...the easiest way to ensure fairness to all taxpayers is to make these few changes:...
PASO ROBLES, Calif. (PRWEB) March 08, 2018
According to the Robert S. Borish, CPA, of North County Tax & Accounting, renters who do not itemize deductions will benefit from the GOP tax plan since their standard deduction and exemption increases from $12,700 to $28,900. While married couples that itemize deductions will lose their state tax deduction and $8,100 exemption. Borish stated that a married couple with $200,000 of taxable income that itemizes would lose $24,000 of deductions. Surprisingly, the tax increase for this couple is only $537 since their AMT tax of $1,100 is eliminated and their overall Federal tax rate is 2% less than under current rules.
However this is not a tax cut and there are a lot of moving parts with the GOP tax bill which means there will be winners and losers according to Borish. "While tax simplification is a goal of the GOP bill, the easiest way to ensure fairness to all taxpayers is to make these few changes:
Tweak the AMT tax so that less taxpayers are affected by it.
Reduce the rates in all brackets."
Contact North County Tax & Accounting for CPA/Bookkeeping Paso Robles jobs at (805) 466-7121 or visit atascaderocpa.com for more information.
North County Tax & Accounting
5905 Capistrano Avenue
Atascadero, CA 93422
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