MAR NC THIS ‘N18 THAT
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Carol Thompson, Editor Jennifer Pope, Office Manager Carol Pope, Community News Editor DEADLINE FOR apr ISSUE FRI MAR 23, 2018 MAILED APR 5, 2018
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HAPPY BIRTHDAY
Changes Under the New Tax Law, Part II by Raymond D. Rhoades, CPA
Income taxes for 2018 will be significantly different for most taxpayers because of the Tax Cuts and Jobs Act passed in December. Last month I began my review of some of the major changes. LILY BRYSON One of the most significant (and most complicated) changes that the new tax law makes applies to self-employed people and owners of pass-through entities such as S-corporations and partnerships. Taxpayers Happy Birthday to our beautiful Lily! who receive income from such entities may Born March 5, 2007. We love you SO much! be eligible to deduct 20% of the income from Happy 17th Birthday Bryson! I’m so Love Mom, Dad, and Ava the pass-through entity. I believe that this was proud of the amazing man you’ve become! done to give business income that is taxed As Krewella says-You’re “KILLIN’ IT!“ I on individual tax returns a benefit similar to love you so very much!! Mom the lower taxes on business income that was granted to corporations. There are many qualifications, limitations, requirements and phase outs that apply to this deduction. Itemized deductions are changed by the new tax law. Two deductions will have new TUCKER limits that apply. The deduction for state and local taxes (income or sales and property taxes) is capped at a maximum deduction of $10,000 per year. This will impact the high KESI Tucker Hardin is turning 18 on March income taxpayers, particularly in the high 10! Happy Birthday! We love you and are tax states. Home mortgage interest deductions so proud of you! will be limited. Only the interest on up to Happy 18th Birthday beautiful Kesi! of acquisition debt on a first or With pride, dignity, style and grace, pursue HAPPY ANNIVERSARY $750,000 second home will be deductible. This new your dreams and follow your heart. Enjoy all limit generally applies to new mortgage debt life has to offer! GOD BLESS YOU, WE ARE after December 14, 2017. After 2017 there PROUD OF YOU AND WE LOVE YOU!!! will be no deduction for interest on either Mommie, Daddy, Trey and AJ existing or new home equity loans. Other deductions are eliminated or severely reduced. Miscellaneous itemized HELPING ONE GUY deductions (unreimbursed employee expenses, Don AT A TIME investment expenses, tax preparation and and Kay planning fees, and so on) will no longer be Muehling deductible. Casualty losses from fire, theft, flood, etc. will no longer be deductible, except for losses that result from a federally declared On March 10th 2018 Don and Kay disaster. Moving expenses will no longer be Muehling will celebrate their 60th Wedding Anniversary. We, at Day Break Village, are deductible, except for the military. Alimony on any divorces after 2018 so happy to be celebrating with them. This picture was taken at our Halloween party will no longer be deductible to the payer, or last year. They dressed up as Jail mates with taxable to the recipient. The new law allows 529 college savings This month's HOG Recipient is Rick balls and chains. Kay is a devoted wife who Lane. On December 8th, the lives of the makes sure Don is in good hands, and Don plans to be used for elementary and secondary Lane family were tragically altered when a follows everywhere Kay goes. They make tuition, up to $10,000 per student The Alternative Minimum Tax was tree branch broke and fell on Rick’s wife, a great team! We wish them many, many eliminated for businesses but not for Jen. Jen sustained multiple injuries, but the more years! individuals although the exemption for injury to her spine has resulted in paralysis was increased to provide some of her lower body. This life changing event T h e B R I G H T S I D E individuals relief. is not only difficult on Jen, but also on Rick The Affordable Care Act requires that Newspaper is online at and their three boys. Please join us for dinner at NorthStar www.brightsidenews.com. individuals who do not have health insurance or qualify for an exception must pay a fine. Church on March 13 at 6:30. Donations to This is known as the individual mandate and HOG for the March, 2018 dinner will go into EMAIL YOUR STORIES OR has been repealed for years after 2018. Note a love offering for Rick Lane and his family. QUESTIONS TO that the mandate will still apply to 2018. Please click going on Helping One Guy FB page. No charge for dinner. Carol@brightsidenews.com
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