MSA Accounting

A surprise visit by my nephew and niece!

IRS Provides Additional Day to File and Pay: The Internal Revenue Service announced today that it is providing taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax deadline. Individuals and businesses with a filing or payment due date of April 17 will now have until midnight on Wednesday, April 18. Taxpayers do not need to do anything to receive this extra time. The IRS advised taxpayers to continue to file their taxes as normal Tuesday evening, whether electronically or on paper. Automatic six-month extensions are available to taxpayers who need additional time.

Here is the impact of the tax bill from 2018 through 2025 on individual taxpayers: 1. the top individual rate is 37%; 2. the individual AMT remains but with increased exemption amounts and increased phase-out levels; 3. the mortgage interest deduction limit is reduced to $750,000 on new mortgages and no home equity loan interest deductibility;... 4. individuals are allowed to deduct up to $10,000 in total state and local taxes, which include income or sales tax plus property taxes; 5. the child tax credit is increased to $2,000, with up to $1,400 refundable; 6. medical expenses in excess of 7.5% of AGI are deductible in 2017 and 2018 and then 10% of AGI thereafter; 7. no personal exemptions deductible; 8. no moving expenses deductible; 9. no alimony taxable or deductible starting in 2019; 10. no miscellaneous itemized deductions; and 11. no PEASE phase-out of itemized deductions. See more

Registration for fall has started.

You don't have to be on the Title to take the mortgage interest deduction.