Aloha!!
This week's Business in Hawaii is about preserving Hawaii's historical buildings and communities. ABC Stores is doing a great job of preserving Hawaii and her history. Hear Paul Kosasa, CEO of ABC Stores, explain how with Minatoishi Architects he is accomplishing so much.
The link - https://youtu.be/yvNrVMQDlio?t=24
Tax season is counting down. Only a few more weeks and pau. This year was much more complicated due to the tax passage of tax reform in December. This resulted in lots of confusion and challenges. Most of the returns I prepared for 2017 showed a nice tax savings for 2018 when considering the reduced tax rates combined with the increased tax brackets and doubling of the standard deduction. With this in mind please check out the blog post below.
For those that get paychecks, please note the following blog article I recently posted to put a few extra dollars in your pocket:
IRS Encourages a Paycheck Checkup
As we approach the end of a very complex and challenging tax season for both tax preparers and tax payers, the IRS is reminding all employees to do a "Paycheck Checkup".
The tax reform act that was passed in late December 2017 has significant implications for tax payers who receive a paycheck and have taxes withheld. Tax rates are lower for most and tax brackets are wider, which means less taxes need to be withheld. Combined with the doubling of the standard deduction, that 70% of taxpayers use, results in a real opportunity to significantly increase your "take home" pay.
First step is to get the updated and revised W-4 and complete as accurately as possible, especially the worksheet on page 3. Use this IRS link Form W-4. Give the competed W-4 to your employer and ask them to update their payroll records they have on you. Assuming your employer has the most recent payroll withholding tables issued by the IRS last month, you should see an immediate increase in your net paycheck (take home pay) in your next pay check.
Please see the full IRS newsletter using this link - IRS Paycheck Checkup
The sooner you do your paycheck checkup the faster you will see that increase in take home pay!
Aloha,
RB
Reg Baker
Host of Business in Hawaii
& Small Business Advocate
Phone: (808) 753-6026
eFax: (866) 728-5419
Find more about Reg Baker at:
Business in Hawaii with Reg Baker Library
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