Dazed and confused by the new myriad of rules for completing 1997 taxes?


So, are a lot of people!

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The big changes are in Capital Gains, treatment of gains from sales of principal residences, and the new IRAs. This was meant to be a tax relief act.


My name is Roxanne Goldberg, a Pennsylvania CPA. I have 17 tax seasons behind me, and they just keep playing with the tax laws. I think the main motivator for tax law changes, is to make a certain lobbying group happy. Do you feel like the new tax laws are really going to help you? The only change in the new tax laws to help me, is a slight increase in the amount of my Blue Cross that I can deduct on page 1 of 1040. Needless to say, I am less than enthused with the myriad of changes made. The worst part, is that they made a bunch of different effective dates for the changes, and this will make for some headaches during tax season. I have done tax returns in a slew of different states. They include: PA, NJ, DE, LA, CA, MD, MA, NY, VA, NC, IL....


I will answer non-research tax questions for free.


Some rules for Capital Gains taxes, for 1997
If you have a headache right now, you are not alone!
1998 tax rate schedules!

SINGLE $ 0 $ 25,350 15% $ 0 25,350 61,400 3,802.50 + 28% 25,350 61,400 128,100 13,896.50 + 31% 61,400 128,100 278,450 34,573.50 + 36% 128,100 278,450 ....... 88,699.50 + 39.6% 278,450 Married Filing Jointly or Qualifying Widow(er) $ 0 $ 42,350 15% $ 0 42,350 102,300 6,352.50 + 28% 42,350 102,300 155,950 23,138.50 + 31% 102,300 155,950 278,450 39,770.00 + 36% 155,950 278,450 ....... 83,870.00 + 39.6% 278,450 Married Filing Separately $ 0 $ 21,175 15% $ 0 21,175 51,150 3,176.25 + 28% 21,175 51,150 77,975 11,569.25 + 31% 51,150 77,975 139,225 19,885.00 + 36% 77,975 139,225 ....... 41,935.00 + 39.6% 139,225 Head of Household $ 0 $ 33,950 15% $ 0 33,950 87,700 5,092.50 + 28% 33,950 87,700 142,000 20,142.50 + 31% 87,700 142,000 278,450 36,975.50 + 36% 142,000 278,450 ....... 86,097.50 + 39.6% 278,450


Disclaimer: I will not be responsible for any errors or omissions in the above information. Please consult your tax advisor, for more information.



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Accounting is a taxing profession!
Thank you for your time.