About Quail Meadows West
Quail Meadows West is a group of 115 homes but a community of neighbors who feel life should be lived within a social framework. Gated and impeccably maintained this wonderful community offers many activities and amenities not found in your typical association. We enjoy our community clubhouse, swim in the heated swimming pool, bask in the large spa or play billiards in the media library.
2020 April Letter From QMW HOA President Michael Anderson
Welcome to Spring!
Along with spring brings Taxes. I wanted to keep you informed on the new tax laws and how you can make your tax season a little easier. This is in no way attempting to give you tax advice but a little knowledge is always a good thing.
What is your standard deduction? You’re not going to itemize unless the value of all your deductions exceeds the standard deduction — now $12,200 for single filers, up from $12,000 for 2018.
A married couple filing jointly, for example, would have a standard deduction of $24,400 on a 2019 return — an extra $400 from the 2018 return.
For heads of households, the standard deduction is $18,350 for a 2019 return — up by $350 from the 2018 return.
There is also an additional standard deduction for taxpayers who were born before Jan. 2, 1955 — or age 65 and older — or blind. If you are 65 or older, the added deduction is $1,650 for someone who is single or head of household; and $1,300 for a married taxpayer.
What might you itemize? Homeowners may still want to itemize mortgage interest, property taxes and interest on a home equity loan if the loan proceeds were used to acquire or improve the property.
One major challenge: If you itemize, you now can only deduct up to $10,000 (up to $5,000 if married filing separately) for state and local real estate taxes, personal property taxes and income taxes. The $10,000 cap — which is not indexed for inflation — will influence how many taxpayers may itemize in the future, depending on their other deductions.
The PMI tax deduction. Homeowners who made a small downpayment may be required to pay private mortgage insurance, known as PMI. You would need to itemize to take this tax break, so if you take the new higher standard deduction now, the return of this tax break would not help.
Medical expenses. For some families with big medical bills, here’s a tax break that you don’t want to ignore. Qualified medical and dental expenses will remain deductible on 2018 through 2020 tax returns. But, remember, you must pay attention to the threshold for taking such a deduction. You can deduct unreimbursed medical expenses to the extent that they exceed 7.5% of adjusted gross income.
There’s a new form for seniors
The two-page form, known as 1040-SR, uses a bigger font than the standard 1040 form and is better at contrasting colors. Taxpayers who turned 65 on or before Jan. 1, 2020, can use the new form for the 2019 filing year. It’s similar to the 1040-EZ, a form the IRS discontinued and was replaced with the redesigned 1040 form. It also allows you to report Social Security benefits and distributions from qualified retirement plans or annuities.
Improvements and Maintenance
You may have notice the guest parking area landscapes have been updated and are now drought tolerant and low maintenance. We are still getting bids on street slurry and I will update you once we have a firm contract and date.
We did have an issue at the front gates. Please be careful (especially at 6pm). Your safety is always our primary concern.
Whether one believes in a religion or not, and whether one believes in rebirth or not, there isn’t anyone who doesn’t appreciate kindness and compassion.