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Ryan & Ames CPAs 1800 Bayberry Court, Suite 201 Richmond, Virginia 23226 Office: 804-359-8111 Fax: 804-359-6116
We are always here to assist our clients with any financial questions they may have. We offer tips and advice in our yearly newsletter that can help you with your finances. Please contact us if you have any questions or need assistance.
  2017 Sales Tax Holiday

When is it? August 4 - 6, 2017
What is it? A 3 day sales tax holiday, you can buy qualifying products without paying sales tax.
What items are eligible?

  • Qualified school supplies
    ($20 or less per item)
  • Qualified clothing and footwear
    ($100 or less per item)
  • Hurricane and emergency
    preparedness products
  • Energy StarTM and Water SenseTM
    products (household use)
TIP: This is a great time to stock up on paper, pens, pencils, etc.!
For more information go to: https://www.tax.virginia.gov/virginia-sales-tax-holiday

  Back to School

As summer comes to a close and kids return to school, it is a great time to consider the many strategies for saving for their college tuition.

Please feel free to contact us to discuss the options and the potential tax savings available on planning ahead!

  Hurricane Season Preparedness

As hurricane season begins, the IRS has released a number of tax tips, reminders and other advice to help taxpayers weather the storm of natural disasters and similar emergencies. The underlying theme is that recordkeeping has become easier in the digital age.

Although the IRS may extend filing deadlines after a natural disaster, the bottom line is that the "burden of proof" on substantiation and other requirements found within the tax laws is ultimately placed upon the taxpayer's shoulders.

All taxpayers are recommended to have digital copies of key documents and photographs and/or videos of their assets to safeguard themselves and to prepare for insurance claims and any potential tax contingencies.

For more information go to: https://www.irs.gov/uac/irs-offers-tips-for-safeguarding-tax-records

  Proposed Upper-Middle Class Tax Increase
The 2016 election caused a stir in more ways than one, and it has left many Americans wondering how their bottom lines will be impacted under President Trump.  One of the key concerns is what Trump's income tax plan will mean for taxpayers.

Under Trump's agenda, one of the proposed modifications is to change the current seven bracket system into just three tax brackets: 12%, 25% and 33%.  This proposed change may seem to simplify how Americans are taxed to a degree but more than likely could complicate things for certain upper-middle-class earners.  That term applies to households with earnings of $100,000 - $349,999 annually. 

If Trump's plan takes effect, it would create new baselines for taxation.  Those at the lower end of the earnings scale would likely have an effective tax rate of zero, but for those bringing in larger paychecks, the result could be quite different - moving from a 28% tax bracket to a 33% tax bracket.

Trump's plan remains up in the air and there is no certainty as to when it may be pushed through.  In the meantime, however, American earners should be giving thought to how their tax liability may be impacted down the line. 

Our best advice is to be proactive and not reactive when it comes to tax law changes.  A mid-year tax review is the most effective tool to prepare for any potential tax liability whether due to personal economic changes or revised tax laws. 

  Due Date Reminders:
September 15, 2017
  • Extended Corporate Income Tax Returns
  • 3rd Quarter Estimated Tax Payments
October 15, 2017
  • Extended Individual Income Tax Returns
Please contact us if you have had any changes in your tax situation so we can assist you in projecting any potential tax liability that may arise or if you wish to discuss yearend tax planning.

Please like Ryan & Ames CPA on Facebook and follow us on Instagram for latest updates and useful tips!

We can do projections of your liability and planning for opportunities. When you would like us to do so, please contact us so that we can set up an appointment for a review of your tax planning.

Ryan & Ames CPAs 1800 Bayberry Court, Suite 201 Richmond, Virginia 23226
Office: 804-359-8111 Fax: 804-359-6116
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