The Mountain Accountant

03/20/2020

10/15/2019

HAPPY TAX DAY from your friends at The Mountain Accountant

11/23/2018

Actions to consider before 2019:
*Take your required minimum distributions.
*Start thinking about Tax Planning - the new tax law will affect 2018 taxes.
*Explore the tax advantages 529 education savings plans.
*Donate to a charitable organization

12/20/2017

12/04/2017

Looks like changes are coming to the tax code. Don't chance it with filing your own returns. Call the professionals today.

11/27/2017

VAIL — The Colorado Snowsports Museum and Hall of Fame has announced the addition of three new members of the organization’s board of directors. Brenda Buglione, Gabe Hogan and

11/22/2017

11/15/2017

If this is you, call us today! Don't wait to be surprised come April 15th.

11/02/2017

Remember to ask a tax professional what this means for you. But, here are some points of the new proposed tax plan:

a. Increase the standard deduction ($24,400 MFJ, $18,300 HOH and $12,200 for single)
b. No exemptions,
c. Cap home mortgage interest to only the first $500k of mortgage going forward,
d. Child tax credit up to $1,600 (refundable credit for kids up to 17),
e. No changes to EIC,
f. It will keep the penalty for health insurance, and IRS won’t accept returns without an answer (like this year),
g. Keeps the retirement contribution deduction (going up this year as well),
h. Caps the state and local tax deduction to $10k for property taxes alone (no deduction for income taxes paid),
i. Eliminates the AMT,
j. New rate brackets
i. 12.5% for $0 to $90k on MFJ, $0 to $67,500 for HOH and $0 to $45 for single
ii. 25% for $90 to $260k MFJ, $67,500 to $200k for HOH and $45 to $200k for single
iii. 35% for 260k to $1 million for MFJ, $200 to $500k for HOH and single
iv. 39.6% for anything over the last stated thresholds
k. Phases out the estate tax (death tax) by doubling the deduction to $11 million in 2018, then phase out over 6 years.
l. Capital gains will now be at different brackets
i. 0% for $0 to $77,200 for MFJ, $0 to $51,700 HOH and $0 to $38,600 for single
ii. 15% for $77,200 to $479k for MFJ, $51,700 to $452,400 for HOH and $38,600 to $452,400 for single
iii. 20% for above previous thresholds
m. Lastly, big change for pass-through income (K1s)
i. 70% of income flowing through gets hit at marginal rate
ii. 30% of income gets capped at a 25% rate (this is only relevant for MFJ who make over $260k and over $200k for HOH and single)

10/31/2017

Happy Halloween from everyone at The Mountain Accountant!

10/27/2017

Hey all you wonderful Summit County people, keep your ears tuned for new Mountain Accountant radio ads on KSMT and KLFT!