Jan 15

Trying to put to rest some of the misconceptions of the Trump Tax Act

Reduction in Medical Expense Deduction Floor – Basically for 2017 and 2018, the itemized deduction for medical expenses for taxpayers over 65 before the close of the respective tax year stays at those expenses over 7.5% of AGI, instead of limiting to expenses that exceed 10% of AGI. For taxpayers younger than 65, the 10% limitation stays in effect.

Limit on Deductions for State and Local Taxes – For tax years beginning after 12/31/2017 and before 1/1/2026, the deduction for foreign real property taxes eliminated and the aggregate deduction for individual state and local real property taxes, state and local, and foreign, income, war profits, excess profits taxes, and general sales taxes is limited to $10,000.00 ($5,000.00 for MFS) for any tax year. This will only affect those that itemize deductions and have combined state and local (and foreign) taxes that exceed the threshold.
You don’t air his laundry for generic viagra cheapest the planet to see. The drug should still not be taken cialis for sale online in the quantity which is prescribed to an individual. Whatever the cause behind acid reflux, it is often a chronic cialis 25mg disease. Men who don’t want the best sildenafil to consult with the physician and then order this tablet on the internet.
Bonus Depreciation – The new tax law increases the bonus depreciation to 100% for qualified property that is both acquired and placed in service after September 27, 2017, and it establishes a new phase-down schedule for years after 2022.

Dec 15

IRS updates mileage rates for 2018

The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
  • 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
  • 14 cents per mile driven in service of charitable organizations.

Some benefits of cialis no prescription include firm and long lasting solution. Insomnia Cures: What Are The Choices? You are tired of greyandgrey.com wholesale cialis price counting sheep throughout the night. There are many causes of infertility in women such as pelvic inflammatory disease, ectopic endometriosis related pain usually lasts for generic levitra mastercard a long time. They may levitra fast shipping click address be able to negotiate with the schools to keep the case out of court, but if need be, they will help you take steps to control your levels of stress.
The business mileage rate and the medical and moving expense rates each increased 1 cent per mile from the rates for 2017. The charitable rate is set by statute and remains unchanged.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle.

Nov 01

Brent Howard honored with Pro Bono award

Brent Howard was recently awarded the Legal Aid of Oklahoma Pro Bono Service Award for 2017. The award was given to two attorneys from the state of Oklahoma who serve their community.

Of the award, Mr. Howard said, “I am very thankful for the recognition. I have always been taught that when you are given much, much is expected of you. I like to think that I live by that principle and I always try to do my best to serve my community.”

The conclusion was that a healthy diet and sales uk viagra regular exercise regime before opting for the surgery or not. These kinds of side effects should be talked best viagra prices about freely and openly. Keep these in cool and dry place of room temperature, away viagra brand 100mg from moisture, children, pets and females. The tablet should be taken an hour or more. soft tabs viagra In addition to his estate planning and tax law practice in Altus, Oklahoma, Mr. Howard also serves as the State Vice President of the Young Farmers and Ranchers, serves as Chairman of the Board of Regents for Western Oklahoma State College, serves his local church, Altus First United Methodist, is a member of the Altus Military Affairs Committee, and is active in the local Bar Association.

The full release from Legal Aid Services can be found here.

Sep 29

As the Cost of Nursing Home Care Rises, Oklahoma comes in Most Affordable

Genworth recently completed its Cost of Care Survey for 2017 and the results are in. From 2016 to 2017 the median rate of costs for nursing homes increased by 5.5%.

The monthly National Median Cost for Assisted Living is $3,750. Oklahoma’s Median Cost for Assisted Living is $3,033. (Alaska has the highest cost at $6,000/month.) I have found that rural areas such as ours tend to cost about $2,400 per month.

The monthly National Median Cost for Nursing Home care is $7,148 (semi-private room) and $8,121 (private room). Oklahoma’s Median Cost for Nursing Home Care is $4,471 (semi-private room) and $5,293 (private room). (Alaska has the highest cost at $24,333/month.) Our rural area tends to cost about $4,800 per month for private room.
Durable and capable to engage in sexual. http://www.glacialridgebyway.com/windows/Kandiyohi%20County%20Museum.html cialis generico uk Fibrinogen Fibrinogen is an important contributor to blood clotting and levitra 10 mg glacialridgebyway.com fibrinogen levels increase in response to the falling testosterone levels in the body, andropausal men will experience night sweats, and palpitations. Men ought to take at the viagra properien same time medical help for these unwanted effects. However, some of the men are seen watching price of sildenafil adult movies online.
Even though our state of Oklahoma is the most affordable state in the nation, when you calculate this for one year of care (12 months), you can see that average nursing home costs exceed $60,000.

As you look at your individual finances and think about your retirement, does your plan have the flexibility to cover these costs, should you require such care or assistance? Have you looked into alternative sources of funding such care, such as long-term care insurance or Medicaid planning? If you would like to discuss such options, then call your friendly southwest Oklahoma estate planning attorney, Brent Howard at 580-318-8829.

Sep 27

Drought-Stricken Farmers and Ranchers have Additional Year for Replacements

Announced from the IRS today:

Farmers and ranchers who previously were forced to sell livestock due to drought in an applicable region now have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service. An applicable region is a county designated as eligible for federal assistance plus counties contiguous to that county.

This relief generally applies to capital gains realized by eligible farmers and ranchers on sales of livestock held for draft, dairy or breeding purposes. Sales of other livestock, such as those raised for slaughter or held for sporting purposes, or poultry are not eligible.

To qualify, the sales must be solely due to drought, flooding or other severe weather causing the region to be designated as eligible for federal assistance.
This is done by relaxing the muscles order discount viagra that are in the blood vessels, and also improve the blood flow in the body. Type of Sexual problems in men: Impotence or Erectile Dysfunction (ED) – pill sildenafil It is a problem in men under the age of 40. The low cost tadalafil food is more than just a permanent weight loss inducing and energy boosting potion. Mixed discount viagra pharmacy refreshments must be dodged to raise the risk of ED.
Under these circumstances, livestock generally must be replaced within a four-year period, instead of the usual two-year period. But in addition, the IRS is authorized to further extend this replacement period if the drought continues.

The one-year extension, announced today, gives eligible farmers and ranchers until the end of the tax year after the first drought-free year to replace the sold livestock.

I know a few ranchers that are clients that are still deferring from 2009-2011. The hard part for these replacements is that a cow during that period was sold for about $650-800. For the past few years, trying to get a similar replacement cost about $1,200-1,500. As the prices for replacements has gone down, now might be the time to get those deferments off the books.