{"id":1565,"date":"2018-01-01T18:54:27","date_gmt":"2018-01-02T00:54:27","guid":{"rendered":"http:\/\/www.kuulstuff.com\/blog\/?p=1565"},"modified":"2018-01-06T10:15:59","modified_gmt":"2018-01-06T16:15:59","slug":"taxes-are-approaching-faster-than-you-think","status":"publish","type":"post","link":"http:\/\/www.kuulstuff.com\/blog\/taxes-are-approaching-faster-than-you-think\/","title":{"rendered":"Taxes are Approaching Faster Than You Think"},"content":{"rendered":"<p>As the magic of holidays fades away, the new year also brings tax time for all of us. The new GOP tax bill drastically adds\/removes incentives that could affect your\u00a0paycheck and taxes. Homeowners are rushing to pre-pay the property\u00a0taxes, Businesses are announcing bonuses for their employees, Tax agents are figuring out how the tax\u00a0rules can be implemented,\u00a0and others are waiting to file the taxes on the postcard!<\/p>\n<p>The yearend also brings the burden of filing taxes. Procuring the 1099s, W2s, and documents consume individuals and make you wonder where did all the money go. \ud83d\ude42 TurboTax has user-friendly self-guiding software which can show your taxes based on the information you provide.\u00a0If you approach\u00a0a local tax agent such as H&amp;R Block, they can guide you through the filing. The agents enter your details into their tax software and complete the filing.<\/p>\n<p>If you are itemizing you will be required to carry all proofs during filing. If there is an audit from the IRS, you have to re-submit your proofs. Wait until the end of January or February until you receive all the 1099s and W2s from the agencies. Tax agents and taxpayers are eagerly waiting for how the new GOP tax bill will change the taxes. Here are some general points to consider:<\/p>\n<ol>\n<li>Increased standard deduction:\n<ol>\n<li>For married couples: Increase from $13, 000 to $24, 000.<\/li>\n<li>For individuals: Increase from $6500 to $12, 000.<\/li>\n<li>For single parents:\u00a0Increase is from $9550 to $18, 000.<\/li>\n<\/ol>\n<\/li>\n<li>Property tax exemption limited to $10, 000: This is a huge blow to high property tax states such as Illinois and New Jersey.\n<ul>\n<li>I wonder why Scott County residents rushed to pre-pay the property taxes. They only pay $3600! Rock Island County does not accept pre-payment until the tax bill arrives in May. Illinois is already leading in people moving out and it may increase further in future. \ud83d\ude42<\/li>\n<\/ul>\n<\/li>\n<li>Taxes can be filed on a postcard: This will simplify the documentation required. However, the cost of the postcard is not revealed yet. \ud83d\ude42<\/li>\n<li>Change in Payment: Payroll software providers\u00a0are adjusting the tax withholding to accommodate the tax changes<\/li>\n<li>Child tax credit increased from $1000 to $2000 for the\u00a0people with incomes up to 200, 000 (single parents) and $400, 000 (Married filing jointly). However, the child is required to have a valid SSN.<\/li>\n<li>Change in tax slabs: Corporate tax rate is flat 21 percent. Pass-through business owners or small business owners can deduct 20 percent of the income. Large businesses announced\u00a0bonuses and higher contributions to charity due to the tax savings they get from the GOP tax reform. The different slabs for low-income, middle-income,\u00a0and high-income have been set up.<\/li>\n<\/ol>\n<p>IRS will not accept taxes until the end of January and if you are expecting a\u00a0refund, you will not be seeing them until the end of February. The last day to file taxes is April 17 without penalty. The new GOP tax reform is from 2018 to 2025 and some are skeptical that after 2025, all the tax savings will be lost. For low-income earners, the taxes might reduce first but increase after 2025. Everyone is trying to understand how it will change and any hint of fewer taxes gives a huge relief for taxpayers. \ud83d\ude42<\/p>\n<p>Happy New Year 2018!<\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_1568\" aria-describedby=\"caption-attachment-1568\" style=\"width: 300px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/lowincome.jpg\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1568\" data-permalink=\"http:\/\/www.kuulstuff.com\/blog\/taxes-are-approaching-faster-than-you-think\/lowincome\/\" data-orig-file=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/lowincome.jpg?fit=645%2C575\" data-orig-size=\"645,575\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Kagan, Julia&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1514114222&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"lowincome\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Low income tax rates&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/lowincome.jpg?fit=300%2C267\" data-large-file=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/lowincome.jpg?fit=645%2C575\" class=\"size-medium wp-image-1568\" src=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/lowincome.jpg?resize=300%2C267\" alt=\"\" width=\"300\" height=\"267\" srcset=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/lowincome.jpg?resize=300%2C267 300w, https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/lowincome.jpg?w=645 645w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-1568\" class=\"wp-caption-text\"><strong>Low-income tax rates<\/strong><\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_1569\" aria-describedby=\"caption-attachment-1569\" style=\"width: 252px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/middleincome.jpg\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1569\" data-permalink=\"http:\/\/www.kuulstuff.com\/blog\/taxes-are-approaching-faster-than-you-think\/middleincome\/\" data-orig-file=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/middleincome.jpg?fit=656%2C781\" data-orig-size=\"656,781\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Kagan, Julia&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1514458335&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"middleincome\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Middle-income tax rate&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/middleincome.jpg?fit=252%2C300\" data-large-file=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/middleincome.jpg?fit=656%2C781\" class=\"wp-image-1569 size-medium\" src=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/middleincome.jpg?resize=252%2C300\" alt=\"\" width=\"252\" height=\"300\" srcset=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/middleincome.jpg?resize=252%2C300 252w, https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/middleincome.jpg?w=656 656w\" sizes=\"auto, (max-width: 252px) 100vw, 252px\" \/><\/a><figcaption id=\"caption-attachment-1569\" class=\"wp-caption-text\"><strong>Middle-income tax rates<\/strong><\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_1570\" aria-describedby=\"caption-attachment-1570\" style=\"width: 250px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/highincome.jpg\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1570\" data-permalink=\"http:\/\/www.kuulstuff.com\/blog\/taxes-are-approaching-faster-than-you-think\/highincome\/\" data-orig-file=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/highincome.jpg?fit=657%2C787\" data-orig-size=\"657,787\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Kagan, Julia&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1514035989&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"highincome\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;High-income tax rate&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/highincome.jpg?fit=250%2C300\" data-large-file=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/highincome.jpg?fit=657%2C787\" class=\"wp-image-1570 size-medium\" src=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/highincome.jpg?resize=250%2C300\" alt=\"\" width=\"250\" height=\"300\" srcset=\"https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/highincome.jpg?resize=250%2C300 250w, https:\/\/i0.wp.com\/www.kuulstuff.com\/blog\/wp-content\/uploads\/2018\/01\/highincome.jpg?w=657 657w\" sizes=\"auto, (max-width: 250px) 100vw, 250px\" \/><\/a><figcaption id=\"caption-attachment-1570\" class=\"wp-caption-text\"><strong>High-income tax rates<\/strong><\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the magic of holidays fades away, the new year also brings tax time for all of us. The new GOP tax bill drastically adds\/removes incentives that could affect your\u00a0paycheck<a href=\"http:\/\/www.kuulstuff.com\/blog\/taxes-are-approaching-faster-than-you-think\/\" class=\"more-link\">Read More <span class=\"screen-reader-text\">Taxes are Approaching Faster Than You Think<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1368,1359,1355,1354,1356,1357,1362,1367,1366,1352,1360,1361,1364,1353,1363,1365,1351,1358],"class_list":["post-1565","post","type-post","status-publish","format-standard","hentry","category-daytoday","tag-child-tax-credit","tag-filing-status","tag-gop-tax-bill","tag-gop-tax-reform","tag-gop-taxes","tag-hr-block","tag-high-income-taxes","tag-income-tax-credit","tag-income-tax-deduction","tag-income-taxes","tag-low-income-taxes","tag-middle-income-taxes","tag-pass-through-business-taxes","tag-property-taxes","tag-small-business-taxes","tag-tax-deductions","tag-taxes","tag-turbotax"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p4AvRz-pf","jetpack-related-posts":[{"id":1548,"url":"http:\/\/www.kuulstuff.com\/blog\/property-taxes-the-bitter-truth\/","url_meta":{"origin":1565,"position":0},"title":"Property Taxes: The Bitter Truth","author":"admin","date":"November 12, 2017","format":false,"excerpt":"Property owners are charged yearly by local cities for overall maintenance of the city's infrastructure. Schools and colleges are funded by the property taxes. Major chunk goes to the development of city's facilities , salaries, and pensions. However, home owners are unable to digest the hefty bills every year. Property\u2026","rel":"","context":"In &quot;Day to day&quot;","block_context":{"text":"Day to day","link":"http:\/\/www.kuulstuff.com\/blog\/category\/daytoday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":576,"url":"http:\/\/www.kuulstuff.com\/blog\/401k-versus-ira-versus-roth-ira\/","url_meta":{"origin":1565,"position":1},"title":"401K Versus IRA Versus Roth IRA","author":"KP","date":"November 15, 2010","format":false,"excerpt":"Smart investing is essential for all working professionals. 401K, traditional IRA, and Roth IRA are all good for retirement savings. Here is an insight on these plans.","rel":"","context":"In &quot;Day to day&quot;","block_context":{"text":"Day to day","link":"http:\/\/www.kuulstuff.com\/blog\/category\/daytoday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":452,"url":"http:\/\/www.kuulstuff.com\/blog\/sales-tax-holidays-in-quad-cities\/","url_meta":{"origin":1565,"position":2},"title":"Sales Tax Holidays in Quad Cities!!","author":"KP","date":"August 6, 2010","format":false,"excerpt":"August 6th and 7th are sales tax holidays in Iowa and August 6th through 15th are sales tax holidays in Illinois. So, shoppers hurry up and rush to the stores to enjoy the benefits. Beware of the exceptions while availing the sales tax holiday benefits. :)","rel":"","context":"In &quot;Day to day&quot;","block_context":{"text":"Day to day","link":"http:\/\/www.kuulstuff.com\/blog\/category\/daytoday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":834,"url":"http:\/\/www.kuulstuff.com\/blog\/report-of-foreign-bank-and-financial-accounts-fbar\/","url_meta":{"origin":1565,"position":3},"title":"Report of Foreign Bank and Financial Accounts (FBAR)","author":"KP","date":"April 15, 2011","format":false,"excerpt":"Report of Foreign Bank and Financial Accounts, also known as FBAR is a mandatory document to submitted to the Department of Treasury if you hold foreign accounts over $10,000. The IRS is questioning some HSBC and Swiss accounts which hold unaccounted money all over the world. The recent guilty pleas\u2026","rel":"","context":"In &quot;Day to day&quot;","block_context":{"text":"Day to day","link":"http:\/\/www.kuulstuff.com\/blog\/category\/daytoday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":915,"url":"http:\/\/www.kuulstuff.com\/blog\/august-events-2011\/","url_meta":{"origin":1565,"position":4},"title":"August Events 2011","author":"KP","date":"August 3, 2011","format":false,"excerpt":"Quad city residents look forward for the annual Mississippi Valley Fair, Tug fest, River roots, Tax free weekend in August. Make the most of the rest of the summer with the events and sun. :)","rel":"","context":"In &quot;Day to day&quot;","block_context":{"text":"Day to day","link":"http:\/\/www.kuulstuff.com\/blog\/category\/daytoday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":863,"url":"http:\/\/www.kuulstuff.com\/blog\/salvation-army\/","url_meta":{"origin":1565,"position":5},"title":"Salvation Army","author":"KP","date":"May 18, 2011","format":false,"excerpt":"Operating since more than a century, Salvation Army changed many lives through their Adult\u00a0Rehabilitation\u00a0Centers. The goods donated by the donors are sold at the thrift stores or family stores at reduced prices. The funds generated thus are used to help many adults going through rough phases in their lives. So,\u2026","rel":"","context":"In &quot;Awareness&quot;","block_context":{"text":"Awareness","link":"http:\/\/www.kuulstuff.com\/blog\/category\/daytoday\/awareness\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/www.kuulstuff.com\/blog\/wp-json\/wp\/v2\/posts\/1565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.kuulstuff.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.kuulstuff.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.kuulstuff.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.kuulstuff.com\/blog\/wp-json\/wp\/v2\/comments?post=1565"}],"version-history":[{"count":5,"href":"http:\/\/www.kuulstuff.com\/blog\/wp-json\/wp\/v2\/posts\/1565\/revisions"}],"predecessor-version":[{"id":1583,"href":"http:\/\/www.kuulstuff.com\/blog\/wp-json\/wp\/v2\/posts\/1565\/revisions\/1583"}],"wp:attachment":[{"href":"http:\/\/www.kuulstuff.com\/blog\/wp-json\/wp\/v2\/media?parent=1565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.kuulstuff.com\/blog\/wp-json\/wp\/v2\/categories?post=1565"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.kuulstuff.com\/blog\/wp-json\/wp\/v2\/tags?post=1565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}