December 17, 2017
Please download any and all helpful worksheets from the links on our home page.
Beware of Scams
Again, we are joining the Internal Revenue Service in warning against scams. Criminals are posing as IRS agents to trick victims out of their money and to get victim's personal information. The IRS will never initiate a phone call, a text or an e-mail.
Preparing for Tax Code Changes
A new tax code may eliminate some deductions. Consider paying 2018 state taxes, real estate taxes, sales taxes and mortgage interest in 2017.
To insure the tax deduction, make your larger charitable contributions in 2017. Cluster as many medical costs as possible into 2017, including pre-payments.
The deductions and credits aimed at helping families pay for college may be overhauled. The deduction of up to $2,500 of student loan interest may be gone. Consider making extra student loan payments before the end of this year.
Expenses of moving over fifty miles for a new job is deductible in 2017. Since this may not be the case in 2018, do some of your travel research this year.
If you are planning to purchase an electric car, the 2017 tax credit of up to $7,500 may not be applicable in 2018. Research your purchase, because only some plug-in cars qualify.
The "estate tax" applies only if the decedent's estate is over $11.2 million dollars.
The proposed tax bill also includes:
-Lowering the corporate tax rate from the present 35% to 20%,
-Repealing the mandate that individuals have health insurance, and
-Opening the Arctic National Wildlife Refuge to oil drilling.
Save More on Taxes
Maximize IRAs & Roth IRAs to lower income and save on taxes.
Keep personal data and information safe. Use strong passwords, and avoid using unsecured public Wi-Fi locations. Never open unknown links or attachments.
We know you're busy...
Feel free to e-mail, fax or mail your tax information.
We must have all your tax information by
March 20th, in order to guarantee an
April 15th filing.
The IRS encourages:
Electronic filing of tax returns, direct deposit of refunds, and direct withdrawals of amounts owed. This eliminates lost returns, reduces errors, and speeds up refunds. To have your return E-filed and your refunds direct deposited
into your bank account we'll need the following information:
- (1) name of bank
- (2) routing number
- (3) your account
Have a Beautiful 2018!