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William D King

William D King

William D King: Why you need to take action right now on these new suggested tax laws

We all need to be aware of the liberal tax laws being suggested. Some are already in effect. Please make sure you are not affected by any of these new changes before it is too late says William D King. Here are some important steps you can take right now to make sure you are not affected by these changes if they go into full affect! As always, please make sure you are filing your taxes correctly by using TurboTax! If you use any other website to file your federal tax return, there is no guarantee that all of your information will be sent over to the IRS. This can lead to big problems for you down the road. The same goes if you try to complete this online through an alternative site. Remember- “If it isn’t TurboTax, it isn’t correct!” Remember that if you use any of the information in this article to file your tax return, using TurboTax will ensure that everything is done correctly. If you decide to go with another site,… Read More »William D King: Why you need to take action right now on these new suggested tax laws

William D King

William D King: Why it’s time to make a plan in case these new suggested tax laws go through

Recently, the Trump administration has proposed a new set of tax laws that could completely alter the existing tax code says, William D King. The following is a summary and review of those suggested changes and suggestions for how they might affect you if they even go through. I hope this article isn’t too long or boring! If it seems like I’m missing something important feel free to leave a comment below and tell me what I got wrong (if anything). Here we go: The Main Points: Here’s the big list: Cut the number of tax brackets from 7 to 3 – 10%, 25% and 35%. Double the standard deduction – $12,000 for single filers and $24,000 for married filing jointly. Eliminate personal exemptions and many itemized deductions – State tax deduction, charitable deductions, to name a few. Cut the corporate tax rate from 35% to 20%. Eliminate the Alternative Minimum Tax (AMT). Increase the child care credit by nonrefundable $500 for each child under age 5 and provides an additional credit of $250 for… Read More »William D King: Why it’s time to make a plan in case these new suggested tax laws go through

William D King

William D King: Why it’s time to be scared about these proposed tax law changes

This paper explores an aspect of the new tax law changes concerning people who work from a home office says, William D King. This realm is fairly grey and has been complicated by a previous court ruling on what constitutes a true ‘home office. ‘The first part of the paper gives some general background on this issue, which will provide a framework for understanding how it can affect you as a homeowner or as someone who works from home. The second part delves into some more specific issues that homeowners may face under these proposals. In particular, there are examples given on the application of this new law to those with paid child care at home, those with adult children living at home, those with home businesses, and those claiming expenses against rental income. Work-space in your home One of the changes that were introduced through the tax reform package in November 2015, is that if you have an area of your home set aside exclusively for workspace, you are not able to claim it… Read More »William D King: Why it’s time to be scared about these proposed tax law changes

William D King

William D King: The truth about the proposed tax law changes and why you should care

The current tax laws are something that will affect everyone, yet many people do not take the time to understand what tax law is and how it works says, William D King. This article explains why you should care about proposed changes to the US Tax Law. The Truth about the Proposed Tax Law Changes and Why You Should Care Many individuals claim they want lower taxes, but once they hear of specific changes to their income or their business’s earning potential, they change their minds quickly. The truth is if a company does not make a profit then a company cannot survive in a competitive business world. In order for companies to remain in business and keep jobs, they must be profitable. If companies do not produce a profit then there would no money available for expansion projects, new equipment, wage increases, and bonuses. Income taxes are a growing concern for many individuals and businesses owners. A lack of understanding about the changes and future tax law revisions has caused anxiety to business owners… Read More »William D King: The truth about the proposed tax law changes and why you should care

William D King

William D King: How the new proposed tax law changes will impact you in 2025

The House of Representatives passed the Tax Cuts and Jobs Act (TCJA) on November 16, 2017. William D King says the Senate Majority leader Mitch McConnell announced on Saturday that he has enough votes to pass the TCJA in the Senate. President Trump aims to sign it by Christmas. After early morning votes on Dec. 2, the tax reform bill headed to the President’s desk and was signed into law. The bill impacts nearly every American, particularly consumers and homeowners. Read on to find out how the tax reform bill will impact your bottom line – both now and in 2025 – as well as some other key changes you should know about. What’s changing? The TCJA is a massive piece of legislation. It will impact nearly every American, particularly consumers and homeowners. William D King says we’ve created this summary to help you understand how the new tax law changes will impact your bottom line – both now and in 2025. Here are some of the key takeaways: The standard deduction is rising significantly… Read More »William D King: How the new proposed tax law changes will impact you in 2025

William D King

William D King: An analysis of the pros and cons of the new proposed income-tax bill

The new proposed income-tax bill that is to be implemented all across India by the end of 2015 has various pros and cons says, William D King. It has aroused mixed feelings among people in general about its benefits for them. The government on one hand claims that it will make life much easier for everyone since they do not have to go through the trouble of filing tax returns every year, while on the other hand there are some who are concerned with the loss of transparency in terms of the annual income/expenditure statement of citizens. Analysis: The major advantage is that since there would be no need to file yearly tax returns, the cost of compliance will come down significantly thus making doing business much more affordable. This can further lead to more investments in the economy says, William D King. It also removes the process of filing tax returns every year which is both cumbersome and time-consuming. The lack of transparency in terms of annual income/expenditure statements makes it much more difficult… Read More »William D King: An analysis of the pros and cons of the new proposed income-tax bill

William D King

William D King: A review of the proposed tax law changes and what they could mean for you financially

The proposed tax law changes are meant to benefit the average family. This article will explore how much money these tax changes could save you says William D King. Paragraph 1: Families with one child will receive up to $2,000 in savings due to the increase of the standard deduction. The Trump administration has maintained that this new tax cut will help middle-income Americans greatly because they can now pay less tax for their hard work. Paragraph 2:           This part of the article discusses other possible deductions and credits that would be removed due to the apartment bill; these include deductions for student loans interest, alimony payments, medical expenses (if it is not more than 7.5% of your adjusted gross income), casualty losses, and tax preparation fees.           The Trump administration also plans to lower the tax rate for the highest earners from 39.6% to 35%, but it will increase taxes on inheritances exceeding $5 million.           Furthermore, there are major changes being made to… Read More »William D King: A review of the proposed tax law changes and what they could mean for you financially

William D King

William D King: A look at your pay next year under present tax laws vs. proposed tax laws

Because of the present tax laws many persons receive more pay in one year than is necessary to live on says, William D King. It is estimated that about $15,000,000,000 annually goes out of this country to foreigners for taxes they say Americans owe them for having earned money in their countries. Taxes upon our citizens are very light compared with some European countries. Many citizens are not now paying any income tax for this year. Any increase in the salary you receive next year will be subject to present tax laws, which are as follows: Present Tax Laws Tax on incomes up to $30,000 is .8 of 1 percent. The tax on income from $30,000 to $60,000 is 9 percent. Tax on incomes over $60,000 is 20 percent. The increase in your salary next year will be subject to the proposed tax laws which are as follows: Proposed Tax Laws Tax of .8 percent of all income up to $40,000. The first $40,000 will have no tax on it at all. A tax of… Read More »William D King: A look at your pay next year under present tax laws vs. proposed tax laws

William D King

William D King- A guide to understanding what you can do to prepare for the proposed tax law changes

Many of us are anxious and stressed about the possibility that tax reform will pass and there is a chance we may see changes to some (or all) provisions of our current federal income tax system. However, under those circumstances, it can be difficult to know exactly what you should do now in order to protect your financial future. The following article will try and help you better understand what might happen as well as what impact those decisions may have on you today as well as in the future says, William D King Goal: The goal of this article is not to provide specific detailed advice on what you need to do – but simply understand how proposed changes could affect YOU and if they apply – how YOU can take action before the year if necessary and why or why not. Details: It is important to note that at this point – details are not yet available on what provisions will be changed or why the changes are being made. It is also… Read More »William D King- A guide to understanding what you can do to prepare for the proposed tax law changes

William D King

William D King: A brief look at the proposed tax law changes and how they could affect you

The proposed tax law changes will affect each of us differently depending on our individual circumstances says, William D King. Since you are more than just an average person, it is important to find some information that describes the provisions and explain what they mean to you. This piece of writing is aimed at giving a brief look at the proposed changes, how it can affect you and your family. (Blatner, 19) Overview of the proposed changes: There are seven major areas in which these potential Changes could affect you. They include; tax brackets, child care credits, standard deductions, itemized deductions, estate tax exemptions, pass-through business income deduction, and alternative minimum tax (AMT). (Blatner 22) Tax brackets: The first and the most important change that we might notice is the tax rates. It would be more beneficial to those with higher incomes. The new law comes with four newly created brackets; the income levels for each bracket are 10%, 12%, 22%, and 24%. Currently, there are seven tax brackets (10%, 15%, 25%, 28%, 33%, 35%… Read More »William D King: A brief look at the proposed tax law changes and how they could affect you