Monday, November 6Posted: Updated:
Tax Overhaul 101
The new Trump Tax Plan for individuals will have four tax brackets instead of the seven that currently exist.
Itemized deductions will change drastically. The Standard Deduction will double from $6,300 to $12,000. This means that if in the past you had itemized deductions that exceeded the Standard Deduction, you would use the greater of the two. Reducing itemized deductions will force a lot of people to file a Standard Deduction Tax Return, which could reduce the complexity of the tax return that is filed.
Other changes are Property Taxes will be deductible up to $10,000. Mortgage Interest will still be deductible, but only up to $500,000, on new mortgages. Your medical expenses will only be deductible if it exceeds 10% of your income. Unless you have a major medical catastrophe, you will not get a tax deduction for medical expenses.
One of the Big changes of the tax plan will be eliminating personal exemptions. Currently families are allowed to deduct $4,050 for each person in the family, as a tax deduction. This will go away completely with the Trump Tax Plan. Many are hoping the increase in the Standard Deduction will offset the loss of personal exemptions, but that will not be true if you have more than three people in your family.
The Alternative Minimum Tax will go away. The Estate Tax Exemption will double, and over six years they will phase out the Estate Tax Exemption altogether.
There will be changes to tax credits. Tax credits are better than tax deductions because $1 in tax credit is equivalent to spending $3 in tax deductions. The Child Tax Credit goes from $1,000 to $1,600. Once a married couple reaches $110,000 or more, the amount of their Child Tax Credit will go down. Currently there is no tax credit for claiming a non-child dependent, but the new tax plan will give you a $300 credit for non-children dependents.
On the business side, the tax bracket will go from 35% to 20% but this is not a permanent cut, it is just until the next law is passed. The cut will be made for 10 years.
Currently if you buy assets that last longer than a year, like a building, furniture, vehicle, or equipment, you have to depreciate that over a number of years. The new tax plan will allow you to completely write off the cost of your assets in the year that you purchase it, rather than spreading it out over years.
Here are some things to keep in mind:
- New Tax brackets (12%, 25%, 35% & 39Â½)
- Limited Property Taxes, Medical Expenses, and Mortgage Interest
- Increased Child Tax Credit ($1,600)
- Estate Tax phased out over six years, but immediately doubled exemption
- Small tax credit for non-children dependents ($1,300)
- Elimination of the Alternative Minimum Tax
- Elimination of Personal Exemptions
- Tax brackets reduced to 20% from 35%
- Immediate tax deduction for assets purchased
Arizona Deductible Expenses
- All medical
- All state, local, and property tax
- All Mortgage Interest
- Charitable Tax Credits
To learn more about the New Trump Tax Plan visit: https://www.thebalance.com/trump-s-tax-plan-how-it-affects-you-4113968
To learn more about Robert Hockensmith, CPA, PC visit: https://azmoneyguy.com/
6232 N. 7th Street Ste 110
Phoenix, AZ, 85014
Call 24/7 602-264-9331
AZ Family Food Drive
We are kicking off the Arizona's Family Food Drive themed "Meals Matter" with the powerhouse partnership of 3TV and Fry's Food Stores. The goal of this event is to collect over 2,000 turkeys.
- Meals Matter Holiday Food Drive runs from November 5 through November 30th at all Arizona Fry's Foods Stores.
- Participants can buy a $10 Gobble Give Card at the checkout of any Fry's Food Store statewide.
- There are also $1 and $5 donation options at each register
- When using the $10 Gobble Give Card donation to your bill at check out, this will be turned into turkeys for the thousands of families who turn to The Salvation Army this holiday season.
- The Salvation Army provides more than 7,500 meals to their Annual Thanksgiving and Christmas dinners held at the Phoenix Convention Center
- Salvation Army volunteers will also be delivering over 4,000 meals for both Thanksgiving and Christmas dinners to homebound individuals and families across the Valley.
For more information: http://www.azfamily.com/category/307051/food-drive
Motivational Monday: Michael Morelli
Easiest Yet Effective Routine To Burn Mega Calories Around The Holidays.
- Time to work out is even harder to find around the holidays.
- But it's even more important with the influx of calories and treats.
- Michael Morelli has put together a 5min Total Body Routine that will burn the most amount of calories in the least amount of time.
- 5min and a pair of dumbbells is all you need to torch excess calories during the busiest time of year.
- busiest time of year for most people (hard to stay the course)
- influx of calories makes training even more important (most important time to stay the course) 5min Total Body Routine (something is better than nothing)
Nutrition is 80% or more. We are what we eat.
- Excess calories are stored on your body, you want McDonald's fries hanging off the sides of your body or Sweet
- Neither, is the best answer so here's what you can do.
- Have a plan (think through and write down where you're going to eat.
- Smart supplementation (choose supplements that make sense for your lifestyle)
- Avoid snacking at night (find something to do)
- No more "I'll start tomorrow" (disease doesn't wait until tomorrow)
To learn more about Michael Morelli Sweet Potato Diet: http://sweetpotatodiet.com/
For more information: www.morellifit.com
Joy Mangano: INVENTING JOY: Dare to Build a Brave and Creative Life
Joy Mangano's new Simon & Schuster book INVENTING JOY: Dare to Build a Brave and Creative Life is available on Tuesday, November 7.
In her new book INVENTING JOY, the real Joy Mangano candidly shares for the first time, and in her own words, the story of her incredible, unexpected life. INVENTING JOY is an entertaining and binge-worthy book that will unlock the best and brightest version of you. And filled with lively anecdotes, catchy principles, and high-octane inspiration, it serves as a powerful and encouraging guide for readers who want to live with more success, confidence, and happiness.
You might be familiar with Joy because her life and the story behind her industry-changing, self-wringing Miracle Mop served as the inspiration for the 2015 David O. Russell film "JOY," starring Jennifer Lawrence.
For more information on Joy Mangano's book: http://www.simonandschuster.com/books/Inventing-Joy/Joy-Mangano/9781501176203
For more information on Joy Mangano: http://joymangano.com/
Former Defense Attorney Kirk Nurmi speaks out about Jodi Arias lawsuit
It was one of the most high-profile murder cases the Valley, and the country, had ever witnessed. Jodi Arias was sentenced to first-degree murder for the 2008 killing of her on-again-off-again boyfriend Travis Alexander. Now, Arias is back in the spotlight after filing a civil lawsuit against her former defense attorney, L. Kirk Nurmi. She claims Nurmi violated attorney-client privilege by penning a tell-all book, "Trapped with Ms. Arias," without consent and prior to her appeals. The lawsuit asks that all proceeds from the book, including sales and appearances, be paid to Arias. Nurmi joins us with his side of the story.
For more information on his book visit: https://books.google.com/books/about/Trapped_with_Ms_Arias.html?id=dohnjwEACAAJ&source=kp_cover
Queen of Clean: Unique DIY Ways To Clean Glass Shower Doors
First, the bad news. Hard water and soapy buildup allowed to accumulate on glass shower surfaces can cause etching and permanently damage the glass. If glass shower doors have a cloudy look, this may be the culprit. Cleaning will eliminate buildup, but it will not reverse etching, which is why the best defense is to prevent it from happening by wiping down the shower after each use with either a squeegee or a microfiber cloth.
Shower doors film
Clean them with vinegar, baking soda, and salt. Stubborn mineral buildup on glass shower doors is no competition for a few common household ingredients white vinegar, baking soda, and salt. Spray vinegar on the door and let it sit for a few minutes. Next, create a mixture of equal amounts of baking soda and salt. Use a damp sponge to rub this paste over the door; then rinse well.
Another cleaning method is to apply Avon Original Skin So Soft Bath Oil to the glass door with a scrubbing sponge. Apply and let sit 15 minutes or so and then rub with a scrubbing sponge for glass. Polish off with a micro fiber cloth.
Make Your Own Daily Shower Spray
Mix together a half-cup of hydrogen peroxide, a half-cup of rubbing alcohol (a natural degreaser), 1 teaspoon liquid dish soap and 1 tablespoon dishwasher rinse aid in a 32-ounce spray bottle. Use an opaque bottle, such as the one peroxide comes in. Exposure to light breaks down hydrogen peroxide.
Next, fill the bottle with water and, after capping, rock the bottle gently back and forth to combine the ingredients without making them foam up. When you finish your shower, lightly wipe it down with a micro fiber cloth. When done, lightly mist the shower with the spray.
Another technique is to repurpose the powdered version of Bar Keepers Friend in the bathroom. To use, wet the glass surface and shake the cleanser onto a nonabrasive sponge, then scrub. Rinse with warm water or vinegar, then squeegee or wipe with a micro fiber cloth.
Once you've achieved a clean, sparkly surface, there are a few things you can do to make it last longer.
The big idea here is that hard water and soap scum won't build up if they can't stick to the surface. Several products are designed to wick water away from surfaces, and although they weren't created for bathroom use, the concept still applies. Rain-X and Water Armour, both found in the automotive department, are marketed for repelling water off windshields, but they can do the same for glass-walled showers.
Spray the product on clean glass (Use care to avoid tile, metal and the shower floor) and reapply every three to four weeks. After treating with this, you may even be able to skip the squeegee.
Soap scum buildup on shower doors
Use furniture oil to prevent buildup. Cleaning soap scum off a shower door is a tough, time-consuming job. Try using lemon oil furniture polish as a barrier against the scummy buildup. The next time you clean the door, follow up by wiping it with furniture oil on a soft rag. Let the oil sit for two minutes and then polish off the excess with a dry cloth. The furniture polish will leave a slight film of oil that will act as a buffer against future soap scum. Using a shower squeegee (available at discount stores and supermarkets) after every shower will also discourage the buildup.
Ban the Bar Soap
Finally, if you want to significantly reduce the amount of soap scum on glass without eliminating showers, ban the bar soap.
Almost all bar soaps contain talc, which produces the buildup. Consider switching to a non-talc-containing soap (such as Dove or natural soap), or opt for liquid soap instead.
For more information visit Linda's website and Facebook page.
Enjoy an evening of culinary excellence for a good cause
It's where esteemed Valley chefs come together to showcase their fine culinary talents, and it's all for a good cause. The 9th annual Signature Chefs Auction will be held Sunday, Nov 12th at Talking Stick Resort in support of the local March of Dimes chapter.
For more information: https://signaturechefs.marchofdimes.org/Event.aspx?eventId=19199&
Signature Chefs Auction
Sunday, Nov 12th
Talking Stick Resort