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11/27/18: New Tax Laws

11/27/18: New Tax Laws

 Bob Sheeley, CPA, provided a brief overview of the changes occurring with our 2018 taxes as a result of the 2017 Tax Reform Act. Bob’s disclaimer: An expert teaching a seminar about the new tax act stated he had spent over 100 hours studying it, and he still didn’t know more than 10% of its implications. Some highlights: Standard deduction is gone – it is now part of an itemized deduction maximum; there will be more schedules required; 37% is the highest tax rate; $11.2 million estate tax credit; and in 2025 everything reverts back to the 2017 regulations. The best thing about the reforms: they create job security for Bob and will most likely result in saving some tax dollars for individuals. 

November 27 2018.Exchange

Meeting Information

DBA meets every Tuesday at 7:30 to 8:30 a.m. for networking, breakfast, and a brief presentation. Meeting location:  Until further notice our weekly meeting is held virtually via Zoom If you would like to be a part of these meetings as our guest, please contact Lynn Hood, ljhood5500@att.net or 972-743-4008

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