Welcome | Taxsavers 2



January 2, 2018Greetings and Happy New Year 2018! New this year!! We have joined the digital world by establishing a web site with lots of good information about us, taxes and where we moved to so you can find us. Our website address is . It will list the services that we provide, tax tools and calculators, a client portal for secure uploads, and eventually, a way to pay online. That’s right, we are going to start accepting credit cards this year both in office and online. The client portal is very easy to use. You will need to let us know that you would like to be added to the portal. You will receive an e-mail to set up the account and once you have done that it’s as easy as dragging and dropping your files into the portal. The client portal will e-mail us letting us know when we can pull the files and begin your return!Now on to the new and exciting tax law changes coming in 2018. This bill has not affected anything for 2017 at this time. We will focus on the individual filers changes, and if you have any business-related questions please feel free to call us. Updated and slightly lower tax ratesAlmost doubling of the standard deductionNo more personal exemptionsCap of $10,000 for state and local taxRequired written acknowledgement for charitable contributions over $250Expands Child Tax Credit to $2,000 per child under 17Cap on mortgage interest deduction on loans over $750,000, only on homes being bought in 2018Raises AMT exemption levels so less are affected by itPreserves medical expense deduction, student loan interest, and teacher expenses deductionEliminates the penalty for not having minimum essential health insurance under ACA520 Qualified Tuition Programs can allow distributions of up to $10,000 for secondary schoolAgain, this is all information for your 2018 tax return. During the upcoming tax season, we will do our best to accurately predict your personal income tax effects from the Tax Cuts and Jobs Act.Also, included in the Act in order to fight fraudulent filed returns, any returns filed this year claiming the Earned Income Credit, American Opportunity Tax Credit or refundable Child Tax Credit will have their refunds delayed until after February 15, 2018. You may file earlier but refunds will not be issued until after February 15, 2018. Please double check your Form 1098T this year before you come in. The college is supposed to report qualified tuition actually paid instead of the amount billed. Hopefully, it will match your records.Here are some additional tax highlights or lowlights if you prefer for 2017:Standard mileage rate for business in 2017 rate is 53.5 cents per mile. Personal exemption is $4,050 per person.There will be changes to the 1098 Mortgage Interest Form that includes new information reported to the IRS that we need to be aware of. The lender is required to provide the outstanding mortgage principal, the mortgage origination date and whether or not this is a mortgage on your primary residence. You are only allowed to deduct mortgage interest on two properties and the IRS is acquiring information to differentiate between acquisition debt and home equity debt. Each has limitations. If you refinanced any property in 2017, please bring in the HUD Form 1, Settlement Form.Again! If you have a business and pay anyone $600 or more for services, have you prepared and sent all required 1099s? This is a specific question on the tax return this year. Penalties have increased if you have not prepared a necessary 1099.If Earned Income Credit, American Opportunity Credit and Refundable Child Tax Credit applies to you there are new and additional disclosure and due diligence requirements, some of which must be submitted with the return. And, they have increased the penalties for tax preparers who don’t properly perform due diligence in this area. I am beginning to wonder if I work for you or for the IRS.Phase-outs for both itemized deductions and personal exemptions are back this year. Another sneaky tax increase.Medical and moving miles drop to 17 cents for 2017.Please bring or mail all of your 2017 W2s, 1099s, and 1098s that you get from employers, pensions, banks, insurance companies, brokers, mutual funds, mortgage companies, etc. Especially important again this year is information from mutual funds and brokers because of the tax benefits for ‘qualified dividends’. New this year is additional detailed reporting of the sale of stocks and mutual funds by Brokers. Again, your assistance in this matter is important to reduce letters from the IRS because of mismatches.The enclosed checklist does not need to be filled out; it is for your use to help you gather all required information for completing your tax return. For those who itemize, I am enclosing a page of the most common deductions that can be itemized. We especially want to thank you for your business and for referring your friends, family, and associates to us. Your satisfaction with our services is important to us. Please call Debi to set up your tax appointment at 303-597-0244. If you have questions or need assistance gathering information, do not hesitate to ask.Thank you for your business!The McNaughton’sPeteRichBruce ................
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