Hope all enjoyed the holiday season with family & friends. I’d like to remind you that it’s tax time.
The Legislation has passed; Congress has drastically changed the Internal Revenue Code. The IRS is reviewing the new tax laws and preparing to implement provisions that will affect you. The biggest concern is the implication of this change on the taxpayer’s 2017 tax returns.
I’d like to share with you a few highlights to clarify and eliminate confusions. For 2017 tax returns:
- The basic standard deduction is $6,350 for single or MFS; $12,750 for MFJ or QW; $9,350 for HOH. An additional deduction of $1,250 per person age 65+ and/or blind if MFJ, QW, or MFS; $1,550 for single or HOH.
- Itemized deductions begin to phase out when modified AGI reaches $313,800 for MFJ and QW, $287,650 for HOH, $261,500 for single, and $156,900 for MFS.
- The personal exemption per person is $4,050. Personal exemptions begin to phase out and completely phase out depending on the taxpayer’s marital status.
- Expiring tax provisions: Cancellation of qualified principal resident indebtedness exclusion from gross income, energy efficient home credit, mortgage insurance premium deduction, and tuition & fees deduction have expired and will not be available for tax year 2017.
Identity Theft continues to be a priority to the IRS and to your tax professional. Your tax professional should have implemented security measures in the use of the tax software and safe method in exchanging documents. I am constantly looking at ways for my clients’ convenience and to safely exchange documents. I am pleased to announce my investment in Client Portal Service. This service give my clients the ability to securely view, download, and upload documents.
To schedule a meeting or conference call, please complete the application form to request an appointment or email me at email@example.com Also you may contact my office at (312) 438-8024, or call me directly at (773) 401-2848.
F & E Accounting and Tax Service, L.L.C