Broker Check

GFG Newsletter

Winter 2019 Newsletter By Thomas Green, CFP®


Source: 12-22-2017 Tax Cuts and Jobs Act.

1. Exemptions: The new tax bill is finalized. Your personal exemptions have now been eliminated.

2. Deductions: The standard deduction amount is now $24,000/$12,000 married/single filers. Age 65 and over get an extra $1,300 if filing as married and $1,600 if filing single. In regard to donations, any donation of $250 or more requires an acknowledgement letter from the charity showing the date and amount donated. The receipts should also state that no goods or services were received in return for the donation. The blank receipts from charities you receive for non-cash donations are limited to $250 per day, per organization. You need to keep a detailed list of items donated. Donation mileage is still $.14 per mile. KEEP YOUR RECEIPTS FOR EVERYTHING!

3. The total deduction for state taxes, property taxes, and sales tax is limited to a total deduction of $10,000 ($5,000 if married filing separately.) Any amount above $10,000 is not deductible. The miscellaneous itemized deductions for tax preparation fees, investment fees, unreimbursed employee business expenses, business travel and entertainment, safety deposit box fees, union dues, and uniform costs are gone.

4. The interest on most home equity loans is not deductible unless the loan proceeds were used to buy, build, or substantially improve your main home or second home.

5. The child credit for children under 17 increases to $2,000 per child. The income phaseout starts at $200,000 (single) and $400,000 (married.)

6. Tax brackets are lower, but so is the withholding. You may find yourselves owing money this year unless you have increased the amount you have withheld.

7. The 2018 annual amount you can gift to any one individual remains at $15,000.

8. Forms 1095-A, B, or C (proof of medical coverage) are required in order to file your taxes. We need you to provide these forms to us.

9. Parents who have children attending college, the 1098-T forms we need to prepare your taxes will be sent to your children (usually electronically.) Please have them get this information to you before your appointment or when you drop off your materials. We will need proof of payment for the tuition.




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In today’s world, financial advice needs to include tax-es, insurance, investment advice, retirement planning, estate planning, and more. At Green Financial Group, we bring that all together in one location.

If you are satisfied with the service that we have provided for you, share that information with your family and friends. If you are not satisfied, let us know what we can do better.

Although the information contained herein is gathered from sources we believe reliable, it is in no way guaranteed by Green Financial Group, Modern Woodmen of America, or MWAFinancial Services, Inc.This material is for your information only and is not a recommendation or offer to sell any security. An offer can be made only by prospectus Securities and advisory services offered through MWA Financial Services, Inc., a wholly owned subsidiary of Modern Woodmen of America. Member: FINRASIPC