20170615_XQC_QNE_p027

QC06152017

FOR BREAKING NEWS VISIT WWW.QNS.COM JUNE 15, 2017 • THE QUEENS COURIER 27 JOHN J. CIAFONE, ESQ. MILLION DOLLAR ADVOCATES FORUM THE TOP TRIAL LAWYERS IN AMERICA TM Your Partner in the Struggle For Justice Admitted in NY NJ and Washington DC Attorney At Law 25-59 Steinway Street Astoria, NY 11103 718-278-3900 [email protected] Voted Best Attorney from ������������������������������������������������������������������������������������������������������ �������������������������������������������������������������������������������������� Our friendly and dedicated staff of caregivers and our Registered Nurse on our premises provides an affordable alternative to assisted living facilities and nursing homes. ������������������ • Experienced Home Care Providers • Companion Services • RN on staff for Evaluations • Criminal Background Investigation • Verification of References • Insured • H Hourly Services • Light Housekeeping • Meal Preparation • Laundry • Errands • Shopping • Incidental Transportation We provide a full range of in-home care services to help seniors remain as independent as possible living in their own homes, amidst their personal treasures and familiar surroundings. �������������������������������������������������������������������������������������������� �������������������������������������������������������������������������������������������������� www.executivehomecare.com • Office Hours: 9am-5pm Mon-Fri Companions are available 24 hours a day / 7 days a week. Tax Overhaul BY JOHN SAVIGNANO As lawmakers push ahead on tax overhaul…they’re seeking tax breaks to trim or scrap to offset the cost of significantly cutting tax rates. One idea being whispered about in Congress is curtailing tax benefits for retirement savings. The House GOP tax reform blueprint released last year alludes to changes to the present-day tax treatment of worker based retirement savings and pension plans. Lawmakers may very well look to the past to a comprehensive tax reform plan from 2014, which was drafted by then Ways & Means Com. Chm. Dave Camp but went nowhere. These are some of the retirement savings proposals included in that draft because they could resurface if lawmakers try to hammer out a major tax deal. One controversial idea would reduce the amount of pretax payins to 401(k)s. Up to 50% of the annual payin limit…$18,000 in 2017, plus $6,000 for individuals who are 50 or older would be allowed to go into a traditional pretax 401 (k), with any excess going into a Roth 401(k). The idea is to slash the up-front tax savings for people who max out their 401(k)s and thus raise revenues to pay for tax rate cuts. Right now, employees can contribute to a pretax 401(k), an after-tax Roth 401(k) or a combination of the two, provided their employers offer these savings options. This proposal would take some of that freedom of choice away from employees. Another idea is to ban all future contributions to traditional IRAs. Instead, deposits would go to Roth IRAs. Ending IRA deductions would raise revenue to pay for tax cuts now, but tax-free Roth withdrawals would squeeze revenue later. The 2014 plan proposed to end two savings vehicles used by small firms: Simple 401(k)s and SEPs. Those currently in existence wouldn’t be affected. This jibes with the current House Republican tax blueprint, in which the authors talk about consolidating the multiple retirement savings vehicles now in the tax law. Among other possibilities being bandied about the halls of Congress: Lowering the cap on total retirement plan payins by employers and workers. Also, freezing the present contribution limits for retirement plans and IRSs by suspending or doing away with altogether the annual inflation adjustments. White House officials say tax incentives for retirement savings are safe. But the retirement plan sector and consumer groups aren’t convinced. They know that Congress is sniffing around for revenue sources to offset tax rate cuts. Numerous lobbying organizations, both newly formed and ages old, are gearing up to ensure that retirement-savings tax benefits are preserved in any tax reform deal. And these coalitions are sure to get lots of public support. According to surveys, most Americans don’t want Washington messing with their retirement tax breaks. John Savignano is a partner with Savignano Accountants & Advisors located at 47-46 Vernon Blvd., Second Floor, in Long Island City. For questions, dial 718-707-0955. TAX TIPS


QC06152017
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