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We go beyond tax planning, filling out forms and auditing. You benefit from the fact that we are small enough to offer highly personalized service, but large enough to offer unmatched versatility and technical proficiency.

 

As one of the first firms in the US to become employee owned, we have a uniquely vested interest in providing you with remarkable service. We are located in the heartland of America but we serve clients nationwide.

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Summers, Spencer & Company, P. A. serves clients in the insurance, banking, employee benefits, construction, non-profit, service and manufacturing industries.

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SS&C Latest News...

Kansas Income Tax Changes for 2017

SS&C Staff - Wednesday, June 28, 2017

 

The Kansas Legislature has passed Senate Bill 30 that ends the “small business exemption” for “flow thru” income as well as raises individual income tax rates. Both are effective retroactively to January 1, 2017. A summary of the bill is below:

Non-Wage Business Income

  • 100% repeal of the non-wage business income tax exemption effective January 1, 2017

    • Reinstatement of the federal loss carry-forward

 

 

Individual Income Tax Rates for 2017

  • A three-bracket system will be implemented beginning in tax year 2017 of 2.9%, 4.9% and 5.2% (an increase from 2.7%, 4.6%, and 4.6%).
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Individual Income Tax Rates for 2018

  • Low income exclusion threshold is reduced to $5,000 for married filers and $2,500 for single filers
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  • A three-bracket income tax system will be implemented of 3.1%, 5.25% and 5.7%

 

 

Itemized Deductions and Credits and Other Provisions

  • 50% of medical expenses, mortgage interest and property taxes paid in 2018; increased to 75% in 2019 and 100% in 2020 and thereafter
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  • Dependent care tax credit will be set at 12.5% of allowable federal amount in 2018, 18.75% in 2019 and 25% in 2020
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  • The bill states that “no taxpayer shall be assessed penalties and interest arising from the underpayment of taxes due to changes that became law on July 1, 2017, so long as such underpayment is rectified on or before April 17, 2018.

 

 

Kansas withholding tables will be adjusted to reflect the change in individual income tax rates.

For those with non-wage business income (Schedules C, E, F, and K-1’s from Partnerships and/or S-Corporations), we encourage you to analyze the effect these law changes will have on you.

SS&C can prepare a 2017 tax projection and set up your Kansas estimated taxes so there are no unpleasant surprises next April. Please call one of our offices near you in Topeka, Lawrence, Meriden or Shawnee. Of course you can always contact us by email!

 

Now’s the time to start thinking about “bunching” miscellaneous itemized deductions

SS&C Staff - Monday, August 29, 2016

Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this “floor.” So now is a good time to add up your potential deductions to date to see if bunching is a smart strategy for you this year.

Should you bunch into 2016?

If your miscellaneous itemized deductions are getting close to — or they already exceed — the 2% floor, consider incurring and paying additional expenses by Dec. 31, such as:

• Deductible investment expenses, including advisory fees, custodial fees and publications

• Professional fees, such as tax planning and preparation, accounting, and certain legal fees

• Unreimbursed employee business expenses, including vehicle costs, travel, and allowable meals and entertainment.

But beware …

These expenses aren’t deductible for alternative minimum tax (AMT) purposes. So don’t bunch them into 2016 if you might be subject to the AMT this year.

Also, if your AGI exceeds the applicable threshold, certain deductions — including miscellaneous itemized deductions — are reduced by 3% of the AGI amount that exceeds the threshold (not to exceed 80% of otherwise allowable deductions). For 2016, the thresholds are $259,400 (single), $285,350 (head of household), $311,300 (married filing jointly) and $155,650 (married filing separately).

If you’d like more information on miscellaneous itemized deductions, the AMT or the itemized deduction limit, let us know.