November 2017 - HBL CPAs

Nov
17
2017

Tax Reform Goals Released

The U.S Senate released its tax reform goals. Highlights include: Setting a 38.5% bracket for high-income earners, and raising the standard deduction to $24,000 for married filers, $18,000 for single parents and $12,000 for unmarried individuals. It would repeal in full the deduction for state and local taxes, and retain many provisions, including the child and dependent care credit; the deductions for charitable contributions and medical expenses; and the home mortgage interest deduction for existing mortgages and newly purchased homes up to $1 million.

Nov
15
2017

The Senate’s Tax Framework

For businesses, the Senate’s tax framework would permanently lower the corporate tax rate to 20%, starting in 2019. Other key points: a “simple and easy-to-administer deduction for pass-through businesses of all sizes” and the full and immediate expensing of new equipment. It also would allow more businesses to use cash-basis accounting, and retain both the research and development credit and the interest deduction for “Main Street employers.” Internationally, the current “worldwide” system of U.S. taxation would be replaced by a territorial system.

Nov
09
2017

Arizona Tax Credits 2017

We would like to suggest you consider the great tax credit benefits offered through the State of Arizona. The first four (4) credits are non-refundable and provide a dollar-for-dollar credit towards your Arizona income tax liability. If your total tax credit contributions exceed your tax liability, the unused portion can be carried forward for up to five years. Of course, even if you are not able to claim the Arizona tax credit for a donation,

Nov
08
2017

Property Tax Deduction reform bill.

The property tax deduction will remain in the U.S. House tax reform bill. Ways and Means Committee Chairman Kevin Brady (R-TX) said a deduction for some local taxes will remain in the soon-to-be-released tax bill. “We are restoring an itemized property tax deduction to help taxpayers with local tax burdens,” he stated. Republicans had proposed eliminating the federal deduction for state and local taxes (SALT). Analysts say that doing away with the SALT deduction would hit upper-middle-class families in high-income-tax states.

Nov
01
2017

Access My Social Security On The Go

About A Third Of The Visitors To SocialSecurity.gov Use Their Smart Phones To Learn About Our Programs. Access My Social Security On The Go! http://bit.ly/2im3Dj3

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