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Free tax seminar set at Tarpon Lodge

October 17, 2018
By ED FRANKS ( , Pine Island Eagle

Last December, Congress passed a new tax bill that will change many people's taxes for the 2018 tax year. The changes will affect not only taxpayers but some groups that receive money from individuals. Ameriprise Financial is conducting a free tax seminar at Tarpon Lodge, Wednesday, Oct. 24, at 6 p.m., to discuss the new law.

"The new personal deduction is doubled, which may eliminate itemizing deductions," said Buzzy Phillips, owner of Ameriprise Financial. "In 2017, 30 percent of tax filers itemized, but it is estimated by AARP that only 10 percent will itemize for 2018. This will be a significant change from previous years."

Will your taxes go up or down in 2018? An overview of the winners and losers in the 2017 tax overhaul will be part of this presentation.

"We have two stellar speakers for this seminar," Phillips said. "Steven M. Brettholtz is a CPA, and Lori Sampson, MBA, and EA. They will answer what this means for the average taxpayer and answer any other questions.

"For some taxpayers, we expect charitable giving to decrease since for many that deduction will no longer be available," Sampson said. "How those firms that receive those funds will react going forward remains to be seen."

Some of the plusses in the new bill are higher child tax credit, increase in standard deduction, repeal of the overall limitation on itemized deductions and the AMT exemption amount increasing are only a few of the benefits.

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Some apparent negatives are medical deduction threshold increases from 7.5 percent to 10 percent in 2019; and dependent deduction, investment expenses, home equity interest, tax prep fees and safe deposit box fees are all no longer deductible.

"It is impossible to list all the changes in a few words and to figure the affect on one's taxes," Brettholtz said. "We are confident that people will leave the seminar with a much better understanding of how this new law will affect one's taxes."

"Lori and Steve are both with the firm of Myers, Brettholtz & Company, PA, in Fort Myers," Phillips said.

The seminar begins at 6 p.m. and includes dinner. There is no cost or obligation.

"Our only goal is that people will better understand what the new tax bill entails and how it may affect them," Phillips said.

Seating is extremely limited, and reservations are strongly recommended. For more detailed information or for reservations please call Chris Wiederhold or Buzzy Phillips at 239-283-8977.



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