# For those worried about the new tax bill...



## Bevdeforges (Nov 16, 2007)

For your consideration.... (or alternatively, "Merry Christmas"):

https://www.nytimes.com/2017/12/18/..._th_20171219&nl=todaysheadlines&nlid=27085552

This is basically what I've been trying to say for a long time now regarding the "need" to comply with every little nuance of US tax law - particularly from overseas. Give them a simple, "clean" return with no obvious obfuscation or evasion and chances are, they'll be happy.
Cheers,
Bev


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## Alltimegreat1 (Feb 25, 2015)

Looks like the child tax credit and the standard deduction are going to be doubled. Will that take effect for the 2018 tax year?


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## Bevdeforges (Nov 16, 2007)

Alltimegreat1 said:


> Looks like the child tax credit and the standard deduction are going to be doubled. Will that take effect for the 2018 tax year?


That's seems to be the plan if they can get the bill passed and signed before the end of this year.

For those filing single or married filing separately, doubling the standard deduction is only a minor advantage. For those with more than two kids, it's a loss. 
Cheers,
Bev


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## Alltimegreat1 (Feb 25, 2015)

I'm married filing jointly with one child and income of about 65k working and living in Germany. Would you say I'll benefit from the tax bill?


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## Bevdeforges (Nov 16, 2007)

I haven't seen the actual text of the bill (and am not sure I want to <g>), but it's really hard to tell who benefits and who doesn't. Have even heard of some folks looking to incorporate themselves in order to benefit from some of the perks they've given to corporations.

It also depends quite a bit on the sources of your income. If it's all salary and thus all subject to exclusion thanks to the FEIE, I'd say there won't be much difference. The one sticking point may be that if you've been relying on the Foreign Tax Credit in order to qualify for the child credit, you may have difficulties switching back to the FEIE should that prove the better way to go. (Based on losing your three exemptions to the "doubling" of the standard deduction.)

But anything cobbled together this quickly without any sort of hearings or debate is going to have some "glitches" and those are where you'll find the potential for big problems and inequities.
Cheers,
Bev


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## Bevdeforges (Nov 16, 2007)

I haven't seen the actual text of the bill (and am not sure I want to <g>), but it's really hard to tell who benefits and who doesn't. Have even heard of some folks looking to incorporate themselves in order to benefit from some of the perks they've given to corporations.

It also depends quite a bit on the sources of your income. If it's all salary and thus all subject to exclusion thanks to the FEIE, I'd say there won't be much difference. The one sticking point may be that if you've been relying on the Foreign Tax Credit in order to qualify for the child credit, you may have difficulties switching back to the FEIE should that prove the better way to go. (Based on losing your three exemptions to the "doubling" of the standard deduction.)

But anything cobbled together this quickly without any sort of hearings or debate is going to have some "glitches" and those are where you'll find the potential for big problems and inequities.
Cheers,
Bev


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