Our firm is small but we are very technologically oriented. We are a close-knit fun group which believes in providing excellent customer service.
Please browse our website to see the various services we offer as well as the many helpful resources we provide. To learn more about what we can do for you, we encourage you to contact us.
We can also be reached at 785-742-2531 or by email at Jim@jtscpa.com
Kansas Income Tax Law Changes
The Kansas legislature made the following changes to Kansas income tax law:
100% repeal of the non-wage business income tax exemption effective January 1, 2017.
Reinstatement of the federal net operating loss carry-forward.
Income tax rates
A three-bracket system with rates of 2.9%, 4.9% and 5.2%.
As long as the balance due is paid by April 15, 2018, there will be no penalty assessed for the underpayment due to the law change.
The low-income exclusion threshold is reduced to $5,000 for married filers and $2,500 for single filers.
The brackets change to rates of 3.1%, 5.25%, and 5.7%.
Itemized deductions will include 50% of medical expenses, mortgage interest and property taxes paid in 2018; increased to 75% in 2019 and 100% in 2020 and thereafter.
Dependent tax credit will be 12.5% of the allowable federal amount in 2018, 18.75% in 2019 and 25% in 2020.
This is not intended to be a complete discussion of all of the changes, rather this includes the provisions that will affect most of my clients.
Federal Income Tax Law Changes
As you have probably heard, the US Congress passed sweeping changes to the income tax code. The changes are too extensive to cover here. If you are interested, please contact us and we will gladly send you a summary of the new law at no cost to you. Please specify if you are interested in the individual version, the corporate, or business version.
Also, visit our face-book page. We have other e-books available covering income tax subjects.