Last evening we learn a lot about taxes and the new tax law changes that are happening now and are about to come.
In 1789, in a letter to Jean
Baptiste Leroy, Benjamin Franklin wrote, “In this world nothing can be said to
be certain, except death and taxes.”
What new tax law did you learn?
I frankly did not know much about taxes so I learned a couple new things especially the differences between deductions and credits. The new tax law I learned was the increase in deductions for single, head of household, and the other filling status. I also learned about the new tax law that allows you to claim other relatives that you are supporting that are not necessary your children, but maybe parents or inlaws in which you support. I learned how the child tax credit got increased to 1000 dollars more than it was last year. Such great information was shared that I learned so much about taxes.
ReplyDeleteHi Sara, im so glad for such useful information. Just think about how many other people we can guide with just a little bit of this information. There are many who have no idea of the concept of how taxes work and they are paying so much to have someone else prepare their taxes. The thing that's concerning is are those individual preparing your taxes correctly.
DeleteThe new tax law I learned was the one where if u have older people living in the home or young adults you can claim them as a deduction as long as they their income doesn't exceed 4,500. I don't know if its old and just changed but i thought that was a good thing because there are a lot of couch surfers out there.
ReplyDeleteSorry Shacoya I replied to your comment in a whole separate area lol.. I'll be ok. 😁
DeleteI like your term couch surfers. This is great to know, because there are times where you might be the provider for a friend, or family member who has been displaced.
DeleteHey Shacoya I also never knew that a family member that earned less than $4500 could be claimed as a dependent. I was stressed that since my 14 year old son earned about $3000 over the summer,it would affect my taxes. I am so glad the speaker was able to clear that up.
DeleteWas that 4500 per month or year?
DeleteSo true, this couch surfer tax law is helpful because many people are being supported by others or have trouble finding employment. True, it would be nice if they increased the couch surfers allowed income.
DeleteOnce again Im excited to have the privilege to attend such class. Taxes are so confusing to many people, specially minorities. I assist many none englisg speaking individuals to fill-out their tax forms once hired. Learning of the new changes and the proper way to fill-out the forms was of great help to me. On a personal note, learning the difference between itemizing and standard deduction and which is more convenient for me was very useful fircwhen I do my taxes this year. On the other hand, informing and helping others become aware of the increases in child dependent and explaning to illegal residents of their right to file taxes is a great tool to have.
ReplyDeleteI agree with you Laura. Knowledge is Power, and being able to advise family and friends about taxes and new tax laws that might impact them is important.
DeleteVery true, Laura. So much change will come from this. I feel as if I can no longer be "tricked" on this subject because I now have the knowledge and can provide it to my family and friends.
DeleteHi Shacoya, I totally agree with you. Too many couch surfers out there. And yes, knowing that we can possibly claim them is a good thing. By the way they cannot make more tha 4,100 per year hummm! I dont think I can survive on those numbers even as a couch surfer lol...
ReplyDeletehahah its ok Laura I see you lol. But your right i couldnt survive off if that either thats motivation for them to get off the damn couch lol.
DeleteThe new tax law that really caught my attention was itemize and standard deduction, I have also, changed by withholding by using the IRS withholding calculator about a 2 months ago.
ReplyDeleteShirley, did you find the IRS withholding calculator very helpful? I am considering using it.
DeleteHi Shirley the speaker had my full attention because I never knew about itemize and standard deductions. I plan on using the IRS withholding calculator too.
ReplyDeleteLast week class was an eye opener, I have been filing my own taxes via turbotax and was just okay with receiving a return in the end. Talking about doing something blindly.Now I have the knowledge of the deductions I should be receiving. I wish we could have another session regarding taxes.
ReplyDeleteI was also doing my taxes by turbo taxes and thought just getting a refund was ok because they prepared it.
DeleteYes that was a good class but im glad you said that because i always wanted to try turbotax but wasnt to sure.
DeleteI agree Shacoya. If was very informative. I now know the difference between standard and itemized deduction. Which will help me out this tax season.
DeleteI learned alot about the new tax laws. It was great information that helped me understand better why exactly some people may receive a large refund or nothing at all. This tax class helped me understand the difference between a credit and a deduction. Furthermore I learned that the child tax credit increased to $2000 this year. that will help alot of people.
ReplyDeleteHello Shenice I was unclear as well about deductions and credits but it all makes sense now after the class
DeleteI knew absolutely nothing about taxes more than they need to be filed yearly and I paid someone to file mine. It seemed all information in this class was new: credits, deductions, itemizing, etc. I have a wealth of information and have gone out to peruse more. & I can actually bring this information to my family when we are talking about money and taxes.
ReplyDeleteI feel the same way!
DeleteYes is was definitely a interesting class about taxes. Itwas good to learn that if you are not having enough taxes taken out during the year. You can raise it. So that you will not have to send IRS a check and you can receive a refund.
ReplyDeleteI was able to print out the withholding form straight from my job to ensure not too little tax was taken away after this class!
DeleteI've filed my taxes for years but never really knew about filing taxes so a lot of the stuff that was spoken about was either giving me a better understanding or all new to me. im thinking about participating in the tax class to be a preparer but I think im out of my element
ReplyDeleteI also feel more comfortable with understanding taxes, yet not 100% ready to file someone else's taxes.
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