Rotary learns about tax code changes
Duane Dunn and Jennifer Bollingberg, CPAs from Schauer and Associates PC, gave the Jamestown Rotary Club an update on the new tax code changes for 2018. Changes on personal taxes include the standard deduction increase for married filing jointly to $24,000 and head of household to $18,000, along with income brackets and tax rates being adjusted. Personal exemptions have been eliminated. Modifications have also been made to the kiddie tax and child tax credits. Business taxes have had some modifications as well. The new corporate tax rate has been changed to a flat 21 percent. There will be increased deductions for bonus depreciation and the Section 179 deduction has increased for business taxpayers as well. There is also a new deduction for 20 percent of qualified business income for sole proprietors and pass through entities.
Tim Ottmar, attorney with Ottmar & Ottmar PC, gave a quick update on the changes with federal estate taxes. The new law increased the lifetime estate exclusion amount to $11.2 million per person. The annual gift tax exclusion of $14,000 per person per year increases to $15,000 in 2018.
President Erin Paulson welcomed attendees, Bob Boyer gave the table blessing, K.C. DeBoer and Mark Reeves led the group in songs, and Larry Hoffman collected “Happy Dollars” for Rotary projects. Jennifer Dockter and Tricia Seckerson, from Blue Frog Realty, were inducted as new members.
Holly Utke will introduce today’s program, Mark Olson will give the table blessing, Darrell Losing will lead singing, and Nick Schmidt will be sergeant-at-arms. Rotary meets at 12:10 p.m. Tuesdays at the Quality Inn & Suites.