Soar to Success April 2018

SOAR TO SUCCESS / April 2018 / Core Business Strategies Not a lot has changed in this capital gains tax structure; however, one thing to note is that your short-term capital gain tax rates are still taxed at ordinary tax rates which have changed under the new law. Generally speaking, the new lower marginal tax rates and adjusted income thresholds could produce a potential tax savings on short-term capital gains for many taxpayers. Under the previous law, taxpayers could deduct their real estate tax and state and local income tax or sales tax from their taxable income. Under the new law, taxpayersmayclaimanitemizeddeduction of up to $10,000 for the combination of nonbusiness state and local property tax, state and local income tax or sales tax. Foreign real property taxes are not deductible. Visit my website at actservices-inc.com for more information on the new Tax Cuts and Jobs Act, or watch my video series on Elite Experts Network.