Interesting Articles & Update on Tax Reform

Following are links to some interesting articles that I thought I would share with you compliments of Kiplinger.

7 Year-End Strategies to Help You Save on Taxes – https://www.kiplinger.com/slideshow/taxes/T055-S014-7-year-end-strategies-to-help-you-save-on-taxes/index.html?rid=EML-wealth&rmrecid=3144870188

Iconic Estate Flops: What Michael Jackson, Whitney Houston and Prince Did Wrong – https://www.kiplinger.com/article/retirement/T021-C032-S014-estate-flops-michael-jackson-prince-whitney-housto.html?rid=EML-wealth&rmrecid=3144870188

Defuse the Tax Bomb That Threatens Retirement – https://www.kiplinger.com/article/taxes/T047-C032-S014-defuse-the-tax-bomb-that-threatens-retirement.html?rid=EML-wealth&rmrecid=3144870188

 

Update on Tax Reform: A joint agreement is said to have been reached on the tax reform bill that was passed by the House and Senate earlier today.

Some of the highlights are:

Corporate Rate

Joint Agreement: Cut the corporate rate to 21 percent from 35 percent beginning in 2018.

House: Cut to 20 percent in 2018.

Senate: Cut to 20 percent in 2019.

 

Top Individual Rate

Joint Agreement: Cut the top rate to 37 percent for the highest earners, down from 39.6 percent.

House: Leave top rate at 39.6 percent.

Senate: Cut top rate to 38.5 percent.

 

Mortgage Interest Deduction

Joint Agreement: Cap it at loans of $750,000—down from $1 million—for new purchases of homes.

House: Cap it at loans of $500,000.

Senate: No change.

 

Individual State and Local Tax Deductions

Joint Agreement: Limit combined deductions for state and local income taxes and property taxes to $10,000.

House: Repeal deduction except for property taxes, capped at $10,000.

Senate: Repeal deduction except for property taxes, capped at $10,000.

Source: https://www.taxprotoday.com/articles/tax-debate-update-gop-eyes-tax-cut-for-top-end-21-corporate-tax-rate

 

Tax Bill Comparison: We have a comparison of the House & Senate bills at http://integrityintaxllc.com/newsletter/house-and-senate-tax-bill-comparison/

 

As always, Thank – You for reading my blog. I’ve received a lot of feedback from last week’s post “Pictures with Santa for You’re 4-Legged Family Member”.