Everything You Need to Know About the New Tax Law Before the End of the Year

Everything You Need to Know About the New Tax Law Before the End of the Year


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Answers to some common questions concerning the new tax bill and how it will affect you:  

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How Does the Tax Cuts and Jobs Act Effect you?

The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. This legislation introduces the biggest changes to taxation of your income in over 30 years. We are summarizing and highlighting the changes introduced with this legislation to allow for the best opportunity to utilize these changes. We encourage you to call us with questions, or to schedule a meeting to evaluate how these changes effect you.

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New Tax Form Preview

 

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IRS Scam

The IRS will never ask you for gift cards as payment.  They also will not threaten you with jail or call you out of the blue.  These types of calls can be scary, but do not panic.  Call your accountant or the IRS directly if you are concerned.

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IRS Releases 2018 Withholding Calculator

The IRS has updated their withholding tool for 2018.  It now takes into account the new tax law.  Now is a great time to check your withholding for 2018.  Check out the tool here: IRS Withholding Calculator  

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2018 Tax Withholding Tables Released

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YOU MAY BENEFIT FROM PRE-PAYING YOUR 2018 PROPERTY TAXES

The recent 2018 tax legislation passed in Washington includes a significant change to itemized deductions. In 2018, the itemized deduction for income tax paid and for property tax paid is limited to $10,000. As such you may benefit by accelerating the payment of your 2018 property taxes into 2017. How can you benefit? If you are itemizing deductions, and you are not subject to the Alternative Minimum Tax, combining your 2017 and 2018 property taxes in 2017 will increase your tax year 2017 itemized deductions. Even though this will likely lower your 2018 itemized deductions, you will still receive the full benefit of the new legislation for 2018, by meeting the new $10,000 limit with the income tax that you are paying to Minnesota. You will need to pay your 2018 property tax by December 31, 2017 to receive this benefit. We’ll be happy to walk you through the specifics of your returns – please call with your questions.

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W-2 Email Phishing Scams

The Minnesota Department of Revenue and the IRS are warning about email phishing scams targeting payroll and human resource professionals: MN Department of Revenue News Release    

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Your Tax Return and the Affordable Care Act

The Affordable Care Act – popularly known as Obamacare – introduces issues that must be addressed on your tax return. Learn more in this informative article from the Wall Street Journal.   http://www.wsj.com/articles/affordable-care-act-creates-a-trickier-tax-season-1420157063

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A Great Personal Finance Book from a Real Pro

Jonathan Clemens is one of the most level-headed and knowledgeable financial gurus I’ve encountered. Read more of his insights here: http://www.jonathanclements.com/money-guide  

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