Volume IV Issue 5   February 1, 2018  Editor: Shaun Hathaway
In this edition:
  • Updated Tax Laws Explained
  • Tax Trivia and announcements
  • Happy Bucks
Committee News
Rotary Exchange Students Gather in Aspen
Most of the Rotary Youth Exchange students living in our District assembled in Aspen to attend the Winter X Games.  Thanks to Rotarian John Maloy and the school district staff these students were hosted at the public school campus so they had a warm, dry, safe place to sleep. Thanks to Maurice Emmer for being the local Rotarian contact.
These exuberant students come from 18 countries in the world and are living in Colorado towns including, Alamosa, Aspen, Del Norte, Westcliffe, Durango, Crested Butte, and Silt.  Traveling to see the X Games and Aspen was something they were all really excited to do.
New Rules for Tax Season
speaker photo
Thursday, February 1, 2018
Speaker: Mark Kavasch and Ryan Marshall of Reese Henry & Co.
Certified Public Accountants Mark Kavasch and Ryan Marshall spent their Thursday morning educating Rotarians about the newest tax rules recently passed by Congress and signed into law by President Trump.  They began their presentation with a simple declaration: everybody should be a winner with the new tax laws.  They explained that most individuals will save $300-$800, and others will experience savings of $2000-$3000.  The big saver is the drop in the tax brackets; the maximum was 39.6%, now its 37%.  Personal exemptions were taken away, and standardized deductions were doubled.  Tax deductions are now limited to $10,000, medical deductions remain, and charitable deductions are more generous. Deductions for new mortgages are now limited to $750,000.  Miscellaneous deduction like tax prep, union dues, business deductions, and investment fees (among others) were eliminated, the amount of exemption on estates was doubled, and the estate tax limit was raised.  On the business side, the corporate tax rate was reduced from 34-35% to 21%.  Entertainment expenses are no longer deductible nor are transportation benefits such as parking passes or bus passes.  There was an expansion of the accelerated depreciation rules, while vehicle rules remained the same.  Capital gains tax rates also will remain as they were.
Guests: Alinio Azevedo, Snowmass Rotary
Nathalie Crick, guest of Susan Gomes and member nominee
Krista Eddy, guest of Joe Zanin
Tax Trivia and other Announcements
According to President Scott Russell...
  • Tax is latin for "estimate"
  • 90% of those who employ a babysitter or a housekeeper cheat on their taxes
  • In 1913 the Federal tax code was 400 pages; in 2010 its over 70,000
  • A Roman emperor once put a tax on urine (which was used to tan hides)
  • The number of words in atlas shrugged is roughly 645,000, the bible is 807,000, and tax code is a staggering 3.7 million
The next Board meeting is next Friday at Moutnain Chalet
The upcoming Board retreat is Feb 22 at 1:00
Jeanette reported that progress is being made on updating the Aspen Rotary website, and that Dan Johns is taking over as the Newsletter editor for February.
Member News
Happy Bucks!
Benefitting the Aspen Homeless Shelter
  • Mike H. is happy that his son Noah is going to the Olympics
  • Joe Z. is just happy.
  • Ruth K. is happy that we have a homeless shelter.
  • Heidi H. is happy to be heading to Guatemala (for….? Couldn’t catch the rest of it).
  • Jeanette D. is happy that the community has a homeless shelter available for those in need.  Also, happy that the Hall of Fame evening was a success – it was magical!
  • Craig M. is also happy the community has a homeless shelter available.
Newsletter Sponsors
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National Awards Services Inc.
The Weekly Newsletter of the Rotary Club of Aspen.
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