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:
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.
Tax Bill Comparison: We have a comparison of the House & Senate bills at https://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”.