CHICAGO: Sikh Senior Citizens had their monthly meeting in Palatine Gurdwara Sahib, where tax experts from Universal Accounting firm came and gave updates on US tax reforms of 2018.
Maulik Desai, Tejas Thakkar and Loveleen Kaur came on behalf of NileshTopiwala; a tax consultant filing tax returns for many Sikhs.They told the attendees that there aren’t many reforms for 2017 where they raised the cap for medical deductions to 10% and few minor changes for employee deductions.
For 2018, main change is limit for personal family deduction of $24,000.It is useful for small families but for large families it will hurt as personal exemptions are eliminated.Property tax limit is fixed at $10,000. Before one could deduct as much property tax as you paid, so it would hurt people with large homes. Individual moving expenses are gone, corporations will still be able to take them off.There is no change in Social Security, Donations, schedule C.
There are fewer tax categories now. Lowest tax rate is 10%, and then it is raised gradually. Children tax deduction is raised to $2000 per child.If your immediate family member who is Senior Citizen stays with you; you can take $500 deduction per person. Energy tax credit is gone but one can take some deduction for solar power improvements. For more info, call at 847-678-0230.
Sikh Seniors meet on first Wednesday of the month at Palatine Gurdwara Sahib and go out for lunch on 3rd Wednesday of the month.
Surendra Ullal
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