skip to main content
skip to newscasts

Tuesday, March 19, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

SD public defense duties shift from counties to state; SCOTUS appears skeptical of restricting government communications with social media companies; Trump lawyers say he can't make bond; new scholarships aim to connect class of 2024 to high-demand jobs.

view newscast page
play newscast audioPlay

The SCOTUS weighs government influence on social media, and who groups like the NRA can do business with. Biden signs an executive order to advance women's health research and the White House tells Israel it's responsible for the Gaza humanitarian crisis.

view newscast page
play newscast audioPlay

Midwest regenerative farmers are rethinking chicken production, Medicare Advantage is squeezing the finances of rural hospitals and California's extreme swing from floods to drought has some thinking it's time to turn rural farm parcels into floodplains.

Last Minute Tips from a Tax Adviser

play audio
Play

Wednesday, December 27, 2017   

CARSON CITY, Nev. – The sweeping tax law changes just passed by Congress will affect everyone's taxes in one way or another.

According to an analysis by the nonpartisan Tax Policy Center, eight in 10 Americans will pay lower taxes next year, but a large majority of Americans believe the tax bill was a bad idea.

The impact most people will feel first will be in their paycheck, says Marshall Mennenga, owner of Mennenga Tax and Financial Service in Madison, Wis.

"They expect to have the new withholding tables out by February, and you might get just a little bit less withholding, which of course would increase your paycheck each month or week, or biweekly or whatever," he explains.

To minimize your tax liability for this tax year, Mennenga suggests paying your property tax bill before the end of December, which means this Friday.

He also says it's advantageous to make your January mortgage payment before the end of December, which means you can deduct the mortgage interest for it on your 2017 taxes.

According to Mennenga, many taxpayers will see changes in 2018 from the tax restructuring.

A number of commonly deductible items, including the popular mileage deduction for using your personal vehicle in business, will be going away.

"Employee business expenses – such as mileage, uniforms, job hunting expenses, tools and other miscellaneous deductions – will no longer be allowed,” he points out. “They're going to be gone."

Mennenga also suggests reviewing your plans for charitable giving, to take advantage of the tax laws for charitable deductions.

"For taxpayers under age 70-and-a-half, they should consider paying their 2018 charitable contributions this month,” he advises. “For the taxpayers over 70-and-a-half, they should be making their charitable contributions directly from their IRA account."

Mennenga says it's always best to talk with a tax adviser and look at your options.








get more stories like this via email

more stories
Iowa families can apply for up to $7,600 a year for private school costs. (Adobe Stock)

Social Issues

play sound

An ethics committee in the Republican-led Iowa House has dismissed a complaint filed by a group of community activists against a state lawmaker for hi…


play sound

Each spring, hundreds of thousands of California high school seniors have to figure out if they can afford to go to college in the fall - and two new …

Health and Wellness

play sound

A health care workforce shortage in New Hampshire is leaving Alzheimer's patients and their families with few options for treatment. Patients facing …


South Dakota ranks 49th in the country for its contribution to indigent legal defense costs, according to a 2023 report from the Indigent Legal Services Task Force. (Adobe Stock)

Social Issues

play sound

South Dakota is creating an Office of Indigent Legal Services after House Bill 1057 passed the Legislature with nearly unanimous support this month…

Environment

play sound

A Knoxville-based environmental group is voicing concerns over what it sees as an increasing financial strain imposed on taxpayers by nuclear weapons …

Environment

play sound

A bipartisan law set to take effect this summer prohibits foreign adversaries from buying Hoosier farmland. The signature of Gov. Eric Holcomb was …

Social Issues

play sound

Today, people across Arizona are voting in the Presidential Preference Election, a chance for registered Democrats and Republicans to choose their …

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021