THE LYNNFIELD ADVOCATE – Friday, November 10, 2017
Trump Tax Proposal: Round 1 – Individual G
ood day, this article is not business and individual tax stand that to cut taxes there for the faint of heart. As returns I am all for positive will need to be modifications a CPA who prepares many tax reform; I clearly under- to elimination of some current deductions and credits. At this time, we are just starting down the long road of tax reform. The following are some of the current Trump and House of Representatives proposed tax changes that will affect many individuals: • Joint Tax rates: 12%, $0 to $90,000; 25%, $90,001 to WHAT YOU ARE PAYING NOW AND LOWER BECAUSE OUR $260,000; 35%, $260,001 to OVERHEAD IS LOW. WE ARE OLDER MEN IN BUSINESS SINCE $1 M; & 39.6%, over $1 M. 1979. WE ARE HIGHLY PRODUCTIVE, DEDICATED AND NICE • Individual Tax rates: 12%, TO HAVE AROUND. $0 to $45,000; 25%, $45,001 Our estimates are FREE and we are fully insured. to $200,000; 35%, $200,001 Services include: to $500,000; & 39.6%, over * Fertilization * Mulching *Junk Removed * Aeration $500,000. * New Shrubs/Trees * Demolition * Irrigation Systems • St a n d a rd D e d u c t i o n : * New Lawns/Sod/Seed * Dog Poop Scoping * Dethatching Joint & surviving spouse – * Tree Removal * Masonry * Lawn Cutting * Stump Removal $24,000; Single – $12,000; * Landscaping * Spring/Fall Clean Ups * Gutter Cleaning * Sealcoating * Pruning * New Fences * Snow Removal and Head of Household – $18,300. • Personal exemption: eliminated. (COUPON YOUR CHOICE * THESE SERVICES ONLY * LIMIT ONE PER CUSTOMER) NEW SPRING OR FALL FLOWERS * NEW SHRUBS * TREE REMOVAL • Alternative Minimum Tax: OUTSIDE PAINTING * JUNK REMOVAL * SIMPLE HANDYMAN REPAIRS eliminated and any carryfor* COUPON IS REDEEMABLE FOR NEW CUSTOMERS ONLY wards you have will be allowed subject to limitations. • Pass through Business Income (K-1): capped at 25% tax rate. • Child/Family Tax Credit: $1,600 Child Tax Credit and $300 Non-Child Dependent
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Credit. • Repeal of Non-Refundable Credits: Retired on Disability, Adoption, Mortgage Credit Certificates, and Electric Car Credit. • Education Credit: 100% of first $2,000 spent on certain college costs and 25% for the next $2,000 of costs. • Earned income tax credit is preserved. • Repeal the following Deductions: $250 Teacher Costs, Funding Medical Saving Account, Moving, Overall Itemized Deduction Limitation, Non-Trade or Business Taxes, Personal Casualty, State and Local Income Tax, Sales Tax, Tax Preparation Fee, Medical, Employee Trade or Business expenses, Documentation for Donations of $250 or more, Dependent Care Assistant Program, & Adoption Assistant Program. • Limited Itemized Deductions: Resident debt incurred after November 2, 2017, limited to $500,000, Real Estate Tax up to $10,000, Wagering losses limited to winnings, Charitable Donation up to 60% of donor’s AGI. • Alimony for Divorce Decrees or Separation Agreement created or amended af-
ter 2017: non-taxable for recipient and non-deductible for payer. • Modifications to sale of resident exclusion of $500,000 joint filers and $250,000 other filers. These are some of the more relevant Trump and House Tax Proposals that affect many individuals that we will monitor closely and keep you updated on. Next week we will provide you with a summary of the major tax changes to Businesses and Estates. My thought is that the Trump administration is using this current Tax Proposal as a starting point to engage in Positive Tax Modification amongst all Democrats and Republicans. As taxpayers, let’s hope the name-calling will be limited and the meaningful negotiations take charge through this difficult topic for all of our benefit. To that end, stay tuned for our next AMERICAN Tax Proposal Update! Thomas D. Terranova, Jr., CPA, PFS, CITP Jit Lee Billing, CPA Terranova & Associates, LLC 978-774-7700
Realtors honored with Norm Northrup Award Located Adjacent to Rite Aid Pharmacy
in Saugus Plaza, South Bound Route 1
MBTA Bus Route 429
FREE WI-FI - 2 WIDE SCREEN TV’S
PUBLIC SKATING SCHEDULE Sunday 12-8 P.M. $7.50
Monday, Tuesday, Wednesday, & Thursday Private Parties
3-11 P.M. $7.50 Arrive after 6 p.m. $8.50
12-11 P.M. $7.50 Arrive after 6 p.m. $8.50
Inline Skate Rentals $3 - additional Roller skate rentals included in all prices.
Birthday & Private Parties Available
Have a birthday party at Roller World and you’re entered into a drawing at end of school year for a trip for four to:
Includes Airfare - Hotel and passes to the park!
$11.50/Person, min. of 10 kids.
Price includes Adm. + Roller Skates. Cake, soda, paper goods, 20 tokens for birthday person plus 100 Redemption Tickets and a gift from Roller World. in one of our private BP Rooms.
Pictured from left to right: Elena Drislane and Alex DeRosa of The Alex & Elena Team of Northrup Associates Realtors®.
he Alex & Elena Team recently received the Norm Northrup Award during a recent company meeting. This award is given each year to agents who represent and carr y on the high ethical standards and professionalism that has been a trade-
mark of Northrup Associates for over 67 years. Norm Northrup founded the local real estate firm Northrup Associates in 1952, and since that time Northrup Associates has become a tradition for local families in the real estate market.