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Income Tax Brackets and Rates

In 2018, the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income of $500,000 and higher for single filers and $600,000 and higher for married couples filing jointly.

 

Tax Brackets and Rates, 2018  
Rate Single Married Filing

Joint

Heads of

Households

 
10% $0 $0 $0
12% $9,525 $19,050 $13,600
22% $38,700 $77,400 $51,800
24% $82,500 $165,000 $82,500
32% $157,500 $315,000 $157,500
35% $200,000 $400,000 $200,000
37% $500,000 $600,000 $500,000

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2018 Change for 529 Tuition Accounts

Effective January 1, 2018, expenses covered by 529 accounts have been expanded to include elementary and secondary school tuition, because of the recent tax-reform legislation. You may now use up to $10,000, each calendar year, from your 529 account for K-12 tuition (public, private, or religious). Please note that the money may come from multiple accounts; however, the $10,000 limit is for each beneficiary.

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What to Expect for the 2017 Tax Season

The 2017 Tax Season began yesterday. Here are some of the key facts that every individual and business tax payer should be aware of:

  1. Tax season opened on January 23, 2017.This means that all returns will now be accepted by IRS. Any returns prepared prior to this date could not be e-filed as the IRS’ system was not open.

 

  1. Taxpayers have a few extra days to file their 2016 returns this year.
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The 411 on IRS Form 1099

If you are a business owner or a self-employed individual, there is a tax deadline that is right around the corner that you need to be aware of; and we aren’t referring to the April 15 deadline! The deadline to issue IRS Form 1099-MISC is January 31. 2017. So how do you know whether or not you need to issue 1099s or if you should have received one and what goes into these forms?…

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Introducing the WBS Blog!

We are so excited to announce the start of the WBS Blog! We will use this blog to share our tips and insights on Tax, Accounting and business management. Some blog posts may be our own insights or they may be in the form of interesting articles or even videos that we think may be useful to our clients. We hope that you will leave us a comment after each blog post and let us know your thoughts or if you have any further questions.

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Ten steps to follow when starting a business

The US Small Business Administration (SBA) provides various resources to help small business owners. The SBA recommends that the first step you should follow when starting a business is to write a business plan! This can often be seen as an overwhelming step but it is a critical first step. Let us know if we can assist you with creating a business plan or if you have already drafted a plan, let us review it for you.

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