In this article, I will be writing about the new income tax bill that is being proposed in congress and how it will affect you if this bill passes says, William D King. Body: In December of 2017, there was a new addition to the current federal tax laws from congress explains William D King. The name of the bill is “The Tax Cuts and Jobs Act”, but most people call it by its nicknames such as “The New Income Tax Bill” or the “2017 Federal Income Tax Bill”. This bill has been passed in both chambers of Congress, which means it’s going to be effective beginning January 1st, 2018 until December 31st, 2025. If you haven’t heard about this bill or didn’t know that it existed then this would be a great time for you to research it. This bill has many changes and the majority of them will affect your wallet. Here’s a list of some of the proposed changes: 1) If you’re single, you’ll pay a flat rate of 12%. 2) The standard deduction for married couples is going up from $12k to $24k. 3) There is an increase in the child tax credit from $1,000 to $2,000 per child under 17 years old. 4) They are changing how much money you can invest into your 401(k). . Currently there is no… Read More »William D King: You need to understand how these new proposed income-tax bill changes will affect your future

The new proposed tax law changes are being discussed by the Senate. This article discusses how this may have a bigger impact on your life than you might think says, William D King. Quick Summary: The proposed changes would take away mortgage interest deduction, decrease child tax credit to $1000, and increase state & local taxes if they were deductible. It would also change capital gains rules for real estate sales. Nitty-Gritty Details: Some things that are being considered include taking away mortgage interest deduction (which could make it harder for people to buy homes). Another thing is lowering the number of money parents can claim for their children’s tax credit (this could hurt families with many children or children in private school). Another big concern is the removal of SALT (state and local tax) deductions (this could be unfair to those people who would have to pay higher taxes). William D King says the proposed changes also take away the ability for real estate sales to qualify as capital gains which means you would not be able to deduct your losses (this is a big concern for owners of commercial property like shopping malls and hotels). The reason why these changes are being discussed is that they will help simplify the tax code and make it “fair.” They claim this will benefit everyone—keeping more… Read More »William D King: Why the new proposed tax law changes could have a huge impact on your life

Are you ready to cash in on the huge tax breaks that will be available next year under the new Trump Tax Plan? Well, they may not be as big as you think, or if they are it could be a problem. That is because I heard a little secret about these proposed changes and how they might affect your ability to take advantage of them from my friend Walter from New Jersey at a recent convention where I was speaking says William D King. Let me give you some background. If this sounds complicated, don’t worry-I’ve boiled it down to its most essential information for you here. Walter is an accountant by trade and he works for one of those “Big 4” global accounting firms – yes there are only four, just as there are only 5 major automakers in the United States. Walter was telling me that he’s been studying these proposed changes to the tax code very closely – as have all of his colleagues and they came to an interesting conclusion: The big corporations and the ultra-wealthy will benefit greatly from this legislation – but it is going to be small businesses like yours and mine who will actually benefit more! Here’s why: If you recall, one of Trump’s biggest promises during his campaign was a huge reduction in our nation’s… Read More »William D King: The truth about why you need to care about these proposed tax law changes right now

The US House of Representatives recently passed a bill that would change many aspects of our current tax code says, William D King. The senate is currently hard at work trying to reconcile their version with the House’s version in order to have a unified bill that can then move forward to President Trump for his signature into law. A question on everyone’s mind is, how will this affect me? Well, if you’re like most Americans, it’s going to be good. In this article, we are going to explore the latest round of proposed changes and show you exactly how they will affect you and your family! Below we’ve created a graph showing just how each group will be affected by these changes: Make sure to check out this video that explains it all in layman’s terms. As you can see from our graph above, all groups except those earning less than $10,000 per year (based on 2018 projections) will be better off under the new tax laws. The people hit hardest with an increase of more than $2,500 would be those households making between $200,000 and $500,000 per year. In contrast, those households earning less than $10,000 will see a decrease of more than $1,800 on average. New proposed law taxes: Tax brackets will be simplified into four main groups, with the lowest earners… Read More »William D King: The truth about the new proposed tax law changes and what it means for you

The tax system is about to change drastically under the new Trump administration. This article will discuss how exactly this could affect you financially explains William D King. New Tax Law: The new tax bill has recently passed in the senate and is now waiting for President Donald Trump’s approval. It promises big changes that would be effective immediately, but some are still unsure of what those are. Those effects are listed below, along with their benefits to the average American worker have been estimated to save an average family $1,182 per year according to TPC, Tax Policy Center. The tax brackets are changing to 10, 12, 22, 24, 32, 35, and 37 percent for federal income taxes. The new bill is also removing the personal exemptions which could affect families with children. The standard deduction will be increasing from $6,350 to $12,000 for an individual and from $12,700 to $24,000 for a family. These changes mean that your effective tax rate will decrease if you make under the median American income of approximately $50k per year. Many top corporate tax rates are decreasing from 35% down to 20%. This allows corporations to get more profits back since they are not paying as much in taxes according to CNN Money. William D King says most lower-income workers receive the majority of their income through hourly… Read More »William D King: How the new suggested tax law changes could affect your yearly pay

With the new proposed tax law changes that we will discuss in this paper, it is my belief that they are good for America says, William D King. I will start with discussing certain aspects of these proposed changes and their effects Effects on Corporations: One of the proposed changes to the current tax code is a reduction of corporate taxes from 35% to 20% (CNN). This would help corporations so they can keep more money to invest and expand their business, while still paying some taxes (which is better than paying no taxes as many do now). They can use that money to hire employees and increase everyone’s income which leads to an overall greater economy. The other thing that we need to look at is how these companies treat all their employees based on what they have now. If more money is going to the employees of a company because of this proposed change, then that is great! More people will be getting a pay increase and keeping up with inflation if they are living in an area where the economy is better. For example, I live in Houston, TX which has been doing pretty well lately due to an increase of jobs available, but there are still some parts of the country where workers aren’t making enough ($35k/year) for their basic needs… Read More »William D King: A review of whether or not these new proposed tax law changes are good for America

In this article, I will be writing about the new income tax bill that is being proposed in congress and how it will affect you if this bill passes says, William D King. Body: In December of 2017, there was a new addition to the current federal tax laws from congress. The name of the bill is “The Tax Cuts and Jobs Act”, but most people call it by its nicknames such as “The New Income Tax Bill” or the “2017 Federal Income Tax Bill”. This bill has been passed in both chambers of Congress, which means it’s going to be effective beginning January 1st, 2018 until December 31st, 2025. If you haven’t heard about this bill or didn’t know that it existed then this would be a great time for you to research it. This bill has many changes and the majority of them will affect your wallet says, William D King. Here’s a list of some of the proposed changes: 1) If you’re single, you’ll pay a flat rate of 12%. 2) The standard deduction for married couples is going up from $12k to $24k. 3) There is an increase in the child tax credit from $1,000 to $2,000 per child under 17 years old. 4) They are changing how much money you can invest into your 401(k). . Currently there is no… Read More »William D King: A look at the pros and cons of the proposed income-tax bill

The new income-tax bill changes will affect everyone differently. These are some highlights of how it could affect you, depending on your citizenship status and the country in which you live says, William D King. Taxpayers who reside in Portugal will benefit from the new tax rates (for 2017), with an increase for employees; these changes will come into force next year, benefitting all Portuguese citizens irrespective of their place of residence. A new rule also provides that deductions for dependent children residing abroad will end up if they continue studying outside the borders of Portugal after 30 years old (for cases where study continues beyond that age), or when they acquire permanent residency abroad – independent of age. Taxpayers with modest revenue have also received benefits through this change since the minimum level for the standard rate (taxable annual revenue) has been raised from 120 to 530 Euros. New income tax bill changes: The minimum income level is a figure below which taxpayers are not obliged to provide details on their income and gains, in Portugal. It used to be 120 Euros every year but will rise to 530 Euros next year. This change was included in the new tax bill changes recently approved by Parliament. If you are able to opt out of submitting your taxes because your earnings do not reach this… Read More »William D King: A look at the new income-tax bill changes and how they could affect your future

The income threshold for the highest tax bracket has been raised to $250,000 and it now includes earned income, as well as investment income, says, William D King. In addition, a surcharge of 2% is applied if your taxable income exceeds $300,000, and another 1% on any amount that exceeds $500,000. The full text of the proposed bill can be found at: Income Tax Act proposal Tax Brackets/Rates (incomparable to current numbers) The current tax brackets were established in 2012 with a marginal rate of 20%. That rate was increased last year by 5%, effectively raising taxes on those making over $70,000 from 25% to 30%. This new proposal would make all future marginal rates 10%. The proposed tax brackets and rates envisioned in the bill are as follows: $0 – $30,000: 10% (unchanged) $30,001 – $80,000: 20% (previously 15%) $80,001 – $150,000: 25% (previously 30%) $150,001 – $200,000: 30% (previously 35%) >$200,000: 40% (unchanged) However taxable income is now defined as “gross income” minus “non-refundable personal credits”. This means that those earning less than $30,000 will see their effective federal marginal rate increase by 2.5 percentage points. People with taxable incomes between $30,000 and $200,000 will see a marginal rate increase of 3.75 points and the marginal rate for those over $200,000 remains unchanged at 40% The following chart shows estimated federal tax paid… Read More »William D King: A look at how the new suggested income-tax bill will affect you in 2025

Most of you already know how tedious household chores can be. Maintaining their house can be an uphill battle for many people, especially when they have multiple tasks lined up says William D King. And to get away with all the frustration, the right thing to do would be to hire a house cleaning service. This way, you will save a lot of time and spend time doing something that you enjoy! So, if you are looking for cleaning services, follow these excellent tips to find the right one. They should suit your timings Before looking for cleaning services, decide how often you want them to visit your home and how much cleaning you need. After this, you would like to determine the frequency of your home cleaning. Whether you want them to clean your house twice a week or once a month—these are some of the major decisions that you would have to make before hiring a deep cleaning service. Go for cleaning services that suit your schedule. A good company will be able to schedule the service as per your convenience and will be able to be punctual with your cleaning tasks. They should understand your expectations William D King says another vital step required in hiring a cleaning service is making your expectations clear. During the telephonic conversation with your potential cleaning… Read More »William D King: Here Are A Few Tips for Picking the Best Deep Cleaning Services