Proposed 2018 tax brackets

Married Filing Jointly Proposed Tax Brackets for tax year 2018:

Taxable income of $1million or more 39.6%
Taxable income between $260,000 and $1 million 35%
Taxable income between $90,000 and $260,000 25%
Taxable income below $90,000 12%

Key Provisions
Deduction for state and local income and sales taxes repealed
Property tax deduction capped
Mortgage interest deduction limited
Personal exemptions repealed
Estate tax reduced, then repealed in 2024
Alternative minimum tax repealed--This is amazing, so glad this is happening

Deductions

We don't recommend you go into debt for the interest deduction.  You are paying the bank to save from paying the IRS.

May 15th Deadline

Personal Property Tax returns are due May 15th for those of you who have a small business.  Make a list of all the equipment you own purchased for more than $2,500.  If all your equipment adds up to less than $20,000, you can file an exemption.  All others must file form 103 or 104.

April 18th Deadline

Drop off your tax paperwork and let us answer some questions.

March 15th Deadline

1065, 1120-S, and 1120 business tax returns are due.  Get them to your tax preparer as soon as you can.

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 --Max Woodbury, Max S Woodbury CPA LLC