by Karla Dennis | Jul 11, 2018 | Blog
2018 Tax Calculator With the Tax Cut and Jobs Act (TCJA) going into affect this year you may be wondering what that means for your tax liability. The 2018 tax calculator should help you determine the affects in scenarios similar to your own. It is important for you to be aware of your current situation. What that means is reviewing your year to date taxes on your pay-stub, and comparing that towards your income tax. This should give you a good idea whether or not you are paying enough towards taxes. The last thing you want is to end the year with a hefty tax bill. To read more about the 2018 tax reform changes click here. *The 2018 tax calculator will give you a clear estimate of where you will be at year end.*...
by Karla Dennis | Jun 21, 2018 | Blog
2018 Business Tax Changes The Tax Cuts and Jobs Act (TCJA) has some new provisions that dramatically affect businesses and individuals. If you are a 1099 employee, or own a small business, the 2018 business tax changes is a big win. Here are some of the notable 2018 small business tax changes. Corporate Tax Cuts Corporations will see a big drop in their rate from 35% to 21%. These changes alone are estimated to increase average family income by more than $4,000. The idea behind the $4,000 estimate is this: Corporations will use their new tax savings to invest more in their companies, create more jobs and pay higher wages. An increase of family income of $4,000 are estimated from these changes. read...
by Karla Dennis | Jun 21, 2018 | Blog
2018 Child Tax Credit Now you may have heard that the 2018 Child Tax Credit looks different today as a result of 2018 tax reform, and you’d be correct. In our current tax code, if parents make less than $110,000 jointly and $75,000 individually, they receive a $1,000 Child Tax Credit for qualified children under the age of 17. The 2018 tax reform bill increase that to $2,000 per child younger than 17. As well as raise the phase-out threshold to $400,00, and capo the refundable portion at $1,400. The increase in the 2018 child tax credit comes at a cost. Starting in 2018, the tax overhaul repeals personal exemptions, which are valued at $4,050 per taxpayer. See where you will be in the 2018 Tax Bracket. read...
by Karla Dennis | Jun 19, 2018 | Blog
Changes in 2018 tax deductions Curious to see if you will need to file a Schedule A? See where you are at on the spectrum with the 2018 tax changes. Standard Deduction and Personal Exemptions The 2018 Tax Reform will expand the standard deduction for individuals to $12,000 and to $24,000 for joint filers. The 2018 tax changes also repeal personal exemptions. To see a side by side comparison chart of new tax brackets click Here State and Local Tax Deductions The SALT deduction (State and Local Tax) refers to the taxpayer’s ability to deduct their state income taxes and/ or sales taxes if itemizing deductions. In previous years, there was no limitation on the deduction of state and local taxes, which was an advantage to those living in high tax states like California and New York. The new tax reform limits the SALT deduction to $10,000 which includes income, sales, and property tax. read...
by Karla Dennis | May 25, 2018 | Blog
2018 tax brackets have been changed, where does that place you? The new law will maintain the same seven tax bracket structure under the 2018 changes. However, the rates and income levels at which they apply have been adjusted. Our compare sheet will give you a side by side comparison of 2018 tax brackets vs 2017 tax brackets Compare Sheet (click to enlarge) With an increase in the standard deduction the new law eliminates or restricts many itemized deductions. About 30% of taxpayers have itemized deductions because their total itemized deductions were more than the standard deduction. Know your tax bracket and estimate your tax rate with a tax bracket calculator. read...
