2018-01-17, Kristi Granados, Implications of the New Tax Law

President Lya Jordan opened our meeting at 12:10 pm. Ana Mangino did the invocation. This was followed by the Pledge of Allegiance. John Pickett led us in singing “Oh Fair New Mexico.” We had no meet & greet session. We had one visiting Rotarian, four guests of Rotarians, and three high school students. (below left: club flag exchange with Dale Woodley from Pflugerville, Texas.  below right: guest Larry Candelaria and host Jim Maxon)

Happy Bucks:  John Hernandez was glad to be here. Kristi Granados had a nice phone call with Alex Keatts. She also announced that her daughter was moving to Boise. Speaking of moving, Gary & Charlotte Brockway moved into their new home. Ted Shelton plugged the fundraising movie that is being shown here in Mesilla.  Patty Groth donated to the can to express how much she enjoyed a recent symphony.  Repentant Bill Harty confessed that he forgot to wear his Rotary pin today, but he was happy about Aggie basketball. Greg Fant was happy about the NMSU wind symphony. Barry Fisher kicked in a buck or two in honor of Aggie basketball.

Proposed Slate of New 2018-19  Officers:

President Patty Groth
President-elect Daniel Payne
Secretary Bill Harty
Treasurer Lya Jordan
Asst. Secretary/Treasurer Bob Seaton
Immediate Past President Lya Jordan

 

The Program—Kristi Granados: Changes in our U.S. Tax System

Charles Townley introduced fellow Rotarian Kristi Granados to present a slide presentation on the new tax reforms. She started by noting that any change in taxes must fit the U.S. budget. She also said that all accountants are still trying to learn about the changes so that they can properly advise their clients.

Rate Changes: There are several tax rate changes coming up for year 2018.  She pointed out that the tax brackets have expanded. The new “game” means that fewer people will need to itemize their returns. Many of the changes lead to a “wash” in terms of increases/decreases in taxes owed.

There are new limits on various taxes paid throughout the year, but these limits affect individuals more than businesses. You can itemize taxes paid up to $10,000.  For residents in New York City, “they take a big hit on this one.” Mortgage interest paid should be “OK,” but only for your primary residence. The end date for the new tax rates is 2025.

She also talked about medical deductions, alimony payments, moving expenses, miscellaneous itemized deductions, and the affordable care act.

The state/gift taxes changes drew some real interest from the audience.  The current rate of no tax on the first $5.6 million of inheritances is now doubled to be $11.2 million dollars.  The editor’s kids don’t have anything to worry about their inheritances. Lastly Kristi noted that the child care allowance doubles in 2018.  My grandkids are beyond preschool. So, their grandmother gets only an occasional call for help.

After the Program

Patty Groth announced that the “can” collected $82 for the club school project.  The pot for the card drawing game is valued at $68. Elaine Szalay held the winning red ticket. While she did not pull out a joker from the deck, she was given a prize from the consolation basket. Next week, we do it again. 

The meeting was closed with the 4-Way Test.

(below: check presentation of  Gannett Foundation grant to assist our clipboards for law enforcement project)

<prior week   following week>

Guests of Rotarians

Guest 

Host

June Briggs

Dinus Briggs

Larry Candelaria

Jim Maxon

Franklin McKay

Mary Ellen McKay

Isobel Hernandez

John Hernandez

Visiting Rotarians

Rotarian

Home Club

Dale Woodley

Pflugerville, Texas

Student Guests

Guest

School

Brooke Salmon

Las Cruces

James Maestas

Oñate

Jordan Gallegos

Centennial

Make-ups

Rotarian

Date

Club

none

 

 

Submitted by Blaine GossBlaine Goss