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Tax Tips CPA, CGMA, ACA
2017
GO
Michael Uadiale
FROM
MEDAL LD AWARD
CONFUSED ABOUT THE NEW TAX CUTS AND JOBS ACT? The New Tax Cuts and Jobs Act of 2017 (TCJA) is now in full effect. From health savings accounts to tax rate schedules and standard deductions, here’s a checklist of tax changes to help you plan the year ahead. Space limitation on this column will only allow me to highlight the changes. INDIVIDUALS Standard deduction amounts increased to $12,000 for singles and $24,000 for married couples. • AMT exemption amounts increased to $70,300 for individuals and $109,400 for married couples. • HSA limits for self-coverage now $6,650 and $13,300 for family coverage. • Penalty for not maintaining minimum essential health coverage eliminated. • AGI limit for deductible medical expenses temporarily reduced to 7.5% of adjusted gross income. • The foreign earned income exclusion amount increased to $104,100. • There are new limitations on itemized
deductions, and personal exemption phase-out eliminated. • Estate tax exclusion amount increased to $11,200,000. • Adoption credit up to $13,840 for individuals with tax liability. • Earned income tax credit increased for low and moderate-income workers. • Child tax credit increases to $2,000 per child. • Child and dependent care credit remains. • The American Opportunity Tax Credit was extended to end of 2018. The lifetime learning credit remains. • The $2,500 maximum deduction of interest paid on student loans no longer limited to only the first 60 months of repayment. • Elective deferral contribution limits in 401K and 403b etc. increased to $18,500. Next month, I will highlight the changes for businesses. To discuss these tips and other tax-winning strategies, call SMEED CPA, Inc at 925-6342344, email us at taxes@smeedcpa.com or visit www.smeedcpa.com – Advertisement
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Candidate Lisa Romero, State Assembly District 11 I am a nurse, educator, leader, mother and Latina running for Assembly for District 11 which deserves positive change. My experience working in many areas of nursing over the last 28 years as a leader, nursing professor and volunteer in the community would be a valuable asset to the legislature and to my constituents. My upbringing, career, leadership and education give me a strategic and creative edge to advocate, create change and lead District 11 in the right direction. I want to be an assemblywoman because District 11 needs new leadership. My opponent, Jim Frazier, is the co-author of the gas tax which was passed without taxpayers’ vote, has no cap, increases with inflation and affects hardworking families. My opponent is also the chair of the Transportation Committee, which is 11 years behind schedule, started at $33 billion, is now at $77 billion and is estimated to be $100 billion. Every taxpayer needs to pay attention to these two issues. Residents say they want affordable housing; protections for our farmers and Delta by not supporting the twin tunnels; a focus on old and new business; resources for our veterans, mental health and teachers; improved and safer schools; affordable and accessible healthcare;
answers to homelessness; a focus on climate change and preserving our environment; promotion of healthy aging and protections of our pensions, Social Security and retirements; and an advocate for every taxpayer. My family includes my husband, Mariano, and two children, Abryanna and Valentino. We enjoy riding Harley Davidsons, attending church, the outdoors and being a part of the theater and Kajukenbo martial-arts community. I will bring transparency, fiscal responsibility and accountability to the residents in District 11. For more information, visit www.facebook.com/electlisaromero or www.electlisaromero.com.
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