Its one of the things thats is being considered when Senate meets next week.Was there some type of vacation tax credit that was supposed to come about for next year?
Yes its suppose to be $4000. tax credit. So you wont get a check but get to write this off on your taxes Sen. Martha McSally, R-Ariz., proposed a bill on June 22 called the American TRIP Act that would grant vacation tax credits up to $4,000 per American adult or $8,000 per married couple, plus $500 for each dependent child, Forbes reported.
No. It has not been passed into law yet and may never be. But if it is it will be for 2020, not 2019.Let me get this straight. If you can provide receipts for going on vacation in 2019 you will get a tax credit of up to 4K per adult? I'm trying to wrap ,y head around this in the middle of a pandemic. No judgement. If your family feels it is safe to travel, that is your business. I am just genuinely trying to understand what this is.
No. It has not been passed into law yet and may never be. But if it is it will be for 2020, not 2019.
Tax credit is different than tax deduction. Tax credit is a direct lowering of the amount you owe in taxes. For example, assume that I paid in $200 through paycheck deductions for my taxes, and my tax bill was $20 at the end of the year. If I had a tax credit for $120, I would get a check for $100.Yes its suppose to be $4000. tax credit. So you wont get a check but get to write this off on your taxes Sen. Martha McSally, R-Ariz., proposed a bill on June 22 called the American TRIP Act that would grant vacation tax credits up to $4,000 per American adult or $8,000 per married couple, plus $500 for each dependent child, Forbes reported.
Tax credits are usually based on income levels. The higher the income, the lower the credit.Quite interesting. Personally, I'd LOVE that. But it does smack of yet another tax break for those who are already making a comfortable enough living to be able to afford big vacations.
Not a chance of this passing.Quite interesting. Personally, I'd LOVE that. But it does smack of yet another tax break for those who are already making a comfortable enough living to be able to afford big vacations.
If it's passed, I will be upgrading from Pop to Poly if it is safe to travel!Not a chance of this passing.
Unlikely to pass; but anything’s possible in politics.Not a chance of this passing.
Unlikely to pass; but anything’s possible in politics.
Very unlikely to happen due to issues mentioned above (who benefits and we won't be in a position to encourage travel anytime soon). Never say never but I wouldn't put much thought into where you'll spend that 4k at this time.
On the flip side it might help CM’s, flight attendants and hotel employees keep their jobs.Quite interesting. Personally, I'd LOVE that. But it does smack of yet another tax break for those who are already making a comfortable enough living to be able to afford big vacations.