Soar to Success May 2018

SOAR TO SUCCESS / May 2018 / Core Business Strategies contributions to public charities and certain private foundations and any amount over the 60% limitation can generally be carried IRUZDUG DQG GHGXFWHG IRU XS WR ĆYH \HDUV Payers of alimony and separate maintenance agreements will no longer be able to deduct their payments and the recipient spouse will not have to claim these payments as income. This is for any divorce or separation agreement executed after December 31, 2018 even if PRGLĆHG DIWHU WKLV GDWH Another hit to certain taxpayers will be the disallowance of miscellaneous itemized deductions for the 2018 through 2025 tax years. This includes deductions such as tax preparation fees, unreimbursed employee business expenses and some investment advisory costs. The repeal of the Obamacare Individual mandate beginning in 2019 is another big change. This will reduce the shared responsibility payment to zero for taxpayers who do not have minimum essential health insurance. I don’t think, under the current administration, this is a real surprise to anyone. Comebacknextmonth formore informationon the new tax law. You can also visit my website at actservices-inc.com .