The Other Kelly Yancey

[...] in preparing your taxes, but more importantly, it means that you have to give up the "standard deduction". The standard deduction is the amount that everyone is entitled to deduct from their [...]

[...] , this family would be paying approximately $141,563 in federal income tax (assuming the standard deduction of $10,700 for 2010). Bracket Range Dollars Taxed in this Bracket Tax Amount 10% $0 – $16, [...]

[...] my research while implementing my mortgage estimator I discovered that, in addition to the standard deduction, the federal income tax code includes a personal exemption. Together, these two are [...]

[...] mortgage? And, how much of that do you "get back" from Uncle Sam via the federal mortgage interest deduction tax break? The first is pretty easy to answer; any loan amortization table will [...]

[...] that, in addition to the standard deduction, the federal income tax code includes a personal exemption. Together, these two are intended to prevent subsistence-level income from being taxed. In [...]

[...] that year. In other words, it is as if you never made that money. So, if you earn $60,000 in gross income and pay $12,000 in mortgage interest, Uncle Sam will pretend you only earned $48,000 for the [...]

[...] , in 2009, the personal exemption was $3,650 but, for couples filing jointly whose adjusted gross income exceeded $372,700 the personal exemption was reduced to $2,433. It is only a $1,217 difference, [...]

[...] no change in the amount of federal income tax paid by our hypothetical family since they earn less than 1 million dollars a year. Under [...]

[...] interest, Uncle Sam will pretend you only earned $48,000 for the sake of calculating your federal income tax. That wouldn't mean that you get $12,000 off your federal income tax, though; it just [...]

[...] , each year, in order to calculate the total value of the tax break. So I made my own mortgage estimator that approximates the value of the mortgage interest deduction and, factoring that number [...]

[...] As part of my research while implementing my mortgage estimator I discovered that, in addition to the standard deduction, the federal income tax code [...]

[...] mortgage? And, how much of that do you "get back" from Uncle Sam via the federal mortgage interest deduction tax break? The first is pretty easy to answer; any loan amortization table will [...]

[...] In a misguided attempt to prop up the "values" of homes, the Federal Government is giving free money to people who bought houses they couldn't afford by extending low- or [...]

[...] petitions, the majority just serve to demonstrate that many Americans have no idea how our federal government is designed to work nor what the function of the Executive branch is. For example: Amend [...]

[...] law-abiding people after they demonstratively proved they are no threat is a better use of our tax dollars than, well, anything. [...]

[...] into their business? Wouldn't it make more sense to create those jobs using *before* tax dollars? And that is what any business owner can do -- and is doing -- right now, under the [...]

[...] for its purpose in comparing your hypothetical tax obligation with and without the mortgage deduction. Finally, the Expected Residency field is an acknowledgement that none of us are likely to [...]