Here are the important tax changes and other pre-tax information you may need before you come into the office. If you have any questions, please contact us via phone at (770) 921-9881 or send an email to either Andrea Kennedy or Becky Portwood.
We attended several schools this year to learn about all the new tax law changes for 2017 and 2018. The new tax bill has more changes than any year since 1986.
Everyone should receive a Form #1095 for proof of their health insurance this year. We must have this to complete your 2017 tax return. Some other changes that may affect your tax return include:
1. For 2017, the business mileage rate is $.535; medical and moving rate is $.17; charitable rate is $.14. For 2018, the business mileage rate is $.545; medical and moving rate is $.18; charitable rate is $.14.
2. For those who had casualty losses due to Hurricane Harvey, Irma, or Maria, there is a provision for this deduction without itemizing your deductions.
3. The percentage threshold for deducting medical and dental expenses has been reduced to 7.5% of adjusted gross income. This includes medical expenses that you paid during 2017.
4. We will need a copy of your current State issued photo identification card (i.e. driver's license) as required by IRS. The IRS will no longer accept returns without this proof of identification.
Tax year 2018 brings with it many tax changes, such as:
- Employee business expenses are no longer deductible on Form 2106 (mileage, office in the home, supplies, cell phone, etc.) Some of you may need to renegotiate your salary package with your employer.
- Miscellaneous itemized deductions subject to 2% limitation are no longer deductible (investment expenses, tax preparation expense, safe deposit box, etc.)
- The deduction for state and local taxes on Schedule A will be limited to $10,000.
- Mortgage interest on loans taken after 1/15/17 will be deductible, with a maximum debt of $750,000. Home equity loans will no longer be deductible on personal residences.
- NEW: Non-child dependent family tax credit of $500 is available for qualified dependents over age 17.
- Child tax credit increases to $2,000 per child with increased income limitations.
- Personal exemptions are eliminated. The standard deduction is increased for Single taxpayers to $12,000 and for MFJ to $24,000.
- Qualifying small businesses have a new credit that could reduce the taxable income. Phase-outs will apply to higher income businesses.
These changes and many more will require everyone to reevaluate their tax situation in order to take maximum advantage of the tax reductions.
Be sure also to bring all tax reporting documents
(W-2s, 1099s, 1098s, K-1s, real estate taxes, etc.) when you have your taxes prepared. Feel free to send us copies of everything (via
e-mail, fax, U.S. Mail, UPS, Fed Ex, etc.) and we will be happy to prepare your
return then coordinate a time for you to sign everything. We also have a slot in our door if you need
to drop off your documents after hours.
We value your time so please
MAKE AN APPOINTMENT. Appointments with
our tax specialists are available six (6) days a week. We also accept walk-ins, but priority will be
given to scheduled appointments. Please
note that all visits may take longer than anticipated and appointments and
walk-ins may both get backed up. We
appreciate your patience and strive to give everyone the best tax service