Malakian
financial services, Inc.
818.244.0870


Henry A. Malakian CEO

Useful Forms

W9, Independent Contractor - Download

Form W-4, Employee’s Withholding Allowance Certificate - Download

Form DE 4, Employee's Withholding Allowance Certificate - Download

Form I-9, Employment Eligibility Verification - Download



2018 TAX RETURN CHANGES (01/02/2018)

The President has signed the biggest tax reform law in over 30 years. When you file your 2018 tax returns — about a year from now — your tax return will look very different. And because most changes don’t happen until then, we have some time to learn about the changes and plan for next year. Here are a few of the biggest changes that may affect you.

Tax rate changes: Both individual and corporate rates have changed. The maximum individual rate is reduced to 37% and the corporate rate is now a flat 21%. The rate change could benefit you — or in some cases cause your tax liability to go up.

Standard deduction increases:  However, there are no more personal exemption deductions allowed. So this may help you — or hurt you.

Increased Child Tax Credit and new Dependent Credit: The credit is increased for each child to $2,000 (up to $1,400 of which is refundable for each child) and each non-child dependent can now receive a new credit of $500. But you will have no exemption credit or deduction for yourself, your spouse, or your dependents.

The phaseout thresholds for these credits are drastically increased. Married taxpayers filing a joint return can claim the full credits if their adjusted gross income is $400,000 or less ($200,000 for all others). The credits are fully phased out for married taxpayers filing a joint return when their adjusted gross income reaches $440,000 ($240,000 for all others). This means that many more taxpayers will be able to claim these credits in 2018 and beyond.

Disappearing deductions: Beginning with the 2018 tax year, you will no longer be able to deduct:

  • State income tax and property taxes above $10,000 per year in total;
  • Moving expenses (with an exception for certain military);
  • Employee business expenses such as mileage, travel, entertainment, home office expenses, union dues, tax preparation fees, and investment fees, among others;
  • Mortgage interest beyond interest on $750,000 of acquisition debt, if you purchase a new home; and
  • Mortgage interest paid on equity debt (this is no longer deductible for any taxpayers).

Some new benefits for individuals: These new benefits include:

  • The medical expense AGI threshold will temporarily drop to 7.5% of AGI for 2017 and 2018;
  • The AMT threshold is increased, so fewer middle-income taxpayers will be subject to AMT;
  • The estate tax exclusion has nearly doubled, to $10 million (adjusted for inflation); and
  • The annual gift tax exclusion remains the same ($14,000 for 2017 and $15,000 for 2018), but the maximum rate on gifts is 35%.

Small business benefit: Beginning in 2018, there will be up to a 20% deduction from net business income for a sole proprietorship, LLC (excluding those taxed as a C corporation), partnership, S corporation, and rental activity. The rules are incredibly complex but there is a lot of planning that we can do to maximize this deduction for you.

These are the most common changes, and at your tax interview this year we will discuss any other changes that might affect you. As these changes are not simple, we suggest a separate appointment to go over the changes that apply to your situation and to talk about how to maximize your tax benefit.

I look forward to working with you this year.

Five Reasons to Choose Direct Deposit (03/23/2017)

IRS Committed to Stopping Offshore Tax Cheating; Remains on “Dirty Dozen” List of Tax Scams for 2017 (03/23/2017)

IRS Committed to Stopping Offshore Tax Cheating; Remains on “Dirty Dozen” List of Tax Scams for 2017

Use the “Where’s My Refund?” Tool (03/23/2017)

Use the “Where’s My Refund?” Tool

Itemize or Choose the Standard Deduction (03/23/2017)

Itemize or Choose the Standard Deduction

IRS Recaps “Dirty Dozen” List of Tax Scams for 2017 (03/23/2017)

IRS Recaps “Dirty Dozen” List of Tax Scams for 2017

Phone Scams a Serious Threat; Remain on the IRS “Dirty Dozen” List of Tax Scams for 2017 (03/23/2017)

Phone Scams a Serious Threat; Remain on the IRS “Dirty Dozen” List of Tax Scams for 2017

IRS Debunks Myths Surrounding Tax Refunds (03/23/2017)

IRS Debunks Myths Surrounding Tax Refunds

Debt Cancellation May be Taxable (03/23/2017)

Debt Cancellation May be Taxable

IRS Can Help Taxpayers Get Form W-2 (03/23/2017)

IRS Can Help Taxpayers Get Form W-2

Time Running Out to Claim $1 Billion in Tax Refunds from 2013 (03/23/2017)

Time Running Out to Claim $1 Billion in Tax Refunds from 2013

Medical and Dental Expenses May Impact Your Taxes (03/23/2017)

Medical and Dental Expenses May Impact Your Taxes

Understanding the Child and Dependent Care Tax Credit (03/23/2017)

Understanding the Child and Dependent Care Tax Credit

IRS Offers IRA Tax Tips for the 2016 Tax Year (03/23/2017)

IRS Offers IRA Tax Tips for the 2016 Tax Year

Tax Time Guide: Still Time to Contribute to an IRA for 2016 (03/23/2017)

Tax Time Guide: Still Time to Contribute to an IRA for 2016

Winter Storm Extension: Many Businesses Have Extra Time to Request A Six-Month Extension (03/23/2017)

Winter Storm Extension: Many Businesses Have Extra Time to Request A Six-Month Extension

IRS Reminds Taxpayers of April 1 Deadline to Take Required Retirement Plan Distributions (03/23/2017)

IRS Reminds Taxpayers of April 1 Deadline to Take Required Retirement Plan Distributions

Know these Facts Before Deducting a Charitable Donation (03/23/2017)

Know these Facts Before Deducting a Charitable Donation

Tax Time Guide: Get an Automatic Six More Months to File; Free File Now Available for Extensions (03/22/2017)

Tax Time Guide: Get an Automatic Six More Months to File; Free File Now Available for Extensions

Tax Refund Offsets Pay Unpaid Debts (03/22/2017)

Tax Refund Offsets Pay Unpaid Debts

Things to Remember When Choosing a Tax Preparer (03/22/2017)

Things to Remember When Choosing a Tax Preparer

Basic Qualifications (02/06/2017)

Basic Qualifications

What You Need to Know about CTC and ACTC (02/06/2017)

What you Need to Know about CTC and ACTC

Consumer Alerts on Tax Scams (02/06/2017)

 Consumer Alerts on Tax Scams

Some Refunds Delayed in 2017 (02/06/2017)

 Some Refunds Delayed in 2017

Affordable Care Act: What Employers with Fewer than 50 Employees Need to Know (02/06/2017)

Affordable Care Act: What Employers with Fewer than 50 Employees Need to Know

Ways to Pay Your Tax Bill (03/19/2016)

Ways to Pay Your Tax Bill

Hiding Money or Income Offshore Resides on the “Dirty Dozen” List of Tax Scams for the 2016 Filing Season (03/19/2016)

Hiding Money or Income Offshore Resides on the “Dirty Dozen” List of Tax Scams for the 2016 Filing Season

Form 1095, Health Care Information Forms (03/19/2016)

Form 1095, Health Care Information Forms

Obtaining and Claiming a Health Coverage Exemption (03/19/2016)

Obtaining and Claiming a Health Coverage Exemption

Your Social Security Benefits May be Taxable (03/19/2016)

Your Social Security Benefits May be Taxable

IRS to Parents: Don’t Miss Out on These Tax Savers (03/19/2016)

IRS to Parents: Don’t Miss Out on These Tax Savers

Change Your Name? It Can Affect Your Taxes (03/19/2016)

Change Your Name? It Can Affect Your Taxes

Understanding the Small Business Health Care Tax Credit (03/19/2016)

Understanding the Small Business Health Care Tax Credit

Exemptions and Dependents: Top Ten Tax Facts (02/18/2016)

Exemptions and Dependents: Top Ten Tax Facts

Affordable Care Act Consumer Alert: Choose Your Tax Preparer Wisely (02/18/2016)

Affordable Care Act Consumer Alert: Choose Your Tax Preparer Wisely

Choose Your Tax Preparer Wisely (02/18/2016)

Choose Your Tax Preparer Wisely

Where's My Refund? (02/18/2016)

Where's My Refund?

Check on Your Refund (02/18/2016)

Check on Your Refund





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