TurboTax 2017 and Tax Changes
With TurboTax 2017 you'll be ready the 2017 Return Filing modifications to come. It's more than a promise, it's a passion.
Starting in 2017
Credit for Residential Energy-Efficient Property
TurboTax 2017 Software will be ready
to ensure you get the credit for 30 percent of the cost of installing solar water heating
equipment, photovoltaic, fuel cell equipment, geothermal heat pumps or wind
turbines in your primary residence, a second home will not apply
anymore unless changes are made.
Of a larger issue is the imminent collision between the Bush cuts and the benefits promised by Social Security, Medicare, and Medicaid.
With those of you who are planning retirement as early as 2017, most analysts agree that enacting benefit cuts that soon would be grossly unfair to those workers because they would not have enough time to adjust to the benefit reductions. Refunds could be effected due to income patterns and limited time to prepare.
Projected growth in Social Security, Medicare, and Medicaid spending as a percent of GDP between 2007 and 2017 continues to put pressure on the budget. All while challenging developers of TurboTax 2017 Software Editions.
The cost of Bush cuts and related revenue policies in 2017, not even including associated interest costs, Growth in "entitlements" is said to be out of control. But the extent of projected growth to 2017 is dwarfed by revenue losses implied by Bush administration policy. Without significant adjustments elsewhere in the budget, benefit costs and revenue shortfalls will have to be reconciled somehow over the next 10 years.
Revenue needed with respect to Social Security stems from money owed by the federal government to the Trust Fund, which will have to be paid from general revenues (primarily income taxes). Dedicated revenues to the Social Security Trust Fund, primarily the payroll, keep it solvent for another 30 years or more.
With all factors in place it's clear to see that health care will be the main budget factors for many years to come. TurboTax 2017 Preparation Software as always, will play a big roll in keeping your fees down and ensuring you all the benefits and credits possible.
Revenue from HB3176 Can Catch Up with Existing Law in 2017
Microsoft caught in the middle
So long as Washington State doesn't go broke before 2017, we'll eventually
catch up to the damage done by HB3176. But, HB3176 may throw away a lot of
cash (Microsoft's debt) up front that the state could benefit from
today.
Following up on yesterday's post on Microsoft's $100 million cut and
potential amnesty, the current royalty alone will generate more
revenue for the state until 2017 when the combined increased revenue sources
from HB3176 will catch up with the loss of the domicile-based royalty.
There are a number of rough assumptions in the model - which I can clarify
in more detail later if requested:
Assuming Microsoft has committed no fraud in its reporting such that the
statute of limitations would have run out on collections prior to FY 06.
A field audit under the old standards was conducted, so we assume passage of
HB3176 is written so as to provide Microsoft amnesty for its $1.27
billion Royalty dodge 1997 - 2010.
Revenue estimates for HB 3176 are based on the Fiscal Impact statement by
the Department of Revenue through FY2013. After that, we assume a 5% growth
in receipts.
Project a 5% growth in royalty receipts (and Microsoft's licensing
revenue) from 2011 - 2017. We're also estimating Microsoft's H2 FY10
licensing revenue based on H1.
TurboTax 2017 Editions:
Free Edition, Basic, Deluxe, Premier and Home + Business
