Tax Tip Tuesday: Tax Update
The Social Security Administration (SSA) has announced a correction to its previously issued announcement regarding the wage base for computing the Social Security tax in 2018. The corrected amount is $128,400.
In October 2017, the SSA announced that for 2018 the maximum would be $128,700 for 2018.
Also an update on tax reform. The Senate passed their version of tax reform on Saturday morning. The House had earlier passed their version. Now the two sides go to a conference to reconcile the differences of which there are many. We will continue to watch this and let you know as we know more definitive details.
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein