Joel Endorf, who is employed with Marla Bellitz Johnson CPA firm, presented the program at the recent Seward Rotary Club meeting on Wednesday, December 19, 2018 at noon at the Jones Bank and Trust Company auditorium. Marla Johnson was Rotarian of the month and introduced her program “2017 Tax Cuts and How the New Tax Law will Affect You!” The presentation was presented by Joel Endorf, complete with a power point presentation.
He noted that this is the biggest code change since the Reagan years and become effective December 31st. Most changes are temporary and will “sunset” after 2025! Also, most preparers are looking for guidance with the codes and that guidance is delayed, which makes even more tax preparation issues.
He noted that experts warn that tax preparation could take up to 30% more time to prepare tax returns because of the new codes and changed forms.
Endorf also stated that 85% of the applicants will/should see a decrease in total liability, 10% will remain the same and 5% will see more liability. He reminded the Rotarians that a decreased liability doesn’t mean a larger refund.
Joel Endorf, who is employed with Marla Bellitz Johnson CPA firm, presented the program at the recent Seward Rotary Club meeting on Wednesday, December 19, 2018 at noon at the Jones Bank and Trust Company auditorium. Marla Johnson was Rotarian of the month and introduced her program “2017 Tax Cuts and How the New Tax Law will Affect You!” The presentation was presented by Joel Endorf, complete with a power point presentation.
He noted that this is the biggest code change since the Reagan years and become effective December 31st. Most changes are temporary and will “sunset” after 2025! Also, most preparers are looking for guidance with the codes and that guidance is delayed, which makes even more tax preparation issues.
He noted that experts warn that tax preparation could take up to 30% more time to prepare tax returns because of the new codes and changed forms.
Endorf also stated that 85% of the applicants will/should see a decrease in total liability, 10% will remain the same and 5% will see more liability. He reminded the Rotarians that a decreased liability doesn’t mean a larger refund.
He spoke on the complexity-in 2017 the 1040 form was two pages and in 2018 the same 1040 form is six pages. He pointed out that itemizing projections the new law will drastically reduce the number of households using itemization. For example, the new law does not let a “Home Equity” loan interest not be deducted unless it is related directly to the home.
He stated that Mortgage interest is deductible on loan of $750,000. Also, state income and property taxes will be capped at $10,000.00.
Endorf also addressed the issues with employers and possible deductions. He presented a variety of scenarios using a Family of Four and compare their situation under the old and the new law.
He also addressed the changes in Business and Form Provisions, and commented on changes in depreciation schedules and exactly what qualified for a legitimate Business Income Deduction and what was not acceptable anymore!
Questions and answers followed.
Joel graduated from Concordia University in 2008 with a degree in business administration and a religious education minor. After graduation he worked in the Office of Admissions at Concordia for five years. In 2011 he received his MBA with an emphasis in Finance from Concordia. He has worked at Marla Belitz Johnson CPA, PC for three tax seasons. In addition, he teaches investments and financial literacy at Concordia University. Joel grew up on a family farm near Tobias, NE and continues to help his dad during harvest. He has experience in health insurance, life insurance, investments, estate planning and budgeting. Currently, he is enrolled in a classes to become a Certified Financial Planner. His goal is to help people at every age and income level to maximize all they have in alignment with their life goals. He and his wife Sara have been married since 2012 and have one daughter, Cora.