In This Issue
CPA News:
Eliot Lebenhart Featured on CBS2 New York
New 2018 Capital Expense Rules
2018 Inflation Awakening?
When You Want to Contribute More
How to Attract Older Workers
Your Neighborhood Estate Tax
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Additional Updated Information
January 2018 Newsletter
December 2017 Newsletter
Tax Filing Reminders


28 - Payers must file most other Forms 1099 (except certain Forms 1099-MISC due Jan. 31) with the IRS. (April 2 if filing electronically.)


1 - Farmers and fishermen who did not make 2017 estimated tax payments must file 2017 tax returns and pay taxes in full.

2 - Automatic extension deadline for employers and health care providers to provide Forms 1095-B and 1095-C to individuals.

15 - 2017 calendar-year S corporation income tax returns are due. 2017 partnership returns are due. Deadline for calendar-year corporations to elect S corporation status for 2018.

Eliot Lebenhart Featured on CBS2 New York

The firm’s Senior Partner, Eliot Lebenhart, was recently interviewed by Jennifer McLogan of CBS2 New York for a story regarding the benefits of paying down debt in light of rising interest rates.

New 2018 Capital Expense Rules

There are many provisions in the tax reform bill passed in late 2017 designed to benefit small business owners. There are also a variety of new tax tools affecting how small businesses account for deducting the cost of capital purchases under the new tax law. Here’s what you need to know:

2018 Inflation Awakening?

If you are an income investor, consider how inflation can affect your standard of living. Since the last recession almost a decade ago, inflation has barely made a dent in Americans’ income. In October 2017, $1.17 bought what $1 would have in January 2009, as measured by the Consumer Price Index. Not too bad, right?

When You Want to Contribute More

A Simplified Employee Pension (SEP) plan is one such way to both reduce taxes and build your retirement portfolio. Depending on your business, you could build a sizable nest egg.

How to Attract Older Workers

Choosing a benefit package that is attractive to employees of every age is often challenging, and even more so when an employer has an older workforce.

Your Neighborhood Estate Tax

At press time, Congress was considering a repeal of the federal estate tax. Either way, creating an estate strategy is, for most people, more about where you live than federal tax law.

Short Bits

The Employee Benefit Research Institute (EBRI) found that over 90% of HSAs that saw individual or employer contributions in 2016 ended the year with a balance to roll over into 2017 for health expenses. The rollover component is one of the most attractive features of this triple-tax-free healthcare savings vehicle.

The Kaiser Family Foundation/Health Research & Education Trust 2017 Employer Health Benefits Survey of employer-sponsored health plans found an average cost for family health insurance coverage of $18,764, with employees picking up $5,714 of the amount.

The annual gift tax exclusion is projected to increase to $15,000, a $1,000 hike over 2017. This means you and your spouse can give gifts up to that amount to as many people as you like, free of federal gift tax. The lifetime estate and gift tax exclusion is also projected to rise from $5.49 million to $5.6 million.

Our national net worth, defined as assets minus liabilities, rose by $1.7 trillion in the second quarter of 2017 to $96.2 trillion, according to the Federal Reserve. That’s the good news. Not so good? Consumer credit grew at an annual rate of 4.6% for the same period. Better news? State and local government debt decreased by 1%.

To learn more about Katz Viola Lebenhart & Mauro, LLP,
visit www.kvlmcpa.com.

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