Where Do You Fall In The Tax Pecking Order?

Highlights: • 2015 Overall Filing Statistics • Statistics by Adjusted Gross Income • Percentile Table Ever wonder where your income puts you in comparison with the rest of the U.S. taxpayers? Each year the Internal Revenue Service publishes a Statistics of Income Bulletin. The latest set of figures is for 2015 tax returns and provides some interesting statistics. Tax Reform Limits Exchanges to Defer Taxes Highlights: • Deferring Tax with Like-Kind Exchanges • Changes Made by Tax Reform • Impact on Trade-ins Note: This is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect you and your family in 2018 and future years, and offering strategies you might employ to reduce your tax liability under the new tax laws. Have Business Income? If So, You Score Big With The New Tax Reform Highlights: • Sec 199A Deduction • Qualified Business Income • Threshold • Specified Service Businesses • Limitations • Wage Limit • Aggregating Amounts Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, could affect you and your family, both in 2018 and future years. This series offers strategies that you can employ to reduce your tax liability under the new law.