House of Representatives

The IRS has announced it will begin processing tax returns on January 29. Before you begin preparing your returns, we want to make you aware of a few of the changes made in recent sessions impacting your Arkansas return. The following legislation is in effect: Capital Gains Exemption (Act 1173 of 2015): For tax year 2017, the exemption for net capital gains is 50% for the entire year.

Teacher Classroom Investment Deduction (Act 666 of 2017): Beginning with tax year 2017, a deduction is allowed for a qualified classroom investment expense by a teacher as defined in this Act.

The deduction is limited to $250 per taxpayer or $500 for married filing jointly if each taxpayer is a teacher.

 

To read more please log in or subscribe to the digital edition. https://www.etypeservices.com/J.%20V.%20Rockwell%20PublishingID251/

Clay County Courier

810 N Missouri Ave.
P.O. Box 85
Corning, Arkansas 72422-0085
(870) 857-3531