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Senate Votes and Passes Tax Bill at 1:51 am Saturday Morning
Although I tried, keeping tabs on additions and deletions to the Trump Tax Plan became a daunting task. The inevitability of political bargaining took over as it always does. Except this time the Democrats asked for nothing and that’s what they got, nothing. To my knowledge, it was clear that not a single Democrat was…
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Cyber Monday Shopping, Be Careful
During the online holiday shopping season, I want to remind people to be vigilant with their personal information. While shopping for gifts, criminals are shopping for credit card numbers, financial account information, Social Security numbers and other sensitive data. Cybercriminals seek to turn stolen data into quick cash, either by draining financial accounts, charging credit cards,…
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Net Neutrality
“Net Neutrality” means that all data on the internet is treated equally. An Internet Service Provider (ISP) cannot prioritize certain companies, websites, apps or content. In addition, it means the ISP cannot sell preferential access to businesses. One of the good things President Obama did, was push for “Net Neutrality.” Now, the republicans under President…
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Tax Cuts and Jobs Act
Today, the U.S. House of Representatives passed the Tax Cuts and Jobs Act (H.R. 1) by a 227-205 partisan vote. The bill now advances to the U.S. Senate and will serve as a vehicle for the Senate to pass their own version of the tax reform overhaul legislation. When and if the Senate passes its…
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Trump Tax Plan – Officially, the Tax Cuts and Jobs Act
The House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced the Tax Cuts and Jobs Act today. We downloaded a copy of the 429 page document here. The announcement declared that it is “bold legislation to overhaul America’s tax code for the first time in 31 years. With this bill, a typical middle-income family of…
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401(k) Contribution Limit Increases to $18,500 for 2018
Highlights of Changes for 2018 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,000 to $18,500. The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim…
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Reconstruct Records After a Disaster
Taxpayers who are victims of a disaster might need to reconstruct records to prove their loss. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement. Here are 12 things taxpayers can do to help reconstruct their records after a disaster: We can obtain tax return transcripts from the IRS. We have…
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We will be Open on Columbus Day
Although Monday October 9, 2017 is a federal holiday, our office will be open. We generally close for federal holidays after April 15th each year. However, due to the income tax filing deadline the following Monday October 16th, we will be open and available for appointments. Each year we have approximately 300 tax returns to…
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A Quick Look at Trump’s Tax Plan for a Median Income Family
The median U.S. household income in 2016 was $59,039 according to the Census. The median level number above represents the number where half of households have income above that level and half below, adjusted for inflation. Another common measurement of personal income is the mean household income. Unlike the median household income, which divides all households…
