7 CHANGES TO KEEP TOP OF MIND
I f you’ve been watching the news, you’ve surely seen a lot about tax reform.The topic has been front and center since going to voters in the House and Senate. On Dec. 22, the president signed a bill that will make changes to tax law beginning in 2018, with most set to expire in 2025.The reform overhauls the internal revenue code by lowering tax rates and eliminating numerous tax provisions. Here are some specifics that you might want to be aware of. • There will be an increase in the standard deduction from $6,350 to $12,000 for singles and an increase from $12,700 to $24,000 for couples filing jointly. • You will not be able to deduct more than $10,000 for state and
Ingredients • 1 cup white chocolate chips • 14 ounces sweetened condensed milk • 2 cups heavy cream, divided • 3 cups milk (any variety will do) • 2 tablespoons powdered sugar There’s nothing like curling up under a blanket with a warm mug and a novel that finally came out in paperback. Break out the slow cooker and let the sweet aroma waft through your living room as your start Chapter 1. chocolate chips, condensed milk, 1 cup cream, and milk. Cover and heat on low about 2 hours. 2. In a large bowl, mix remaining 1 cup cream, powdered sugar, and vanilla. 1. In a slow cooker, combine white local taxes, including taxes on real estate.There was no cap under the previous law. • Business income from pass-thru entities is now entitled to a 20 percent reduction, subject to some income limitations. • The reform eliminates the personal exemption, which was $4,050 per person in 2017. • There will be more restrictions in place for charitable donations. • The child tax credit will double, going from $2,000 to $4,000. It will also now be available to taxpayers with income levels up to $200,000 for singles and $400,000 for couples.This is up from what it was previously, at $75,000 and $110,000. Directions
• A doubling of the estate tax exemption will occur, rising to just under $11 million for singles and $22 million for couples. While most of these changes have a limited implementation of seven years, one of the permanent changes we might see is a slower rate of inflation in the tax code. The result? Individuals will likely move into higher tax brackets more quickly. As the year continues and you prepare to file your taxes, you will want to stay abreast of these changes and how they will affect your returns. Schedule a meeting with Capital Advisory Group to find out more about taxes in 2018.
TAKE A BREAK SLOW COOKER RASPBERRY WHITE HOT CHOCOLATE (Recipe inspired by SlowCookerGourmet.net.)
• 1 teaspoon vanilla • 4 tablespoons raspberry liqueur or syrup 3. Using a hand or stand mixer, whip until stiff peaks form. 4. Serve mugs of hot chocolate with about 1 tablespoon of raspberry liqueur or syrup to taste and a dollop of whipped cream.
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