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2019-2020 FAFSA Information (10/15/18)

Important Information Regarding The 2019-2020 FAFSA

 

The 2019-2020 Free Application for Federal Student Aid (FAFSA) is now available:

 

  • The website to complete your FAFSA is https://fafsa.gov/
  • The 2019-2020 FAFSA will ask you to report your 2017 income and tax info rather than your 2018 information.

For more information regarding the 2019-2020 FAFSA, go to: https://blog.ed.gov/

 

Compliments of:

 

 

CPA Solutions, LLC.

 

 

207 East Ninth Winfield, Kansas 67156

 

 

620-221-2663

 

1/1/19 Sales Tax Rate Changes (12/27/18)

 

2019 Standard Mileage Rates (12/27/18)

 

4/1/18 Sales Tax Rate Changes (4/3/18) 


New Kansas Tax Laws (7/6/17)

New Kansas Tax Laws Effective 1/1/2017

Effective January 1, 2017:


Non-Wage Business Income

  • 100% repeal of the non-wage business income tax exemption effective January 1, 2017. Kansas will now tax:
    • Rental Income
    • Farm Income
    • Oil Royalties
    • K-1 Income
  • Reinstatement of the federal loss carry-forward (waiting on further clarification, this is likely net operating loss carry forward)

Individual Income Tax Rates
2017

  • A three-bracket system will be implemented beginning in tax year 2017 of 2.9% (up to $30K), 4.9% ($30K-60K) and 5.2% (over $60K)
  • No taxpayer shall be assessed penalties and interest arising from the underpayment of taxes due to changes to the rates that became law on July 1, 2017, so long as such underpayment is rectified on or before April 17, 2018

2018

  • Low income exclusion threshold is reduced to $5,000 for married filers and $2,500 for single files
  • A three-bracket system will be implemented of 3.1% (up to $30K), 5.25% ($30K-$60K) and 5.7% (over $60K)

Itemized Deductions and Credits and Other Provisions

  • 50% of medical expenses, mortgage interest and property taxes paid in 2018; increased to 75% in 2019 and 100% in 2020 and thereafter
  • Dependent care tax credit will be set at 12.5% of allowable federal amount in 2018, 18.75% in 2019 and 25% in 2020
  • Subtraction modification provision relating to net gains from certain livestock and Christmas tree sales is repealed in 2017

For a full text of the Conference Committee Report (AR) and Conference Committee Report Brief (CCRB): http://kslegislature.org/li/b2017_18/measures/sb30/


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