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Brown Cafe UPS Forum
UPS Union Issues
Prepay 2018 union dues to get deduction?
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<blockquote data-quote="zubenelgenubi" data-source="post: 3283546" data-attributes="member: 63706"><p>Tax credits are better than deductions, they directly reduce your tax liability rather than reducing your taxable income, and if your liability goes negative, you get a check for the difference (for a typical filer) . In the example you gave of married filing jointly with two kids, the difference between the new and the old is $4900. That means for that family their taxable income would be $4900 more, but their tax liability on that extra $4900 shouldn't come close to the extra $2000 in credits they would get, unless they are paying 40% income tax.</p></blockquote><p></p>
[QUOTE="zubenelgenubi, post: 3283546, member: 63706"] Tax credits are better than deductions, they directly reduce your tax liability rather than reducing your taxable income, and if your liability goes negative, you get a check for the difference (for a typical filer) . In the example you gave of married filing jointly with two kids, the difference between the new and the old is $4900. That means for that family their taxable income would be $4900 more, but their tax liability on that extra $4900 shouldn't come close to the extra $2000 in credits they would get, unless they are paying 40% income tax. [/QUOTE]
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Prepay 2018 union dues to get deduction?
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