except you've inverted the question. The question is whether it's fair for people to pay more federal income tax just because their state taxes them more. The Trump tax "cut" (really only a cut for the wealthy and corporations) penalizes people in higher tax states, not the other way around.
@bluetrex23 жыл бұрын
You just said you can write off interest on rental property in the other video for up to $750k asset value. And Heloc interest also count as long it’s it’s for improvement for primary home. You’re here contradicting what you said.
@valeriesalmon98422 жыл бұрын
Mark thank you for this year info
@MIZZJAMAICAFLOWERS4 жыл бұрын
Thanks 🙏 for the video, it was helpful 🙏
@MarkJKohler4 жыл бұрын
You are very welcome!
@marksommers67645 жыл бұрын
ALL should look ahead to the New FAIR TAX System , now in the House . Only pay (federal) Sales Tax of ~23% PLUS State tax ... in California about 29% total . Check the Fair Tax out !
@MarkJKohler5 жыл бұрын
I'll check it out.
@willoughbykrenzteinburg4 жыл бұрын
The 23% is a tax _inclusive_ rate. It's misleading. It's not the same thing as a 23% sales tax. It's the same thing as a 30% sales tax. Tax inclusive means "for every $100 spent, $23 *_of that_* is tax". Sales tax is exclusive - meaning in addition to. It means "for every $100 spent, there is an *_additional_* x amount of tax added". That how sales tax works. You are trying to say that there is $23 of tax for every $100 spent. In reality, it's $23 of tax for every $77 spent. The total is $100, $23 of which is tax. This is equivalent to a 30% sales tax. And this is just for year one. This rate will increase every year. You would however get a "prebate" check every month depending on the size of your family. There is an annual consumption allowance - meaning, you aren't taxed on the first 'x' dollars spent. The latest figures are $11,770 per adult and $4,160 per child. In other words, if you are single adult, you have a consumption allowance of $11,770 - meaning, you aren't taxed on that amount, so they "reimburse" you for the tax you paid on that $11,770 throughout the year - or so they say. They are either bad at math; or they are blatantly lying - deliberately and it should be called out for the twisted and evil ploy that it is. The prebate amount is ACTUALLY 23% of the consumption allowance. They tell you they are reimbursing you for the tax you paid, but they aren't really. Let's say you are a single adult and you spent $11,770 on goods and paid the 30% tax on this. You would have paid $3,531 in tax on this. The ironically-named "fair" tax act says that they are going to reimburse you for this, but what REALLY happens? They reimburse you 23% of that money spent, or $2,707. Essentially keeping $824 of your money they claim they will reimburse you. It's deceptive and evil. This ironically named "fair" tax act uses an *_inclusive_* figure for the purposes of collecting the tax - which essentially equals a 30% tax, and then uses an *_exclusive_* figure when it comes time to reimburse people for an amount they say they are giving you for free - when they clearly aren't. This isn't a mistake someone is making. This is a deliberate attempt to mislead and deceive people. There is no reason to mix and match inclusive rates and exclusive rates in the same policy unless your intent is to deceive and mislead. And then they have the audacity to call it "fair".
@sunkyeongyi4 жыл бұрын
loved your explanations. Thanks!
@MarkJKohler4 жыл бұрын
Thanks for watching :)
@chrisinmadison4 жыл бұрын
With respect to your section on S.A.L.T., when you say "state tax", do you mean the state income taxes you've paid? Great, informative video! It answered some questions I've been trying to figure out all day!
@MarkJKohler4 жыл бұрын
Hi, due to my busy schedule I recommend you contact my office at 435-865-5866. Sorry for the inconvenience.
@joellevarner4 жыл бұрын
So as a teacher, I can no longer deduct anything un-reimbursed for my classroom? What about everyone who was working from home for the past 3+ months-will that be deductible in any way for 2020?
@MarkJKohler4 жыл бұрын
I would definitely recommend speaking to someone that can help with your tax and legal questions! Call my Law firm KKOS Lawyers at 888-801-0010. They can help with your important questions.
@miragexl0074 жыл бұрын
I actually look forward to doing my Taxes....again this year. Well, compared to previous years anyway. No more itemizing since the Doubling of the Standard Deduction to 24K for families (well awesome for MANY)....Awesome. I'm guessing many are in this boat. Tax reform is Great or at least something, not perfect, for so many no matter what the other side says. WOW................Casualty/Theft thing, and that SALT thing ...ya, Ok. how many does that affect in comparison (I get it, it is for a handful...like California that you had to mention) How many deal with that compared to the benefit (for Most) of Doubling the Standard deduction? . Good vid. over all except the little bias on a few things. anyway....hmm. hope things didn't change since last year.
@MarkJKohler4 жыл бұрын
I hope it is a great tax season for you!
@lucys47515 жыл бұрын
Great video wit tons of information!! Thank you so much!!
@MarkJKohler5 жыл бұрын
Thank you Lucy for watching my videos and supporting my channel!! Please don't hesitate to reach out if I'd ever be of service mark@markjkohler.com
@llbbtk5 жыл бұрын
Thank you, Mark. Love all your videos.
@MarkJKohler5 жыл бұрын
You're very welcome! Don't hesitate to reach out to me if you ever need anything, either tax or legal stuff. mjk
@kevinitman16945 жыл бұрын
Great job. Thank you for sharing the information. I have quick question regarding having both w2 and self employee income. For quarterly tax estimation as long as the Federal tax on w2 is already paid, should I only calculate the estimate for self employee tax?
@drsmartypants17955 жыл бұрын
You are the man!!! Thanks for the great information!!!
@MarkJKohler5 жыл бұрын
Thanks so much for watching!
@derrickdavis11335 жыл бұрын
You really should have more followers. Good job.
@MarkJKohler5 жыл бұрын
Lol. Thanks!! I'm trying. Please share and thank YOU for following. :)
@chosen.024 жыл бұрын
Great explanation
@MarkJKohler4 жыл бұрын
Thank you Marc!
@_6666-3 жыл бұрын
execllent ! now you cant tracky money serial never for same appropriations ! 🤘😷
@thatkidfrankie71742 жыл бұрын
Great video
@hannaha54884 жыл бұрын
helpful
@MarkJKohler4 жыл бұрын
Glad it helped! Please subscribe and share!!
@MLStein-tx5wd5 жыл бұрын
Well, did my taxes last night and i am totally screwed! same income as last year, same deductions i actually lowered my exemptions from 7 to 5 (home mortgage interest and property tax totaling 11K). i have always got back between 3k-5k. this year i owe 4k! really, really dissapointed. i am chaning my exemptions to zero (0) for next year which means i will have about $500 less each month to pay the government the money i owe! California taxes went up about 3 times more than last year thanks to the Dem's in our state. If you don’t make much money or have kids, you are in like flint, taxes will be way less due to the drastic increase in personal exemptions.
@MarkJKohler5 жыл бұрын
I'm so sorry to hear that! I have an amazing team of CPAs at my Kohler & Eyre CPAs Firm. Please reach out if you every need help with filing for taxes. 435-865-5866.
@jrob87645 жыл бұрын
The standard deduction is $12000 what is this personal exemption you speak of you no longer get a personal exemption on your federal taxes?
@miragexl0074 жыл бұрын
hmmmm. California or higher income/property tax, home value type place huh....too bad. lol. Luckily MOST Americans/middle, upper middle class, dont' fall into this category. I know....California and the more important "coastal" states are more important and the Deplorable states....ah, most it seems....suck. And Democrats are all about the poor or less fortunate....Funny stuff.
@ar.shankarhosakere0094 жыл бұрын
Great presentataion Mark..Keep it going.
@MarkJKohler4 жыл бұрын
Thank you! I appreciate the support!
@jeanboerman38693 жыл бұрын
Thank you for making this so clear.
@MarkJKohler3 жыл бұрын
Glad it was helpful!
@pedrosanchez86924 жыл бұрын
Thank you
@dianarivers18855 жыл бұрын
Please add HEAD of HOUSEHOLD instead of JUST single or married. THANK YOU!
@100AcreWoodz14 жыл бұрын
HH is 18k
@autohelix5 жыл бұрын
If you are married not too many people are going to have a enough itemized deductions to exceed $24,000. This is the first year me and my Wife did not itemize.
@MarkJKohler5 жыл бұрын
That's good. It really starts to hurt the upper middle class when State Tax and Property Tax and a big beautiful home start to far exceed $24,000. But nonetheless, I wish you the best in your effort to make and build as much wealth as you can. Thanks for following and the comment.
@miragexl0074 жыл бұрын
Absolutely. I couldn't believe it last year. so much easier and I guess less risk of being audited which I heard is kind of a pain. We are so simple I didn't worry. Anyway...so much easier. We were little higher than In between the old Standard deductions and the new. So much easier/cleaner. I'm guessing most are in this boat....not like California which he mentioned kind of loudly. go figure.
@miragexl0074 жыл бұрын
@@MarkJKohler the Upper Middle class that your talking about....ya, like those in California and such places....but not the Majority of places for the Majority of middle class/upper class people throughout the country/states. it will never be fair but it appears to be the Best for the Most....which is how it should be. Wife and I are upper middle class in Michigan along with many other Nurses/PTs/medical professionals.......Ya, easier to do taxes now, with being a in between the old SD and the new...a huge plus. So focusing on the mass benefit to the masses is probably a good thing
@robertgreatsinger91794 жыл бұрын
Thanks
@MarkJKohler4 жыл бұрын
No, thank you for watching!
@HB-yq8gy5 жыл бұрын
I shouldn't have listen to my tax person. I was renting my condo cash for a couple of years. I asked my tax person our cash deal " I didn't hear that" she replied. You're better off getting your rental deductions & depreciation. Now 2018 tax rules changed for what? Uncle sam screwing us all. Now gotta more taxable income to report. Turbo or Taxact here i come!!
@willoughbykrenzteinburg4 жыл бұрын
I don't understand what you are saying.
@geopietro5 жыл бұрын
Medical insurance is tax deductible and subject to the medical expense limitations. Why did you exclude this?
@MarkJKohler5 жыл бұрын
Fair point. I'm sorry. I think I referenced IRS Publication 502 (that includes all the deductible medical expenses), which also includes medical insurance. And yes, it would be included. I will say however that the area I focus on is helping small business owners and so I automatically think of writing off the medical insurance on the front page of the 1040, which is FAR BETTER than itemizing. We TRY to make sure that none of our clients are writing off Medical under Schedule A as an itemized deduction. We utilize the HRA and HSA also as much as possible. Check out this article of mine on the topic: markjkohler.com/health-care-strategies-and-update-in-health-care-strategies-and-update-in-2013-2/
@joeb15225 жыл бұрын
Also, if you get your medical insurance through your employer, the employer paid premium is a tax free fringe benefit, and the employee paid premium is removed from the W-2 and thus not taxable. So with a small business or as an employee, most people have no need to include on Schedule A. Retirees would generally put it on sch A.
@abeeiland58145 жыл бұрын
Truth in dave champion "Income tax Shattering the myths", regarding the alleged filing requirements for American citizens. Claim your inalienable rights and stay in compliance with the Secretary of the Treasury.
@Juan-oq4xf4 жыл бұрын
Good info
@MarkJKohler4 жыл бұрын
Good to hear! Thanks for watching!
@donaldraya5 жыл бұрын
You have a great presentation
@MarkJKohler5 жыл бұрын
Thank you so much!
@bigtoeknee113 жыл бұрын
Are college tuition fees and intrest on college loans I pay for my kids part of itemized deductions or a seperate credit?
@thesportsblogny4867 Жыл бұрын
Mark, I have become a big fan of your channel and learning a lot each day, and thank you for that. I have a question. I have a non-profit which doesn’t have any funding as of yet, and mainly in the field of sports/education. Over the last few years I have found myself paying for a lot of expenses on behalf of the organization as well as doing a lot of driving on behalf of the organization. What Can I do to better use the driving I am doing to be able to write it off (Is is personal charity or business charity) and I starting using MIleQ this month to better document the miles. What options do I have when I pay for an expense such as an entry fee into a sports tournament that charges, when I pay in on behalf of the organization. I was told this is more an in kind donation and can’t be written off. We are in the process of opening up a bank account and was wondering if making the donation to the organization once we do then writing it off will be the answer. Thanks
@PIANOSTYLE1005 жыл бұрын
Thank You
@MarkJKohler5 жыл бұрын
You're welcome. Thanks for watching!
@celiagorleski27165 жыл бұрын
You still can include medical insurance premiums in the medical deduction category unless your employer is paying the medical insurance. Of course the total of your medical expenses still has to exceed 7.5% of your adjusted gross income and next year it will be 10%. And they did away with what is called the miscellaneous deductions that exceeded 2% of your adjusted gross income but there is still another place for deductions that you can find listed in the material from the IRS. One example is gambling losses. You can deduct your losses not to exceed your winnings. I only know that because it applies to me. But people should still check the list of what they can deduct in this category you did not mention.
@MarkJKohler5 жыл бұрын
Excellent Celia. We handle the gambling expenses up to income through the Schedule C. The Schedule A is so jacked up now one has to get a little creative. Not trying to cheat or get away with anything, but you make a great point with gambling expenses and income.
@willoughbykrenzteinburg5 жыл бұрын
You can only deduct medical insuance premiums....even the portion deducted from the paychecks and therefore paid by the employee...if those deductions were after taxes were paid. Most employee paid medical insuance premiums are deducted pretax, and are therefore already not included in taxable income, so you couldnt deduct them twice obviously. This is generally better because these deductions are not reduced by the 7.5% AGI limitation. So, I would advise anyone to pay careful attention to how any employee paid premium deductions are handled before deducting them on schedule A.
@celiagorleski27165 жыл бұрын
@@willoughbykrenzteinburg When I worked, my insurance was pretax, but now retired they are post taxed.
@willoughbykrenzteinburg5 жыл бұрын
@@celiagorleski2716 yeah, absolutely deductible then...of course to the extent that they-along with other medical expenses-exceed 7.5% of AGI (as you are aware).
@navygurl41825 жыл бұрын
Woowee I got screwed this year yikes.
@MarkJKohler5 жыл бұрын
I should first say...Oh no! and I'm so sorry. Hopefully this and other of my videos in the future will help. If you ever need help, contact my Kohler & Eyre CPAs firm 435-865-5866. Thanks
@acesema225 жыл бұрын
Me too!!!
@miragexl0074 жыл бұрын
oh, your in California or the Upper Class areas with Property Tax issues, or you donate Huge amounts?....and not like the Majority of Americans that are probably benefiting from the Doubled standard deduction and the double child tax credit....if not just to make taxes easier by Not itemizing everything now. Can't benefit all people but benefiting the Majority, which I believe it probably does...but could be wrong, is probably the better way to go.
@onanickelson86375 жыл бұрын
So with this new tax law, does it benefit to buying house or renting?
@MarkJKohler5 жыл бұрын
Great question. Generally, it's still a great wealth building AND tax strategy to buy home. But it depends on where you live. In many urban areas it's much more affordable to rent and invest your money elsewhere. It's tricky. I have a chapter on this in my new book: The Business Owners Guide to Financial Freedom: markjkohler.com/products/financial-freedom/
@Soulreclaimer654 жыл бұрын
Itemizing is no more for healthy and average person. 5:10 is where you find the hurt
@TheeBlackSilhouette5 жыл бұрын
I STILL DO NOT KNOW WHAT THE HELL IS A DEDUCTIBLE EVEN THOUGH I MIGHT BE OVERTHINKING IT
@pierre02274 жыл бұрын
BlackSilhouette it’s like another way of saying subtract or adjust. Like in car insurance, you pay a deductible which is a partial fee apart from the cost of an accident claim.
@giangalliani43355 жыл бұрын
Great video !
@MarkJKohler5 жыл бұрын
Thanks so much!
@centralfloridarealtoruriel65303 жыл бұрын
Thank you Mark. I'm 22 and this video helped me vastly. Happy Holidays -UR
@Dan0rioN3 жыл бұрын
Where does the eitc come in!?!
@thomass18914 жыл бұрын
You are a great orator
@MarkJKohler4 жыл бұрын
Orator...hmm I don't hear that word a lot haha. Thank you so much!
@woutercatto72253 жыл бұрын
Well yeah, that's what we expected
@jsksksksk41062 жыл бұрын
My friend, concerning charitable donation under standard deduction. I understand the $300 limit. What I am not sure about is the noncash donation. In other words, can I make non cash donation to qualified charities?
@ronalddoorley19264 жыл бұрын
Nowhere can I find out if you are over 65 what happens to the senior deduction if you have medical bills that make itemizing necessary?
@falt0074 жыл бұрын
From a teacher “you should be a teacher”
@High57484 жыл бұрын
Well if your considered head of household will your standard deduction raise to 18,350?
@percyastronautstatus.87803 жыл бұрын
Google it
@allbachaparty3 жыл бұрын
how do we calculate the tax liability with dependents?
@LS-cg3le5 жыл бұрын
Hi Mark, is first lien position Heloc interest tax deductible in 2018? "if the heloc line is no more than the purchase price, it is fully deductible. Especially being in 1st position." Please let me know if it is true?
@MarkJKohler5 жыл бұрын
Sorry there was a recent IRS regulation clarifying the interest on a HELOC is deductible IF for direct improvements to your primary residence.
@ConnieBach5 жыл бұрын
My 12K mortgage interests and 25K worth of repairs on a rental properties didn't do a thing, not even a dollar difference to my return! Yup.
@MarkJKohler5 жыл бұрын
Thats interesting. Remember, the mortgage interest limits are only on your personal residence. If you had a rental property that is completely outside of the standard-versus-itemized topic. I obviously haven't seen your return, but if you have rental property, you should ask your tax preparer how those expenses are being handled.
@willoughbykrenzteinburg5 жыл бұрын
There is nothing in the new tax law that would affect either of the things you mentioned.
@MarkJKohler5 жыл бұрын
I agree with Willoughby if those items are related to your rental property.
@willoughbykrenzteinburg5 жыл бұрын
@@MarkJKohler I was even considering the limitation of interest on schedule A. The repairs he says are specifically for a rental which as you pointed out wouldnt be affected. The interest wouldnt be limited if it is a rental, and I would surmise it wouldnt be limited even if this was on the residence. I cant imagine the interest on debt of $750,000 or more would be as low as $12,000 which is the only scenario where it would be limited. Unless the filing status married and separate where the limit drops to $375,000 of debt, but $12,000 still seems too low for that amount of debt. As far as the repairs, they obviously could have been capitalized depending on what elections were made, but to see no effect on taxes either way seems very strange to me.
@joeb15225 жыл бұрын
If adding on more rental expenses didn't make a difference, it's likely because you make too little (and owe no tax before or after adding the expenses) or you make more than a certain threshold under section 469, which is 150K for married filing jointly (and phaseoit between 100-150k). If you make less then the threshold, you can deduct up to 25k of rental losses. Maybe you've already deducted 25k when you added in the repairs? I would consult your tax advisor as there are ways around the 469 rules depending on your fact pattern. And remember, if you can't deduct rental losses, they carry forward indefinitely and offset passive income (such as rental) or offset the gain (or reduce loss) when you sell the rental.
@janiceh88084 жыл бұрын
Mark I would like to know if the Army National Guard considered active military because Virginia allows you to subtract up to $15,000 of basic pay.
@RealEstateWithRay5 жыл бұрын
So basically get your money up or you are screwed 😂
@MarkJKohler5 жыл бұрын
Haha that's one way to say it...
@acesema225 жыл бұрын
Yep!!
@ILWU4Ever20245 жыл бұрын
You omitted the $18,000 Head of Household Standard Tax Deduction in your presentation. Why?
@MarkJKohler5 жыл бұрын
Great comment. You're right and I apologize. Your comment actually has prompted me to be more accurate and sensitive on this point. I was writing an article yesterday and specifically made note of the HH dollar amount. Thank you. I appreciate the suggestion.
@miragexl0074 жыл бұрын
wondered about that. Man...the stress should be on the key points that Benefit the majority of Americans I'm guessing. he kind of stressed the SALT and Casualty thing....and even mention California and their wealthier people/houses and property taxes. Interesting. Good vid but not great of course. perhaps catering to him and his people (lol...come on, no offense) I'm thinking. maybe not...maybe just his opposition views in politics/governement
@elizabethkeefe53234 жыл бұрын
I know this might be a silly question but I am a new parent and my first child is in school elementary school is there anything in that like supplies clothing that you can put in the taxes thanks in advance for your help
@MarkJKohler4 жыл бұрын
Unless it can be included in a business write off I don't think so, sorry.
@willoughbykrenzteinburg4 жыл бұрын
No, but the child tax credit sort of covers that to some extent. Don't forget about that. It's basically a discount directly off the taxes owed - and it would be worth $2,000 for one child. It is also refundable (up to $1,400).
@donaldraya5 жыл бұрын
Everyone is blaming president Trump for shortage of funds but yet you give us all free wisdom God bless you sir
@SalaciousCrmb5 жыл бұрын
Itemized deductions saved me thousands in taxes. Because of that orange sh!t stain I now owe. Yes, I blame him.
@donaldraya5 жыл бұрын
@@SalaciousCrmb are u blaming Trump
@SalaciousCrmb5 жыл бұрын
Donald Raya It was his legislation. Who should I blame, Obama? HRC? Flat Earthers?
@donaldraya5 жыл бұрын
@@SalaciousCrmb Now that I am doing taxes ,I can say that dishonest people who pay in $1200 and get $9000 I blame them
@donaldraya5 жыл бұрын
@@SalaciousCrmb I think your argument is very shallow so let's end it
@pm-js3ld2 жыл бұрын
The miscellaneous itemized deductions are still available to state workers and veterans btw
@kreyes3104 жыл бұрын
if you refinanced your house late in the year, does the home mortage interest paid get cancelled out?
@MarkJKohler4 жыл бұрын
Hi, due to my busy schedule I recommend you contact my office at 435-865-5866. Sorry for the inconvenience.
@andrewnagengast23494 жыл бұрын
So my truck crapped out on me and I had to take a loan of over 10k to pay for a new one, just recently i put in $750 for new tires on it and this plus all of the utility and maintenance bills i've had to pay over the year, I'm sure i've paid out over 12k...can I include any of this towards an itemized deduction or does it not count?
@lanexang81274 жыл бұрын
what about Mcc for 1st time home buyer vs Standard deduction ? please be advised, thank you
@Ram-gn5fr4 жыл бұрын
what happens if i have a primary home and also a another home which isnt my primary home but a rental...my question is im i able to deduct the interest and tax on my rental property as well
@maxrobley42004 жыл бұрын
93263 Rami I believe you are still able to deduct mortgage interest & property taxes filed on schedule E for rental properties. This video is regarding the standard vs. itemized deductions on the 1040. Speak with a tax professional in you area; they’ll be able to help you understand what you may deduct.
@enriquecortez19634 жыл бұрын
The new tax plan increased my federal tax liability 50% I used to pay $8,000 per year, now it’s over $12,000 Thanks Obama?
@willoughbykrenzteinburg4 жыл бұрын
Do you know why? Do you pay state income taxes? Do you have high property taxes? Do you itemize? If there was more information, I could identify the cause
@sw49764 жыл бұрын
NO MORE REFUND , I have to cover all the spending and NEVER get anything back again!!!!! now paying THOUSANDS I HATE THE GOVERNMENT BEAST, they are trying to snake in RFID next.
@yezkaholic4 жыл бұрын
How do i knownif my 2018 Tax was itemized? I dont see a line 40. I see it line 8 and it says 18000 Head of household
@willoughbykrenzteinburg4 жыл бұрын
You did not itemize. $18,000 was the standard deduction for head of household in 2018.
@yezkaholic4 жыл бұрын
@@willoughbykrenzteinburg thank you
@catstermarioholoic40925 жыл бұрын
What is AGI is that the same thing as total wages, tips, and compensation stated at the top of your W-2? I also kinda wish you would have stated what the standard deduction actually is for all filers.
@MarkJKohler5 жыл бұрын
I'm sorry about that. It's tough to define everything and hit all the issues in a short KZfaq video. I blog in a more in depth manner on topics regularly, have books, and also a Tax and Legal Library with 60+ videos with 25+ hours of content. Check out my site www.markjkohler.com for some of that info. Thanks for your patience. Hard topic with SO many moving parts.
@Rasika.S.R4 жыл бұрын
Hello Mark Kohler Sir your communication is to good I easily understand what you are say and i am relay happy with it, Thanks _Govind
@MarkJKohler4 жыл бұрын
Thanks Govind!
@amiehartje16023 жыл бұрын
wow, very cool !
@MarkJKohler3 жыл бұрын
Glad you think so!
@NiaMSnow4 жыл бұрын
Lmao. I should of watched this before submitting yesterday. I could of wrote off my tithes for church/charity. Oh well lol
@MarkJKohler4 жыл бұрын
I'd say your best bet is to watch some more videos on this topic, and/or visit my website at markjkohler.com/blog/ and find some articles I have written for this! If it is still unclear, give my assistant Rosalie a call at 435-586-9366 ext 2024 and she will point you in the right direction!
@julieete2574 жыл бұрын
so do i put that i paid 189 for my glasses does that count as medical expense
@reviewmystuff17855 жыл бұрын
OK so I’m using H&R Block software. Under deductions real estate tax I put my property taxes of $7500. For some reason even after I put my property tax my deductions does not change. So what i owe stays the same whether my property taxes in there or not. Do you have any idea why ?
@MarkJKohler5 жыл бұрын
Oh my gosh... please reach out to my Kohler & Eyre CPAs team. They can work with you personally on this and help you save in taxes. Trust me. 435-865-5866 If you want to work with me directly on tax planning and strategies, please contact my assistant to get scheduled 435-586-9366 ext 2024. Thanks!
@yulungjasonlee4 жыл бұрын
mortgage interest is only deductible for one home? I thought it allows up to two
@willoughbykrenzteinburg4 жыл бұрын
You can deduct mortgage interest on a second home provided you do not rent it out. Of course, if you rent it out, you can deduct mortgage interest as a rental expense. There is also a limit on the amount of mortgage interest you can deduct. You can only deduct it on COMBINED debt up to $750,000 ($1 million if you are grandfathered in). This limit only applies to the schedule A deduction. If you are deducting mortgage interest as a rental expense, there is no limit.
@sass1ap4 жыл бұрын
what if your primary residence is an RV or Boat? Can the interest be written off then?
@willoughbykrenzteinburg4 жыл бұрын
If it is really your primary residence, you can deduct the mortgage interest, but only if the residence is the collateral. In other words, if you just got an unsecured personal loan to buy the RV to live in, you could not deduct the interest. The RV would have to be the collateral. In other words, if you miss payments, and the bank has the right to repossess the residence if you default on the loan, then the interest you pay can be deducted.
@pierre02274 жыл бұрын
Let me understand this. If I make 24k a year, twice the standard deduction. Does this mean I’m getting half of my taxes back??
@willoughbykrenzteinburg4 жыл бұрын
No, the standard deduction is not a credit. It's a reduction of taxable income, and it cannot reduce your taxable income below zero. If your gross income is $24,000, the standard deduction would reduce this to $12,000 of taxable income. The 2018 tax on this would be about $1,250. If you get money back, you would get back any withholding that exceeds this $1,250.
@pierre02274 жыл бұрын
Willoughby Krenzteinburg exactly, it would tax the 12k. But you mean that the tax of 12k isn’t half of the tax for 24k?? That’s my question.
@willoughbykrenzteinburg4 жыл бұрын
@@pierre0227 I guess I'm not understanding the question. Maybe the confusion is because your income is exactly twice the standard deduction. If your income is $25,000, the standard deduction reduces this to $13,000. You are then taxed on the $13,000.
@MarkJKohler4 жыл бұрын
Interesting....but let me say this...regrettably it's not that easy...for example...IF we analyze this in a vacuum and ASSUME that BEFORE the tax act you're AGI (before taxable income) was 24k, back then your Standard deduction would have been 6k and you would have been taxed on 18k. But this doesn't take into account exemptions and of course I'm assuming you are single, no children and whole bunch of other factors that could change from year to year. NOW...we are in 2018 and your Standard Deduction in 12k. So in the SAME example, you would be taxed on 12k. Yes, the new Standard Deduction saves you taxes, but not exactly 1/2, and as you can see there are so many other variables. I hope that helps a little bit. Hang in there. No enough to 'captain your ship' and hire good tax professionals, but don't get caught up in the minutia. Get out and make money and plan with your advisor each year to save.
@MrSilence3605 жыл бұрын
Nothin good about this
@marybuford54145 жыл бұрын
It looks like it was aimed more at the poor than the middle class...I could be wrong. Basically people who don't itemize but I have my doubts accountants are looking at it carefully. a
@zarthemad83865 жыл бұрын
its a win win for renters and ppl earning less than 100k a year.
@argelioolivares6315 жыл бұрын
@@zarthemad8386 huh??? Theres no win win for middle or low income didnt you hear no long form deductions
@MarkJKohler5 жыл бұрын
I have to agree that middle to upper middle class are going to take a hit...UNLESS they own a small business and can capitalize on the 199A to make up for the hit on the 1040. We'll see. Our office is still betting that it will be a net/zero effect for even those people. Personally, I'm screwed too. I'll owe more...but hey! The economy is booming! :)
@miragexl0074 жыл бұрын
??? the poor. I'm upper middle class and always went above the old standard deduction But Not up to 24K!! so this benefits me and many of my friends....Nurses/other medical professionals...that don't have to itemize (pain) anymore who do not Donate a Ton but a good amount...and don't live in Upper Class areas with ridiculous property taxes/house values..which I believe is the majority of middle class throughout America. Some maybe just over the 24K so which is not significant compared to the xtra paperwork...So what is Middle class to you and where do They/We live?
@Amy-qq2yf5 жыл бұрын
I'm a J1 Exchange Visitor, which itemized deductions should I put, I only worked two jobs in MN state, the only one I see is 356 as state , do you work with non residents?
@MarkJKohler5 жыл бұрын
I'm sorry. So technical. Not really the place for this on a KZfaq comment. I recommend you talk to your personal accountant and if you don't have one, we would love to be of service. I'm so sorry. Only so much time in a day and I try to give away as much free info as I can. So...if you need some tax support, please call my assistant in the accounting firm Josie Stewart at 435-865-5866 or josie@ke-cpas.com Thanks so much! mjk
@TikoBlane5 жыл бұрын
Great video. I will subscribe and follow
@MarkJKohler5 жыл бұрын
Thanks so much!
@TikoBlane5 жыл бұрын
@@MarkJKohler just called your office! Look forward to working with you.
@Richardhamiltonon5 жыл бұрын
2024 not to 2023
@MarkJKohler5 жыл бұрын
@@TikoBlane Perfect! Thanks Tiko
@BassetLover44635 жыл бұрын
good info but I do not like the changes. new tax law sucks
@MarkJKohler5 жыл бұрын
I know... I don't like it either. At least the economy is booming and that's worth something.
@Vrshasindu5 жыл бұрын
I have personal property and i paid 12k mortgage interest and around 2k mortgage insurance. Can i claim 14k under standard deductions Schedule E planing section ?
@willoughbykrenzteinburg5 жыл бұрын
Standard vs Itemized doesn't have anything to do with schedule E. Schedule E is used for certain types of income - particularly rental real estate. There is no standard deduction for things like that. You just deduct expenses against any rental income and the expenses you listed would be qualified. If you don't have a rental and that was just a typo, and you are talking about schedule A, then your PMI is no longer deductible. The $12,000 of mortgage interest would be (assuming it is on debt of less than $750,000), but I would be curious what your property taxes were since they (along with any state or local tax) are limited to $10,000. Of course if these are expenses on a rental house, then none of this would be deductible on schedule A. Perhaps you could clarify.
@MVGPresident5 жыл бұрын
May I ask a question? I run an afterschool program. I dont know If its legitimate for taxes purposes. I dont get any donations I run it myself and pay out of pocket. I am a gm at uhaul and use my money there to pay for food and stuff for the kids. Could essentially donate a portion of my check and then claim that for taxes? Would it be wrong to do that?
@MVGPresident5 жыл бұрын
*could i
@MarkJKohler5 жыл бұрын
I don't think you are going to get any write-off at all. You may want to associate with a charity aligned with your goals or ultimately start you own charity in the future. I'm sorry. But thank you for making the world a better place. :)
@ygbodybuilder30235 жыл бұрын
So basically I should just claim 10 all year and get all my money up front
@MarkJKohler5 жыл бұрын
You mean, claim '10' on your W-4? If so, be careful. You won't have much withholding (if any at all) and could end up owing at the end of the year. I would look at your last year's tax return and see what happened. A good accountant will help you project how much you should have in withholding so you aren't caught with your pants down next year. mjk
@yusiS3874 жыл бұрын
Question my daughter will be 17 in Sept 2020. Do I still will get her child credit for 2020 taxes?
@willoughbykrenzteinburg4 жыл бұрын
Not the full credit. If she is a full time student there is another $500 child tax credit she could get.
@starshipenterprise58615 жыл бұрын
I want my two dollars
@MarkJKohler5 жыл бұрын
Me too!
@bigwillchill5 жыл бұрын
what if someone broke into my apartment and stole hundreds of dollars in tools?
@MarkJKohler5 жыл бұрын
I'm so sorry...that would be terrible and I hope that didn't happen....and regrettably, under the new tax law, that loss would NOT be deductible. There might be a business deduction if you hadn't already written off the tools. Talk to your tax preparer if you were using them in a small business. Hope that helps. Good luck. Thanks for watching. Please share the videos with your friends, contacts and family. :)
@bigwillchill5 жыл бұрын
@@MarkJKohler it did happen. unfortunately they were my personal mechanic tools. thanks for replying
@Magician123454 жыл бұрын
So I was not employed at all during 2018 but I had to get a dental thing done that was 1000$ so can I get money back on that?
@piercetheveil54 жыл бұрын
Magician12345 no
@NiaMSnow4 жыл бұрын
If you paid out of pocket. Potentially. Make sure you have your receipt to show proof. If you're still confused, you should call h&r block and ask them.
@willoughbykrenzteinburg4 жыл бұрын
It would have no effect because your standard deduction would already be more than the $1,000 so you would just take that - if you were to even file, which you wouldn't because you would not be required to file. Even if you did go through the futile process of filling out the form, schedule A deductions cannot reduce your taxable income to negative amounts, so your taxable income was zero before the deduction, and it was zero after. The tax on zero is zero, and you would owe zero in tax.