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Vol 41; TAX CUTS AND JOBS ACT - YEAREND CHANGES

Posted by Admin Posted on Jan 16 2018
TAX CUTS AND JOBS ACT - YEAREND CHANGES


Written by: Kathleen Keeven, Accountant

The proposed “Tax Cuts and Jobs Act” expected to be approved this week is the largest major tax reform in over 30 years. Becker & Rosen will provide information on relevant issues as tax season approaches. There are two issues, however, affecting individual taxpayers that warrant special attention prior to the end of 2017.

  1. State and Local Tax Deduction
    For tax years beginning after December 31, 2017, the Federal itemized deduction for state and local taxes paid will be limited to $10,000 for married taxpayers filing jointly ($5,000 for a married taxpayer filing a separate return). If you plan to make any state or local tax payments in 2018 for the 2017 tax year, consider making those payments in 2017 instead. Fourth quarter estimated payments due in January can be made in December. If you believe you will owe tax with state and local returns in April, consider tax planning to estimate and pay those taxes now.
  2. Charitable Contributions
    The limitation and elimination of various itemized deductions is expected to result in a sharp increase of taxpayers using the standard deduction instead of itemizing in years beginning after December 31, 2017. Consider making intended charitable contributions prior to year-end rather than waiting until 2018 in order to take advantage of the itemization. If your tax rate decreases next year, you will maximize the benefit from your deductions against the higher rates in 2017.

As always, the best advice depends on your specific situation. Contact Becker & Rosen, CPA’s, LLC for additional information.

 
IMPORTANT TAX DATES TO REMEMBER


With the end of the year ahead, we want to remind you of important tax due dates and deadlines that are just around the corner. In addition to these dates please keep in mind that information provided to our firm for 1040 preparation on or after March 23th 2018 will receive an extension.

Here is a recap of important dates to keep in mind as 2018 progresses:

  • January 15, 2018 - 2017 4th quarter estimate payment
  • January 31, 2018 - All information forms (W2/1099) are due to recipients and must be filed with the government
  • March 15, 2018 - Form 1065 and 1120-S
  • March 23, 2018 - Deadline to have individual tax prep info to Becker and Rosen
  • April 17, 2018 - Form 1040, 1041, and 1120, unless extended
  • April 17, 2018 - 2018 1st quarter estimate payment
  • June 15, 2018 - 2018 2nd quarter estimate payment
  • September 17, 2018 - 2018 3rd quarter estimate payment
  • September 17, 2018 - Form 1120-S and 1065, if extended
  • October 1, 2018 - Form 1041, if extended
  • October 15, 2018 - Form 1040 and 1120, if extended
  • January 15, 2019 - 2018 4th quarter estimate payment
     
INTERACT WITH US ON THE WEB

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Becker and Rosen CPAs, LLC Disclaimer

This newsletter is intended to provide generalized information that is appropriate in certain situations. It is not intended or written to be used, and it cannot be used by the recipient, for the purpose of avoiding federal tax penalties that may be imposed on any taxpayer. The contents of this newsletter should not be acted upon without specific professional guidance. Please call us if you have questions. 

Links to Third Party Websites
For your convenience, this newsletter may contain hyperlinks to websites and servers maintained by third parties. We do not control, evaluate, endorse or guarantee content found in those sites. We do not assume any responsibility or liability for the actions, products, services and content of these sites or the parties that operate them. Your use of such sites is entirely at your own risk.

 

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