Tax Season is ON!

It’s a busy tax season and a few facts have emerged from the fog: Returns containing Earned Income Tax Credit or Child Tax Credit are being delayed by the IRS to the end of February. Many returns have been paid already, some with children Drivers License info and Bank Info is necessary to speed up […]

Reviewing the Tax Cuts and the Jobs Act

  Reduces the corporate tax rate from 35% to 21%; Repeals corporate Alternative Minimum Tax (AMT); Permits deductions for qualified business income for pass-through entities (sole proprietorships, partnerships, LLCs, and S Corporations) of up to 20%; Almost doubles the Standard Deduction from $6,350 to $12,000 for single taxpayers, from $12,700 to 24,000 for married filing […]

A Review of the Tax Cuts and Jobs Act

  Reduces the corporate tax rate from 35% to 21%; Repeals corporate Alternative Minimum Tax (AMT); Permits deductions for qualified business income for pass-through entities (sole proprietorships, partnerships, LLCs, and S Corporations) of up to 20%; Almost doubles the Standard Deduction from $6,350 to $12,000 for single taxpayers, from $12,700 to $24,000 for married filing […]

Tax Proposal as of December 19th – Where It Stands Now

Seven rates, starting at 10 percent and reaching 37 percent for incomes above $500,000 for singles and $600,000 for married, joint filers. For joint filers: 10 percent: $0 to $19,050 12 percent: $19,050 to $77,400 22 percent: $77,400 to $165,000 24 percent: $165,000 to $315,000 32 percent: $315,000 to $400,000 35 percent: $400,000 to $600,000 […]

Summary of Tax Bill final version passed by the Senate

  Different individual tax brackets  The Senate bill has more individual tax brackets than the House bill does, something the two chambers will have to work out in conference. The individual tax cuts are temporary, unlike tax cuts for businesses, which are permanent. The Senate bill includes these tax brackets: • 10 percent (for individuals […]