2018 Tax Changes: What’s New and How does it Impact ME?

Tax Rates and brackets changed Standard Deduction amount increased Single or Married Filing Separately—$12,000. Married Filing Jointly or Qualifying Widow(er)—$24,000. Head of Household—$18,000. Personal Exemption Deduction was suspended. Itemized Deductions are no longer limited if your AGI is over a certain amount. Sales Tax and Property Tax is limited to a combined total of $10,000 …

Creating a Budget AND Sticking to It

Budgeting is simply spending less than your income. To create your budget, you must determine your take-home income. It is easy to overestimate what you can afford if you think of your total salary as what you have to spend. Keep in mind that you must subtract deductions, such as social security, taxes, 401 (k) …

How to be a SUCCESSFUL Business Owner

Small Business Responsibilities Choosing a Business Structure Meet with an attorney and CPA to set up the structure that best suits your legal and financial needs Sole Proprietor State formed LLC (single member or multi-member) C Corporation Partnership (two or more partners) Taxation choices LLC = default taxed as a Sole Proprietor or Partnership unless …

Tax Time Guide: Contribute to an IRA by April 17, claim it for 2017

Issue Number:    IR-2018-65 WASHINGTON —The Internal Revenue Service reminded taxpayers today that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2017 tax return. Anyone with an IRA may be eligible for a tax credit or deduction on their 2017 tax return if they make contributions by …

Highlights of the Tax Cuts and Jobs Act

Individual: Net Income Tax Rates: 10%, 12%, 22%, 24%, 32%, 35%, 37% Capital Gains & Qualified Dividends Tax Rates Remain: 0%, 15%, 20%; however, the 15% breakpoint is $77,200 MFJ and the 20% breakpoint is $479,000 MFJ. Standard Deduction: increased to $24,000 MFJ and adjusted for inflation for years after 2018 Personal Exemption: suspended for …