Steve Bates speaks to Kiwanis Club, June 9, 2018

Kiwanis President-Elect Steve Bates spoke to the Kiwanis club June 9th about the changes in the tax act. For individuals, the biggest change is in the deductions bracket, down 3% in each bracket. The top rate is 37% for joint filing with over $600,000 of taxable income. The standard deduction increase will keep a lot of people from itemizing because the standard deduction will be more. The standard deduction is $12,000 for single individuals and $24,000 for married. If you itemize, home mortgages are deductible up to $750,000 but no second homes. Charitable contributions are at 60 % of taxable income. There is no state income tax deduction. A concern is that people will no longer be giving to charities if they are not able to itemize.

 

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