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It's an election year, be prepared and vote
Dear Readers: Another election year is upon us, and so I encourage everyone to get out and vote. Your voices must be heard. The City of Pembroke Pines is holding its Municipal General Election on Tuesday, March 17, 2020.
There will be early voting starting on Saturday, March 7, 2020 to Sunday, March 15, 2020 from 10:00 a.m. to 6:00 p.m., at two Pembroke Pines locations: South Regional Library/BC, 7300 Pines Boulevard and Southwest Regional Library, 16835 Sheridan Street. The law recently changed and Vote-by-Mail ballots are now being accepted at ALL Early Voting locations.
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Please visit the Broward Supervisor of Elections website at https://www.browardsoe.org/ or call 954- 357-7050 for further information.
This month has many exciting events planned throughout the City for all ages. Please join us for the 22nd Annual ArtFest in the Pines taking place March 14 and March 15, 2020, 10 a.m. to 5 p.m. at the Charles F. Dodge City Center, located at 601 City Center Way. This is an annual event that just should not be missed. It’s a great opportunity to buy and appreciate great art, meet talented artists, enjoy musical performances and experience a wide variety of fun activities for all ages. Please contact Holly Bonkowski at 954-392-2122 for more information.
It’s also time to “tee off” for education at the 19th Annual Pembroke Pines Charter School “Mayor’s” Golf Tournament. Come join me on Friday, March 20, 2020 at the Pembroke Lakes Country Club, located at 10500 Taft Street, from 10:30 a.m. to 6 p.m. For more information on sponsorship levels and golf registration, please call Traci Richards at 954-435-6759 or email TRichards@ppines.com. All proceeds from the Pembroke Pines Charter School Golf Tournament directly enhance each student’s educational experience. It’s fun for a great cause.
A quick reminder that throughout March, AARP will provide Tax Aide at the Carl Shechter Southwest Focal Point Community Center Campus, 301 NW 103rd Avenue, Pembroke Pines. You can receive free assistance for all tax question on Sundays, March 2, March 9, March 16 and March 23, 2020 from 9:30 a.m. to 1:30 p.m. For more information, please call the Center at 954-450-6888.
As always, if you have any questions or concerns, please do not hesitate to contact my office at 954-450-1020 or by e-mail at fortis@ppines.com
Mayor Frank C. Ortis City of Pembroke Pines
INSIDE MIRAMAR/PEMBROKE PINES - THE MAGAZINE ĵ 20 In addition to being subject to higher federal tax rates, taxpayers whose income exceeds certain levels have tax deductions and credits that are reduced or eliminated. The provisions listed may have additional qualifications and restrictions. Other provisions of the tax code, such as fringe benefit limitations and taxation on the sale of a principal residence, may further restrict a taxpayer’s ability to take deductions or cause the taxpayer to pay additional tax. Ask your tax professional for more details. Traditional IRA Phaseout Based on Modified AGI (MAGI) If an individual is an active participant in an employersponsored pension plan, the deduction for a traditional IRA contribution is phased out when MAGI is between the following. If the individual is not an active participant, but the spouse is, the non-active participant’s deduction is phased out when modified AGI is between the following. Taxes paid. The itemized deduction for state and local taxes is limited to $10,000 ($5,000 MFS). Foreign real property taxes are not deductible. Home mortgage interest. A taxpayer may treat no more than $750,000 as acquisition indebtedness ($375,000 MFS). The $1,000,000 ($500,000 MFS) limitation continues to apply for any indebtedness incurred prior to December 15, 2017. The deduction for home equity indebtedness (other than debt for acquisition or improvement) is not allowed. Personal exemptions . The deduction for personal exemptions is suspended for tax years 2018 through 2025. AGI phaseout. The credit (up to $2,000 per qualifying child) is reduced by $50 for each $1,000 of modified AGI above: • $400,000 Married Filing Jointly. • $200,000 Single, Head of Household, Qualifying Widow(er), or Married Filing Separately. A nonrefundable credit of up to $500 is allowed for dependents other than a qualifying child for the Child Tax Credit. Contact Us. There are many events that occur during the year that can affect your tax situation. Preparation of your tax return involves summarizing transactions and events that occurred during the prior year. In most situations, treatment is firmly established at the time the transaction occurs. However, negative tax effects can be avoided by proper planning. Please contact us in advance if you have questions about the tax effects of a transaction or event. 3600 Red Road, Suite #403 | Miramar, FL 33025 P: (954) 437-0700 | F: (954)436-8195 www.sandrarolon.net | srolon@latitudefinancial.net We can provide you with assistance in all your tax, financial, and business affairs — assistance that may help improve your total financial well-being. Sandra Rolon Accounting | Tax Planning | Estates & Trusts Investement & Wealth Building | Retirement Insurance Assessment | Applicacion for AHCA Did you know..? Individual Retirement Arrangements (IRAs) Child Tax Credit Credit for Other Dependents High-Income Taxpayers Capital Gain Tax Rates Itemized Deductions and Personal Exemptions The content of this transmission does not constitute a professional service. Always consult with a competent professional service provider for advice on tax, accounting, and other financial matters specific to your situation. The information is being provided by Sandra Rolon & Associates CPA, PA and should not be considered a tax advice from GWN Securities, Inc. Securities offered through GWN Securities, Inc. Member FINRA & SIPC, 11440 N Jog Road, Palm Bch Gardens, FL 33418 (561)472-2700. Investment advice offered through Latitude Advisors, LLC. Latitude Advisors, LLC and GWN Securities Inc., and Rolón Financial Group and Sandra Rolon & Associates, CPA, PA are not affiliated companies. High-Income Taxpayers In addition to being subject to higher federal tax rates, taxpayers whose income exceeds certain levels have tax deductions and credits that are reduced or eliminated. The provisions listed may have additional qualifications and restrictions. Other provisions of the tax code, such as fringe benefit limitations and taxation on the sale of a principal residence, may further restrict a taxpayer’s ability to take deductions or cause the taxpayer to pay additional tax. Ask your tax professional for more details. Capital Gain Tax Rates Long-Term Capital Gain and Qualified Dividend Income Maximum Tax Rates Taxable Income Maximum Rate Taxable Income Maximum Rate Single $0 to $40,000 ............................. 0% $40,001 to $441,450 ................. 15% $441,451 and over .................. 20% MFJ or QW $0 to $80,000 ............................. 0% $80,001 to $496,600 ................. 15% $496,601 and over .................. 20% HOH $0 to $53,600 ............................. 0% $53,601 to $469,050 ................. 15% $469,051 and over .................. 20% MFS $0 to $40,000 ............................. 0% $40,001 to $248,300 ................. 15% $248,301 and over .................. 20% Estates and Trusts $0 to $2,650 ........................................................................................ 0% $2,651 to $13,150 ............................................................................... 15% $13,151 and over ............................................................................... 20% Itemized Deductions and Personal Exemptions Taxes paid. The itemized deduction for state and local taxes is limited to $10,000 ($5,000 MFS). Foreign real property taxes are not deductible. Home mortgage interest. A taxpayer may treat no more than $750,000 as acquisition indebtedness ($375,000 MFS). The $1,000,000 ($500,000 MFS) limitation continues to apply for any indebtedness incurred prior to December 15, 2017. The deduction for home equity indebtedness (other than debt for acquisition or improvement) is not allowed. Personal exemptions. The deduction for personal exemptions is suspended for tax years 2018 through 2025. Individual Retirement Arrangements (IRAs) IRA Individual Contribution Limits 2020 2019 Under age 50 ............................... $6,000........................... $6,000 Age 50 or older ............................ $7,000........................... $7,000 Traditional IRA Phaseout Based on Modified AGI (MAGI) If an individual is an active participant in an employersponsored pension plan, the deduction for a traditional IRA contribution is phased out when MAGI is between the following. Tax Year MFJ Single, HOH MFS 2020 ...... $104,000 to $124,000 ..... $65,000 to $75,000 ...... $0 to $10,000 2019 ...... $103,000 to $123,000 ..... $64,000 to $74,000 ...... $0 to $10,000 If the individual is not an active participant, but the spouse is, the non-active participant’s deduction is phased out when modified AGI is between the following. Tax Year MFJ MFS 2020 ................... $196,000 to $206,000.............. $0 to $10,000 2019 ................... $193,000 to $203,000.............. $0 to $10,000 High-Income Taxpayers Sandra Rolon & Assoc., CPA, PA 3600 Red Road, Suite #403 Miramar, FL 33025 954-437-0700 High-Income Taxpayers In addition to being subject to higher federal tax rates, taxpayers whose income exceeds certain levels have tax deductions and credits that are reduced or eliminated. The provisions listed may have additional qualifications and restrictions. Other provisions of the tax code, such as fringe benefit limitations and taxation on the sale of a principal residence, may further restrict a taxpayer’s ability to take deductions or cause the taxpayer to pay additional tax. Ask your tax professional for more details. Capital Gain Tax Rates Long-Term Capital Gain and Qualified Dividend Income Maximum Tax Rates Taxable Income Maximum Rate Taxable Income Maximum Rate Single $0 to $40,000 ............................. 0% $40,001 to $441,450 ................. 15% $441,451 and over .................. 20% MFJ or QW $0 to $80,000 ............................. 0% $80,001 to $496,600 ................. 15% $496,601 and over .................. 20% HOH $0 to $53,600 ............................. 0% $53,601 to $469,050 ................. 15% $469,051 and over .................. 20% MFS $0 to $40,000 ............................. 0% $40,001 to $248,300 ................. 15% $248,301 and over .................. 20% Estates and Trusts $0 to $2,650 ........................................................................................ 0% $2,651 to $13,150 ............................................................................... 15% $13,151 and over ............................................................................... 20% Itemized Deductions and Personal Exemptions Taxes paid. The itemized deduction for state and local taxes is limited to $10,000 ($5,000 MFS). Foreign real property taxes are not deductible. Home mortgage interest. A taxpayer may treat no more than $750,000 as acquisition indebtedness ($375,000 MFS). The $1,000,000 ($500,000 MFS) limitation continues to apply for any indebtedness incurred prior to December 15, 2017. The deduction for home equity indebtedness (other than debt for acquisition or improvement) is not allowed. Personal exemptions. The deduction for personal exemptions is suspended for tax years 2018 through 2025. Individual Retirement Arrangements (IRAs) IRA Individual Contribution Limits 2020 2019 Under age 50 ............................... $6,000........................... $6,000 Age 50 or older ............................ $7,000........................... $7,000 Traditional IRA Phaseout Based on Modified AGI (MAGI) If an individual is an active participant in an employersponsored pension plan, the deduction for a traditional IRA contribution is phased out when MAGI is between the following. Tax Year MFJ Single, HOH MFS 2020 ...... $104,000 to $124,000 ..... $65,000 to $75,000 ...... $0 to $10,000 2019 ...... $103,000 to $123,000 ..... $64,000 to $74,000 ...... $0 to $10,000 If the individual is not an active participant, but the spouse is, the non-active participant’s deduction is phased out when modified AGI is between the following. Tax Year MFJ MFS 2020 ................... $196,000 to $206,000.............. $0 to $10,000 2019 ................... $193,000 to $203,000.............. $0 to $10,000 High-Income Taxpayers In addition to being subject to higher federal tax rates, taxpayers whose income exceeds certain levels have tax deductions and credits that are reduced or eliminated. The provisions listed may have additional qualifications and restrictions. Other provisions of the tax code, such as fringe benefit limitations and taxation on the sale of a principal residence, may further restrict a taxpayer’s ability to take deductions or cause the taxpayer to pay additional tax. Ask your tax professional for more details. Capital Gain Tax Rates Long-Term Capital Gain and Qualified Dividend Income Maximum Tax Rates Taxable Income Maximum Rate Taxable Income Maximum Rate Single $0 to $40,000 ............................. 0% $40,001 to $441,450 ................. 15% $441,451 and over .................. 20% MFJ or QW $0 to $80,000 ............................. 0% $80,001 to $496,600 ................. 15% $496,601 and over .................. 20% HOH $0 to $53,600 ............................. 0% $53,601 to $469,050 ................. 15% $469,051 and over .................. 20% MFS $0 to $40,000 ............................. 0% $40,001 to $248,300 ................. 15% $248,301 and over .................. 20% Estates and Trusts $0 to $2,650 ........................................................................................ 0% $2,651 to $13,150 ............................................................................... 15% $13,151 and over ............................................................................... 20% Itemized Deductions and Personal Exemptions Taxes paid. The itemized deduction for state and local taxes is limited to $10,000 ($5,000 MFS). Foreign real property taxes are not deductible. Home mortgage interest. A taxpayer may treat no more than $750,000 as acquisition indebtedness ($375,000 MFS). The $1,000,000 ($500,000 MFS) limitation continues to apply for any indebtedness incurred prior to December 15, 2017. The deduction for home equity indebtedness (other than debt for acquisition or improvement) is not allowed. Personal exemptions. The deduction for personal exemptions is suspended for tax years 2018 through 2025. Individual Retirement Arrangements (IRAs) IRA Individual Contribution Limits 2020 2019 Under age 50 ............................... $6,000........................... $6,000 Age 50 or older ............................ $7,000........................... $7,000 Traditional IRA Phaseout Based on Modified AGI (MAGI) If an individual is an active participant in an employersponsored pension plan, the deduction for a traditional IRA contribution is phased out when MAGI is between the following. Tax Year MFJ Single, HOH MFS 2020 ...... $104,000 to $124,000 ..... $65,000 to $75,000 ...... $0 to $10,000 2019 ...... $103,000 to $123,000 ..... $64,000 to $74,000 ...... $0 to $10,000 If the individual is not an active participant, but the spouse is, the non-active participant’s deduction is phased out when modified AGI is between the following. Tax Year MFJ MFS 2020 ................... $196,000 to $206,000.............. $0 to $10,000 2019 ................... $193,000 to $203,000.............. $0 to $10,000 High-Income Taxpayers In addition to being subject to higher federal tax rates, taxpayers whose income exceeds certain levels have tax deductions and credits that are reduced or eliminated. The provisions listed may have additional qualifications and restrictions. Other provisions of the tax code, such as fringe benefit limitations and taxation on the sale of a principal residence, may further restrict a taxpayer’s ability to take deductions or cause the taxpayer to pay additional tax. Ask your tax professional for more details. Capital Gain Tax Rates Long-Term Capital Gain and Qualified Dividend Income Maximum Tax Rates Taxable Income Maximum Rate Taxable Income Maximum Rate Single $0 to $40,000 ............................. 0% $40,001 to $441,450 ................. 15% $441,451 and over .................. 20% MFJ or QW $0 to $80,000 ............................. 0% $80,001 to $496,600 ................. 15% $496,601 and over .................. 20% HOH $0 to $53,600 ............................. 0% $53,601 to $469,050 ................. 15% $469,051 and over .................. 20% MFS $0 to $40,000 ............................. 0% $40,001 to $248,300 ................. 15% $248,301 and over .................. 20% Estates and Trusts $0 to $2,650 ........................................................................................ 0% $2,651 to $13,150 ............................................................................... 15% $13,151 and over ............................................................................... 20% Itemized Deductions and Personal Exemptions Taxes paid. The itemized deduction for state and local taxes is limited to $10,000 ($5,000 MFS). Foreign real property taxes are not deductible. Home mortgage interest. A taxpayer may treat no more than $750,000 as acquisition indebtedness ($375,000 MFS). The $1,000,000 ($500,000 MFS) limitation continues to apply for any indebtedness incurred prior to December 15, 2017. The deduction for home equity indebtedness (other than debt for acquisition or improvement) is not allowed. Personal exemptions. The deduction for personal exemptions is suspended for tax years 2018 through 2025. Individual Retirement Arrangements (IRAs) IRA Individual Contribution Limits 2020 2019 Under age 50 ............................... $6,000........................... $6,000 Age 50 or older ............................ $7,000........................... $7,000 Traditional IRA Phaseout Based on Modified AGI (MAGI) If an individual is an active participant in an employersponsored pension plan, the deduction for a traditional IRA contribution is phased out when MAGI is between the following. Tax Year MFJ Single, HOH MFS 2020 ...... $104,000 to $124,000 ..... $65,000 to $75,000 ...... $0 to $10,000 2019 ...... $103,000 to $123,000 ..... $64,000 to $74,000 ...... $0 to $10,000 If the individual is not an active participant, but the spouse is, the non-active participant’s deduction is phased out when modified AGI is between the following. Tax Year MFJ MFS 2020 ................... $196,000 to $206,000.............. $0 to $10,000 2019 ................... $193,000 to $203,000.............. $0 to $10,000 Roth IRA Phaseouts 2020 2019 MFJ or QW ....................... $196,000 to $206,000......... $193,000 to $203,000 Single, HOH or MFS* ......... $124,000 to $139,000......... $122,000 to $137,000 MFS ........................................... $0 to $10,000.................. $0 to $10,000 *MFS and did not live with spouse during the year.
Retirement Savings Contribution Credit (Saver’s Credit) 2020 Retirement Savings Contribution Credit Percentage Rate MFJ HOH Single, QW, MFS 50% $0 – $39,000 $0 – $29,250 $0 – $19,500 20% $39,001 – $42,500 $29,251 – $31,875 $19,501 – $21,250 10% $42,501 – $65,000 $31,876 – $48,750 $21,251 – $32,500 0% Over $65,000 Over $48,750 Over $32,500 Up to a maximum credit of $1,000.
Child Tax Credit AGI phaseout. The credit (up to $2,000 per qualifying child) is reduced by $50 for each $1,000 of modified AGI above: • $400,000 Married Filing Jointly. • $200,000 Single, Head of Household, Qualifying Widow(er), or Married Filing Separately. High-Income Taxpayers
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