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Personal, Business Taxes and News

April 10, 2018

uncle sam graphic

2018 Tax Updates and Changes

Good news for the American taxpayers… they have until April 17, 2018, to file their 2017 tax returns. Why? As per the I.R.S., the regular April 15 tax day is postponed when that date falls on a weekend or legal holiday.

The recent tax plan enacted by Congress for 2018 means a slew of changes as you file your return. Many of these changes might reduce your tax burden, so it is important to know what will affect you and how to pay your taxes for the year.

 

Standard Tax Deductions IncreasesI love deductions

The standard deduction for both individuals and couples has increased dramatically. It is now $24,000 for married couples filing jointly and $12,000 for individual filers. This increase helps offset the lack of a personal exemption.

 

Reduced Top Income Rate

While this won’t apply to most filers, those in the top income bracket of $500,000 or higher for individuals and $600,000 or higher for jointly filing couples will see a slight decrease to 37 percent.

 

Corporate Tax Rate Changes

The tax on business profits is way down, with a new top tier of 21 percent. As a flat tax rate, that also means that small business owners pay the same 21 percent on their earnings.

 

Pass-Through Deductions

For business owners with pass-through income where their business is a sole proprietorship or other corporate structure that accounts for their own income, a 20 percent deduction instantly reduces the total tax burden. For example, a business owner with $80,000 in business income can deduct $16,000 from the total. There are phase-outs for higher earners that eliminate this deduction.

 

Increased Phase-Out on Retirement Savings

Individuals and married couples get a small boost to the amount they can put away from retirement and an increase total income before they lose the tax deferment on those savings.

These are just a few of the changes, but as you can see, the updates to the tax code are sweeping and will affect most filers to a greater or lesser degree.

Clover Station, Clover Mini, Clover Flex offers integrated POS options that include making estimated tax payments for your business. The Mini and Flex versions also include tax software, so you can track daily sales, arrange for sales tax payments and handle payroll, all through the same system you use to collect customer payments. getvms.com Other blogs you may be interested in is: insight.getvms.com/budgeting-for-small-businesses from Velocity Merchant Services, your choice in credit card services.

 

Categories: Personal Tax, Tax Deductions

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Velocity Merchant Services

3051 Oak Grove Rd. 2nd Floor
Downers Grove, IL 60515
Phone: 888-902-6227
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Clover Station 2.0 Point-of-Sale

This all-in-one POS solution includes everything you need to streamline your business. 

More counter room thanks to a space-saving design: The 14-inch, HD display and screen swivel feature keep customer engagement clean and simple.

Faster apps and business: Let the 8-core, state-of-the-art Qualcomm® Snapdragon™ processor and 4GB memory handle the toughest tasks.

Modern payment technology: Accept mag stripe cards, EMV chips, contactless payments and more.

A versatile app market: Use Clover’s robust apps to give your business endless possibilities.