New Year, New Taxes

Taxes are typically on our minds as we head into a new year. April 15^th always seems to come sooner than we expect. This year, 2018 will prove to be no exception as we close out 2017 and turn our attention to what lies ahead in the new tax code. On December 20th Congress passed a comprehensive tax reform legislation. December 22^nd President Donald Trump signed the Tax Cuts and Jobs Act. Below is a summary of the new tax reform.

Summary of the Tax Reform

Increases the standard deduction in 2018 from $6,500 to $12,000 for a single filer and from $13,000 to $24,000 for a joint filer and how to buy stocks in canada;
Increases the child tax credit from $1,000 (up to $1,000 refundable) per qualifying child to $2,000 (up to $1,400 refundable), and introduces a new $500 non-refundable “family” credit;
Limits the deductibility of state and local taxes to the first $10,000 paid for property or income taxes (or sales taxes in lieu of income taxes); and,
Sets new individual tax rates effective January 1, 2018 (these individual tax rates changes sunset after 2025).

Below are current individual tax rates and the new individual tax rates set by the tax reform bill:

Income Where Tax Rate Starts (2017) Single / Joint	Current Tax Rate	New Tax Rate	Income Where Tax Rate Starts (2018) Single / Joint
$0 / $0	10%	10%	$0 / $0
$9,326 / $18,651	15%	12%	$9,526 / $19,051
$37,951 / $75,901	25%	22%	$38,701 / $77,401
$91,901 / $153,101	28%	24%	$82,501 / $165,001
$191,651 / $233,351	33%	32%	$157,501 / $315,001
$416,701 / $416,701	35%	35%	$200,001 / $400,001
$418,401 / $470,701	39.6%	37%	$500,001 / $600,001

What’s In / What’s Out

Mortgage Interest Deduction	Currently limited to first $1 million in mortgages; going forward limited to first $750,000 (new mortgages); deduction for interest on home equity loans is suspended
Death Tax	Doubles the basic exclusion amount from $5 million to $10 million
Medical Expense Deduction	Deduction is available for expenses exceeding 7.5% of AGI in 2017 and 2018 (a 10% AGI threshold applies in 2019 and beyond)
Student Loan Interest Deduction	Student loan interest remains deductible up to $2,500 per year
Graduate Student Tuition Waivers	Remains Tax Free

Unique Employment Services is committed to ensuring our clients are ready for 2018. Please contact us at 361-852-6392 for more information.

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“As a manager in a busy multi-physician clinic, I am sometimes faced with the challenge of making sure that I have enough staff to accommodate our fast-paced environment. It is such a comfort knowing that I can reach out to Unique Employment Services to assist me with finding reliable and qualified professionals quickly. They always listen to my needs and provide the best possible candidates for the positions. I am extremely satisfied with our partnership with Unique!”

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“As a Business Manager of a high traffic medical practice, it had always been difficult finding the right temporary employees through other local agencies. Without exception, Unique Employment Services has always been able to provide our office with exactly what we need. In fact, many of whom we thought would be temporary placements, became full time employees in our practice. They are just that good! Their attention to detail and keen listening skills has helped us greatly!”

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OFFICE MANAGER, MEDICAL CLINIC

Lisa

“I have used The Wilson Group, now a Division of Unique Employment Services, for more than 16 years. Anne is exceptional at conducting pre-interviews and screenings so that I get great candidates with verified skills, in a timely manner. I appreciate her professionalism and that she does not use 'high pressure' tactics. We have a great relationship that hopefully will last well into the future.”

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Bob

“What a stellar performance history! For decades we have called on The Wilson Group, a division of Unique Employment Services, to place a wide variety of positions—from clerical to the COO. Because of their thorough vetting process we have found employees who are happy, successful, and here for the long-term. We plan to keep calling on Unique for decades to come!”

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Darrel

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