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Author Topic: Lower Federal taxation of our royalty (and other) income  (Read 204 times)

shinobi

  • Posts: 4081
Lower Federal taxation of our royalty (and other) income
« on: December 05, 2017, 06:15:44 PM »
This calculator will enable you to determine impact of tax reform on your royalty income, and on your other income as well.  This is for Federal taxes only:

http://taxplancalculator.com/

I ran my own situation and came out pretty darn well.  I was surprised since the Democrats keep screaming tax reform only benefits the very rich, which I am not.  Just one more Democrat lie, I guess.

You will get two numbers, one for the Senate bill and one for the House bill.  For me, the results were not all that far apart.

ETA

Just as a reminder, remember that both House and Senate bills retain our percentage depletion tax benefit on royalty income at 15%.

« Last Edit: December 05, 2017, 06:26:14 PM by shinobi »

Rockdale

  • Anties
  • Posts: 6060
Re: Lower Federal taxation of our royalty (and other) income
« Reply #1 on: December 06, 2017, 07:24:00 AM »
I would not expect any major differences either up or down from the Republican income tax plans because the average American family does not pay a great deal of its income in Federal income taxes.  At present over 40% of US households pay no Federal income tax.  And of those who do often that amount is a small percentage of the total income.  The average family/household pays more in Social Security/Medicare tax than income tax, especially if they are self employed and have to pay both the employer and employee shares.  One basic error in the calculation shown is that it doesn't take into account that the personal exemptions that are supposed to be lost are not a uniform $4,050 this tax year.  People over 65 get an extra allowance which brings their exemption up to about $5,500.

macal

  • Posts: 9102
Re: Lower Federal taxation of our royalty (and other) income
« Reply #2 on: December 06, 2017, 07:38:31 AM »



  I have a rental property. Its basically my best write off on my taxes. Im concerned that they may change the rules on how that affects my tax obligation.

 


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