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Additional Information

This is a long form text area designed for your content that you can fill up with as many words as your heart desires. You can write articles, long mission statements, company policies, executive profiles, company awards/distinctions, office locations, shareholder reports, whitepapers, media mentions and other pieces of content that don’t fit into a shorter, more succinct space.


Articles – Good topics for articles include anything related to your company – recent changes to operations, the latest company softball game – or the industry you’re in. General business trends (think national and even international) are great article fodder, too.


Mission statements – You can tell a lot about a company by its mission statement. Don’t have one? Now might be a good time to create one and post it here. A good mission statement tells you what drives a company to do what it does.


Company policies – Are there company policies that are particularly important to your business? Perhaps your unlimited paternity/maternity leave policy has endeared you to employees across the company. This is a good place to talk about that.


Executive profiles – A company is only as strong as its executive leadership. This is a good place to show off who’s occupying the corner offices. Write a nice bio about each executive that includes what they do, how long they’ve been at it, and what got them to where they are.

SUDBURY CPA TAX UPDATES

 A few selected tax tips for the 2017 Tax Year are provided below. Your final tax bill is largely dependent upon recognizing tax deductions and accurately applying them within your tax returns. 


Tax is really unique to an individual’s circumstances and often, advance tax planning is required to obtain some of the most valuable tax deductions. We are standing by to answer specific questions you may have - please give us a call. 


 The 2018 Tax Act made significant changes to tax law. Please call us if you have specific questions regarding 2018 taxes. 


 2017 Tax Year

  1. Many of the prior year tax rates and deductions have been carried forward.
  2. AMT (Alternative Minimum Tax): It is likely that those with incomes exceeding around $200,000 will have AMT added onto the regular tax. Mortgage interest expense and Charitable Deductions are included as deductions against the AMT tax.
  3. Auto mile expense for 2017 is: Business = 53.5¢, Medical & Moving = 17¢, Charitable work = 14¢.
  4. Annual Gift Tax Exclusion remains at $14,000. There is a five year provision which includes $70,000 contributions to a 529 plan for the educational benefit of a single child / grandchild.  Additional amounts above theses ceilings are applied (but not taxed) against your $1 million lifetime gift exclusion.
  5. Social Security tax applies to earned income below $127,200 for 2017. No SS tax above this ceiling, Medi tax at 1.45% has no ceiling.
  6. Filing dates: 2017 tax returns are due by Tuesday April 17th for those living in MA. Tax extensions are available to October 15th when tax extensions are filed timely and the liability has been paid.
  7. Sale of your residence will not result in a Capital Gain Tax so long as you have lived in the residence for 2 of the past 5 years and the gain for a married couple is under $500,000.
  8. Retirement distributions from your IRA are included as income. It is best to just take the minimum you need because if you take a large amount in a single year, your income may jump you into a higher tax bracket.
  9. Audit: The chance of an Audit is based upon the IRS matching records, accuracy of preparation and increases with income. Audit rates range between 1% and 24%.
  10. The 2017 401(k) contribution limit is $18,000 + $6,000 for those 50 + years old.
  11. Little things: Massachusetts Fast Pass, charitable portion of your auto license plates, mileage for tax preparation purposes, Form 8606 deductions when receiving retirement distributions, broker fees, margin interest expense, unreimbursed business expenses and allocations of professional fees to business and rental expense are deductible items. 

Many tax deductions and exemptions are “phased-out” at higher income levels. Tax planning may save on taxes to shift income, deductions or dependencies items. Please call our office for specific phase-outs.

David J. Felsing, CPA

(978) 443-1350

dfelsing@comcast.net

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