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...
by Karla Dennis | May 7, 2018 | Blog
2018 Tax Reform Changes The dust is settling, and you made it out of another tax season. Trying to capitalize on every write-off you can before the 2018 tax reform changes go into effect. You feel like you just barely made it through this tax season, and now you are trying to figure out how you will weather the new tax reform. Don’t worry you still have time put together a Strategic Tax Plan for 2018. The difference in 2018 Tax Rates and Brackets One of the biggest changes in the 2018 tax reform bill involves tax brackets and tax rates. There are still seven tax rates. The rates overall have come down. For individuals, these lower rates are scheduled to expire in 2025 unless Congress extends them. To compare 2017 vs 2018 tax brackets click Here read...
by Karla Dennis | May 2, 2018 | Blog
New to real estate investing? There are many tax benefits of rental property… Perhaps you have considered real estate investment, drawn to the idea of generating passive income. Or Maybe you already own investment property and would like to add to your portfolio. Regardless of where you fall on the spectrum it’s important to understand not only the real estate market, but also the tax benefits of rental property, or owning investment property. Making a smart real estate investment will allow you to retire with rental income with out overpaying Uncle Sam. When Should I Invest read...
by Karla Dennis | Apr 20, 2018 | Blog
LITTLE KNOWN TAX SECRETS FOR THE SELF-EMPLOYED *Note: This blog does not reflect the 2018 tax changes for the self-employed.* CLICK HERE FOR NEW TAX LAWS How would you like to wave goodbye to the mundane nine-to-five and say hello to a liberal schedule and a profitable business? Most people would immediately raise their glasses. But maybe this picture isn’t for you. Maybe you enjoy the order and security of having a full-time job, and are simply seeking an additional stream of income. Whether you’re hoping to start a full-fledged business or start a side business to bring in more money while still keeping your day job, taking a turn for self-employment opens financial opportunities that aren’t available to most people. read...
