20170511_XQC_QNE_p060

QC05112017

18 MAY 2017 Queens Business THE QUEENS COURIER ������������������������������������������������������1 4.125% 4.193% APR One of the best rates in town!2 Closing Costs Discounts Available3���������������������������������������������������� First Time Homebuyer Loans • FHA4 • Low Down Payments Contact Amy DeLeon to learn more: (516) 500-6641 • Amarilis.DeLeon@mynycb.com • NMLS #7982 1 Rate information as of 05/01/17. The payment on a $200,000 30-year Conforming Fixed Rate Loan at 4.125% and 80% loan-to-value (LTV) is $969.30 with zero points due at closing. The estimated Annual Percentage Rate (APR) is 4.193%. Payment does not ���������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� �������������������������������������������������������������������������������������������������������������������������������������������������������������������������� Some state and county maximum loan amount restrictions may apply. Actual payments will vary based on your individual circumstances and current rates. Based on the purchase/ ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������ paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score of 700 or greater, and an escrow account is used for the payment of taxes and insurance. The lock period for your rate is 60 days. All loans are subject to credit approval. Product availability and offers are subject to change. Not all products are available in all states. Mortgages are originated through ������������������������������������������������������������������������������������������������������������������������������������������������������ Commercial Bank. 2According to ICON rate analysis. 3Certain conditions apply. Speak with your Mortgage Consultant for details. 4NYCB is not acting on behalf of or at the direction of HUD/FHA or the Federal government. The bank is not responsible for typographical errors. Offer may be withdrawn at the discretion of the bank at any time. ©2017 New York Community Bank Call Now & End Your Tax Nightmare! �������������������������������������� �������������������������������������� �������������������������������� �������������������������������������������������� ������������������������������������������ Co-Author of the best selling book “Breaking the Tax Code” �������������������������������� �������������������������������� Salvatore P. Candela, EA, ATA, ABA Enrolled Agent - Tax Advisor ���������������������������������������������������������������� ������������������������������������������������������ TAX TIPS Trump Administration offi cials announce tax reform principles BY JOHN SAVIGNANO The Trump Administration for tax reform call for lowering business tax rates to 15 percent for corporations, with “small business owner/operators” also eligible for the business rate. The tax reform also call for moving to a territorial tax system from the current worldwide US tax system, and for enacting a one-time repatriation tax on the foreign earnings of US companies. Treasury Secretary Steve Mnuchin said that the 15-percent business tax rate for pass-through business would be limited to “small and medium size businesses”. He also stated that the specifi c rate for the repatriation tax would be the subject of negotiations with Congress. The tax reform calls for moving from seven to three individual tax brackets, with rates set at 10 percent, 25 percent  and 35 percent. During his campaign, President Trump fi rst proposed lowering the current 39.6 percent top individual rate to 25 percent before proposing a top rate of 33 percent for individuals. The tax reform calls for doubling the standard deduction; repeal of the alternative minimum tax; repeal of the estate tax; and expanded tax credits for child and dependent care expenses. The tax reform would restore a top investment tax rate of 20 percent for capital gains and qualifi ed dividends by repealing the 3.8 percent net investment income tax that was enacted as part of the Aff ordable Care Act. An Administration one-pager states that “targeted tax breaks that mainly benefit the wealthiest taxpayers” would be eliminated, but the deductions for mortgage interest and charitable donations would be protected. For business, “tax breaks for special interests” will be eliminated. Secretary Mnuchin has said that most of the revenue cost associated with President Trump’s tax reform proposals would be off set by increased economic growth. TAX CALENDAR May 10 Employers. For Social Security, Medicare, and withheld income tax, fi le Form 941 for the fi rst quarter of 2017. This due date applies only if you deposited the tax for the quarter in full and on time. May 15 Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in April if the monthly rule applies. June 15 Individuals. If you are not paying your 2017 income tax through withholding (or will not pay enough tax during the year that way), pay the second installment of your 2017 estimated tax. Corporations. Deposit the second installment of estimated tax for 2017. John Savignano is a partner with Savignano Accountants & Advisors located at 47-46 Vernon Blvd., Second Floor, in Long Island City. For questions, dial 718-707- 0955.


QC05112017
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