William C. Sundblom CPA, PA
 
 
 Welcome



William C. Sundblom
Certified Public Accountant



1725 East Bay Dr. Suite C
Largo, FL 33770

727-581-6817
fax 727-581-6736
email wcs@wcs-cpa.com





 
 
 

The Tax Cuts & Jobs Act

- SINGLE INDIVIDUALS:
Not over $9,525 10% of the taxable income
$9,525 to $38,700- $952.50 plus 12% of the excess over $9,525
$38,700 to $82,500- $4,453.50 plus 22% of the excess over $38,700
$82,500 to $157,500- $14,089.50 plus 24% of the excess over $82,500
$157,500 to $200,000- $32,089.50 plus 32% of the excess over $157,500
$200,000 to $500,000- $45,689.50 plus 35% of the excess over $200,000
over $500,000- $150,689.50 plus 37% of the excess over $500,000

-HEADS OF HOUSEHOLDS:
Not over $13,600- 10% of the taxable income
$13,600 to $51,800- $1,360 plus 12% of the excess over $13,600
51,800 to $82,500- $5,944 plus 22% of the excess over $51,800
$82,500 to $157,500- $12,698 plus 24% of the excess over $82,500
$157,500 to $200,000- $30,698 plus 32% of the excess over $157,500
$200,000 to $500,000- $44,298 plus 35% of the excess over $200,000
Over $500,000- $149,298 plus 37% of the excess over $500,000

-MARRIED INDIVIDUALS FILING JOINT RETURNS AND SURVIVING SPOUSES:
Not over $19,050- 10% of the taxable income
$19,050 to $77,400- $1,905 plus 12% of the excess over $19,050
$77,400 to $165,000- $8,907 plus 22% of the excess over $77,400
$165,000 to $315,000- $28,179 plus 24% of the excess over $165,000
$315,000 to $400,000- $64,179 plus 32% of the excess over $315,000
$400,000 to $600,000- $91,379 plus 35% of the excess over $400,000
Over $600,000 $161,379 plus 37% of the excess over $600,000

-MARRIED INDIVIDUALS FILING SEPERATE RETURNS:
Not over $9,525 10% of the taxable income
$9,525 to $38,700- $952.50 plus 12% of the excess over $9,525
$38,700 to $82,500- $4,453.50 plus 22% of the excess over $38,700
$82,500 to $157,500- $14,089.50 plus 24% of the excess over $82,500
$157,500 to $200,000- $32,089.50 plus 32% of the excess over $157,500
$200,000 to $300,000- $45,689.50 plus 35% of the excess over $200,000
Over $300,000- $80,689.50 plus 37% of the excess over $300,000

-ESTATES AND TRUSTS
Not over $2,550- 10% of the taxable income
$2,550 to $9,150- $255 plus 24% of the excess over $2,550
$9,150 to $12,500- $1,839 plus 35% of the excess over $9,150
over $12,500- $3,011.50 plus 37% of the excess over $12,500


Individual income tax changes
A. Increase in standard deduction
B. Repeal of the deduction for personal exemptions
C. Alternative inflation adjustments
D. Kiddie Tax
E. Limitation on losses for taxpayers other than corporations
F. Enhancement of child tax credit and the new family credit

Education-related provisions
A. Consolidation and modification of education savings rules
B. Reforms to the discharge of certain student loan indebtedness
C. Rollovers between qualified tuition programs and qualified ABLE programs
1. Effective date

Temporarily allow increased contributions to ABLE accounts and allow contributions to be eligible for saver's credit

Repeal of the overall limitation on itemized deductions (Pease limitation)
A. Effective date

Modification of deduction for home mortgage interest
A. IR-2018-32

Modification of deduction for taxes not paid or accrued in a trade or business
A. Effective date

Casualty, theft, disaster, and loss deductions
A. Repeal of deduction for personal casualty and theft losses
B. Relief for 2016 disaster areas
C. Revenue Procedure 2018-14
1. Earlier safe harbor

Modifications to the deduction for charitable contributions
A. Increased percentage limit for contributions of cash to public charities
B. Effective date

Repeal of certain miscellaneous itemized deductions subject to the two-percent floor
A. Unreimbursed job expenses
B. Investment expenses
C. Tax preparation fees

Individual AMT

Deduction for medical expenses

Repeal of special rule permitting recharacterization of IRA contributions

Repeal of deduction for alimony payments and corresponding inclusion in gross income
A. Effective date

Like-kind exchanges of real property
A. Effective date

Elimination of shared responsibility payment for individuals failing to maintain minimal essential coverage
A. Effective date

Modifications to estate, gift, and GST taxes

Business-related tax changes
A. Tax rate for C corporations
B. Corporate AMT
1. Effective date

Depreciation changes
A. Bonus depreciation
B. Qualified improvement property
1. Effective date
C. Listed property
1. Effective date
D. Applicable recovery period for real property
E. Section 179

Accounting method changes
A. Cash method of accounting
B. Taxpayers not required to keep inventories
C. Exception from the uniform capitalization rules
D. Exception for completed-contract method of accounting
E. Effective dates

Modification of treatment of S corporation conversions to C corporations
A. Six-year §481(a) adjustment
B. Post S corporation termination distributions
C. Effective date

Limitation on the deduction of business interest
A. Exceptions
B. Definitions
1. Definition of business interest
2. Definition of adjusted taxable income
C. Floor plan financing interest
D. Application to pass-through entities
E. Double counting rule
F. Additional deduction limit
G. Carryforward of disallowed business interest
H. $25 million gross receipts exception

Deductions, expenses, and credits
A. Modification of net operating loss deduction
1. Effective date
B. New limits on entertainment, etc., expenses
C. Denial of deduction for settlements subject to nondisclosure agreements paid in connection with sexual harassment or sexual abuse
1. Effective date
D. Employer credit for family and medical leave

Changes regarding partnerships
A. Repeal of technical termination of partnerships
1. Effective date
B. Modification of the definition of substantial built-in loss in the case of a transfer of partnership interest
1. Effective date

International taxation

Deduction for Qualified Business Income
A. Pass-Through Income
B. Taxable income limit
C. Qualified property
D. W-2 wages
E. Qualified business income
F. Calculation of the 20% deduction
G. Treatment of investment income
H. Reasonable compensation and guaranteed payments
I. Qualified trade or business
J. Specified service business
1. Phase-in of specified service business limitation
K. Tentative deductible amount for a qualified trade or business
L. W-2 wages
M. Special rules and definitions
N. Effective date

Bipartisan Budget Act of 2018 (Budget Act)
A. Simplified filing for older individuals
B. Exclusion for discharge of indebtedness
1. Basis adjustment
2. Ordering rule
3. Coordination with the insolvency and bankruptcy exceptions under §108
4. Reporting requirements: Forms 1099-C, 1099-A, and 982
C. Deduction for qualified tuition and related expenses under §222(e)
D. Treatment of mortgage insurance premiums as deductible qualified residence interest under §163(h)(3)
E. Business extender provisions





Give Us a Call



Call me at 727-581-6817 so we can discuss what we can do for you. I am willing to meet with you 24/7, because you work those kind of hours and so should your accountant. I guarantee, you will get the attention you deserve.



Google Map To Our Office (click this line to view map)




FYI



Days until Taxes are Due: