Tuesday, December 26, 2017

Kwanzaa Events for Hampton Roads 2017-2018

Here are the Kwanzaa Events for the Southside and the Peninsula for 2017-2018. 

Harambe for the Holidays 12/26
Attucks Theatre -  1010 Church Street, Norfolk, VA 23510
Market Place 5:15-9pm
"A Walk on the Wild Side" Show 6-7:15pm featuring Atumpan Edutainment
This event is free and open to the public

Kwanzaa Celebrations by the Sophisticated Ladies, a community service organization
12/28 3-5pm Hampton Performing & Creative Ares Center, 300 Butler Farm Road

Peninsula Kwanzaa Celebrations featuring Sophisticated Ladies, a community service organization for girls
12/29 3-5pm Hampton Performing & Creative Ares Center, 300 Butler Farm Road

Saturday December 30th, 2017 from 11am-3pm Essence Book Club in conjunction with Atumpan Edutainment and Indian River Public Library (2320 Greenbriar Road, Chesapeake, VA 23320) will be hosting the annual Kwanzaa Celebration.  Our speaker for the afternoon is none other than Seko Varner of Positive Vibes.  This will be a program filled with storytelling, drumming, dancing, vendors and educators.  A good time will be had by all. This event is free and open to the public. 

Peninsula Kwanzaa Celebrations featuring Sophisticated Ladies, a community service organization for girls
1/1/18 3-5pm Second Baptist Church, 2355 W. Pembroke Avenue
All events are free and open to the public and include food


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These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assistance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.

Friday, December 22, 2017

BLACK HISTORY MONTH MOROCCO WITH RUNOKO RASHIDI

drrunoko.com
BLACK HISTORY MONTH TOUR TO MOROCCO WITH PROFESSOR RUNOKO RASHIDI HISTORIAN AND LECTURER (Including Black History Month Lectures) JANUARY 28 – FEBRUARY 06, 2018 DAILY ITINERARY Day 1 – Sun. Jan.28, 2018 Depart New York Kennedy airport TERMINAL ONE (1)…


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Monday, November 20, 2017

Retirement Accounts - Big Winners Under Trump Tax Plan

 




This is
G&G Associates Tax & Financial Consulting
e-Newsletter


Retirement Accounts
Big Winners Under Trump Tax Plan


G&G Readers,



On September 27, 2017, Trump and the Republican leaders presented a tax plan that included sharp cuts in tax rates to both corporations and individuals. Under the Trump tax plan, the corporate tax rate would fall to 20% from 35% as well as reduce taxes on business pass-through income to 25%. The tax plan would also allow immediate write-offs of business investment, preserve tax breaks for research and low-income housing, while also limiting deductions for interest.  
The tax plan also provides corporations with a one-time tax on stored foreign profits and would allow the tax-free repatriation of foreign income. The proposed tax plan would also repeal the estate tax and the alternative minimum tax. With respect to individuals, the tax plan proposed would collapse seven individual income tax brackets into three and the top rate on individuals could drop to 35% from 39.6%.
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To become a member of the G&G Investment Society (GGIS) newsletter subscription to learn how to take advantage of some of our suggestions so you can protect your wealth and portfolio against a fallen dollar, send an e-mail to GGIS@gngassoc.com and/or visit our website at www.gngassociates.net and click on the “Products & Services” link and we’ll get you signed up right away.

DON'T WAIT ANOTHER DAY!

- 1 year subscription - $149

- 2 year subscription - $269

- Lifetime subscription - $699   {50% off tax prep & 25% off consulting services for life}

*** Membership Guarantee *** If you don't make your money back from being a GGIS member by the end of your subscription...we'll refund 100% of your subscription fee back. That's how confident we are that this will be one of the best financial moves of your life.


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In addition, the plan would nearly double the standard deduction for most households to $12,000 for individuals and $24,000 for married couples. The plan would also retain the mortgage interest and charitable deductions as well increase the child tax credit.  However, the tax plan would eliminate state and local income tax deductions, as well as repeal the personal exemption potential reducing the benefit of the increased standard deduction for many taxpayers.

For example, under the current tax rules, due to the personal exemption of $4050 for each spouse, a dependency exemption of $4050 for each child, and standard deduction of $12,700 for a married couple in 2017, a married couple with two children would not pay tax on the first $28,900 of income.  That number is greater than the $24,000 standard deduction the married couple would receive under the proposed tax plan.

The proposed tax plan is short on many important details, however, the increase in the standard deduction under the plan coupled with the elimination of the state and local tax deduction could provide many households with less incentive to itemize their income tax deductions, making the tax deductions such as the mortgage income tax deduction and charitable contribution tax deduction less attractive.  {Your Church may not be happy with this as folks may not be to enthusiastic to place money in the offering plate.}


In the case of the reporting of pre-tax IRA or employer qualified retirement plan contributions, such as a 401(k) plan on the 1040 return, the IRS categorizes these deductions as above-the line deductions, meaning one can take the IRA or 401(k) plan deductions regardless of whether one itemizes or claims a standard deduction.

In other words, even if the Trump tax plan causes more households to claim the increased standard deduction and to forego itemizing their tax deductions, since IRA and 401(k) plan pre-tax contributions are above-the-line deductions, the ability to benefit from the pre-tax income deductions associated with making IRA or 401(k) contributions will not be impacted by the Trump tax plan.

In fact, making a pre-tax IRA or pre-tax 401(k) plan contribution could become even more beneficial to many income taxpayers under the Trump tax plan.

The Trump tax plan includes many income tax changes as well as many unknown details.  However, the tax and retirement benefits associated with making pre-tax IRA or 401(k) plan contributions appear to be a big winner in the proposed Trump plan.

Planning and saving for retirement does not have to be painful.  Understanding the rules and employing a consistent approach can help increase retirement savings while simultaneously reducing ones tax liability.

So, it will be imperative that you have a "Tax Professional" and "not just a tax preparer" assisting you with your taxes.  Trust me folks, there is a BIG difference.

One of the benefits of being a client with G&G Associates is that you'll get a free 30 min pre-tax preparation session to make sure you are gathering your documents appropriately before you submit your documents for tax preparation.

So, contact us today to file your return and/or schedule an appointment.

Visit our website for more information and free online webinar classes to help you make sure you are audit proofing your records, or contact us today to set your appointment if you need a “TAX” OR “FINANCIAL” one-on-one consultation.


Until the next time!

Tua (Thank You),
Asar Maa Ra Gray
Tax, Financial & Veteran Consultant
G&G Associates
757-271-6068 office
866-361-3872 toll free fax
www.gngassociates.net

G&G Associates is on Facebook ... join our fan page.

**You must be a G&G Associates tax client to receive the $40 referral fee

P.S. If you're not a GGIS Paid Subscriber reader yet, why not? Currently, our GGIS portfolio is packed with great plays to finish out your portfolio for 2017.












Monday, November 13, 2017

Solo 401(k) Annual Contribution Limits To Increase In 2017

 




This is
G&G Associates Tax & Financial Consulting
e-Newsletter


Solo 401(k) Annual Contribution Limits To Increase In 2017


G&G Readers,



A Solo 401(k) plan is an IRS-approved retirement plan that is suited for business owners who do not have any employees, other than themselves and perhaps their spouse. The “one-participant 401(k) plan” or Individual 401(k) Plan is not a new type of plan. It is a traditional 401(k) plan covering only one employee.  Unlike a Traditional IRA, which only allows an individual to contribute $5500 annually or $6500 if the individual is over the age of 50 in 2017, a Solo 401k Plan offers the Plan participant the ability to contribute up to $60,000 each year.

 Before the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) became effective in 2002, there was no compelling reason for an owner-only business to establish a Solo 401(k) Plan, because the business owner could generally receive the same benefits by adopting a profit-sharing plan or a SEP IRA.  After 2002, EGTRRA paved the way for an owner-only business to put more money aside for retirement and to operate a more cost-effective retirement plan than a Traditional IRA or 401(k) Plan.

-------------------------------------------------------------
Internal Sponsorship:
                                     Want to Know How To Protect your Cash

To become a member of the G&G Investment Society (GGIS) newsletter subscription to learn how to take advantage of some of our suggestions so you can protect your wealth and portfolio against a fallen dollar, send an e-mail to GGIS@gngassoc.com and/or visit our website at www.gngassociates.net and click on the “Products & Services” link and we’ll get you signed up right away.

DON'T WAIT ANOTHER DAY!

- 1 year subscription - $149

- 2 year subscription - $269

- Lifetime subscription - $699   {50% off tax prep & 25% off consulting services for life}

*** Membership Guarantee *** If you don't make your money back from being a GGIS member by the end of your subscription...we'll refund 100% of your subscription fee back. That's how confident we are that this will be one of the best financial moves of your life.


-------------------------------------------------------------  


One of the main benefits of a Solo 401(k) Plan is the opportunity to make higher annual contributions in pretax, after-tax or Roth.  A Solo 401(k) Plan includes both an employee and employer profit-sharing contribution option, whereas a Traditional IRA has a very low annual contribution limit and a SEP IRA has only an employer profit-sharing contribution option. Under the 2017 Solo 401(k) contribution rules, a plan participant under the age of 50 can make a maximum annual employee deferral contribution in the amount of $18,000. That amount can be made in pretax, after-tax or Roth. On the profit-sharing side, the business can make a 25% (20% in the case of a sole proprietorship or single-member LLC) annual profit-sharing contribution up to a combined maximum, including the employee deferral, of $54,000, an increase of $1,000 from 2016.

For plan participants over the age of 50, an individual can make a maximum annual employee deferral contribution in the amount of $24,000. That amount can be made in pretax, after-tax, or Roth. On the profit-sharing side, the business can make a 25% (20% in the case of a sole proprietorship or single member LLC) annual profit-sharing contribution up to a combined maximum, including the employee deferral, of $60,000, an increase of $1,000 from 2016.

The Solo 401k plan is unique and so popular because it is designed explicitly for small, owner-only businesses.  The many features of the Solo 401(k) plan discussed above are why the Solo 401(k) Plan or Individual 401(k) Plan is so appealing and will continue to be popular among self-employed business owners in 2017 and beyond.

Planning and saving for retirement does not have to be painful.  Understanding the rules and employing a consistent approach can help increase retirement savings while simultaneously reducing ones tax liability. However, a few simple retirement planning moves can help make the difference when April 17, 2018 rolls around.

So, it will be imperative that you have a "Tax Professional" and "not just a tax preparer" assisting you with your taxes.  Trust me folks, there is a BIG difference.

One of the benefits of being a client with G&G Associates is that you'll get a free 30 min pre-tax preparation session to make sure you are gathering your documents appropriately before you submit your documents for tax preparation.

So, contact us today to file your return and/or schedule an appointment.

Visit our website for more information and free online webinar classes to help you make sure you are audit proofing your records, or contact us today to set your appointment if you need a “TAX” OR “FINANCIAL” one-on-one consultation.


Until the next time!

Tua (Thank You),
Asar Maa Ra Gray
Tax, Financial & Veteran Consultant
G&G Associates
757-271-6068 office
866-361-3872 toll free fax
www.gngassociates.net

G&G Associates is on Facebook ... join our fan page.

**You must be a G&G Associates tax client to receive the $40 referral fee

P.S. If you're not a GGIS Paid Subscriber reader yet, why not? Currently, our GGIS portfolio is packed with great plays to finish out your portfolio for 2017.