The Eastern Plains Chamber of Commerce held their first meeting of the new year Feb. 7 at Grace Community Church. In spite of the foggy weather, we had an excellent turnout with many new faces in the crowd. Thank you to all that braved the weather to join us for the meeting.After brief introductions, Ron Green spoke on the variety of services offered by Peak Structural, including foundation repair and stabilization, waterproofing basements, crawl space encapsulation, foam insulation and concrete leveling. Additionally, Peak Structural can install egress windows, improve window wells in basements, and they offer a three-stage sump pump that operates on battery power. Peak Structural offers various trainings geared toward real estate professionals. For more information, visit http://peakstructural.com.Candace Avis of Avis Accounting and Tax Professionals and Jeremy Kniffen of Liberty Tax Service provided updates on the recent changes to the tax law and how the changes might impact members.Candace provided information about the changes to the corporate/business taxes. Overall, much of the tax law related to corporations and businesses will stay the same. One of the big changes is that the corporate tax rate dropped to a flat 21 percent, which is permanent. Additionally, one significant change for pass-thru entities like S-Corporations and Partnerships, there is a new deduction. There will now be a 20 percent deduction to calculate taxable income on the personal return; thus, reducing tax liability related to the pass-thru entity. At this point, some deductions are being eliminated or changed; contact your tax professional for further assistance.On the personal income tax side, Jeremy mentioned there are a number of changes impacting most people. First off, most of the tax bracket percentages were reduced, meaning that many people will see an increase in their take home pay during 2018. Also, the standard deduction has nearly doubled for all filing status, but the personal exemption amount is removed. The Child Tax Credit, for taxpayers with children under the age of 17, will double from $1,000 to $2,000, with the phaseout increasing to allow more taxpayers to receive a benefit from the tax credit. Overall, there were several changes to the tax code in 2017 that will take effect in 2018. It is best to consult with a trusted tax professional to see how each of these changes impacts individual tax situations.Dave Ahrens, chamber president, made a few announcements. Invoices for all members are out and should be paid as soon as possible. The chamber is looking for venues to host after-hours events throughout the year. If you or your company would be interested in hosting one of our events, contact the board at the email address below.The Chamber of Commerce Board currently needs to fill the secretary position. If you are interested or know someone who would be interested, contact the board. The next meeting is March 7. Please invite friends and fellow business owners.Upcoming speakers:March ñ Doreen Bronner, American Legion Post 2008, and Brandon Shaw, Edward JonesThere are many open spots in the coming year for both breakfast sponsorships and featured speakers. The breakfast sponsors typically have about five to 10 minutes to share information about their business. The featured speaker is allowed 20 to 25 minutes to share information on a topic of their choice. As we have done in the past, we will be filling spots with community leaders but would also like the opportunity to spotlight chamber members.Anyone interested in being a feature speaker should contact the chamber board atboard@easternplainschamber.com.The Eastern Plains Chamber of Commerce meets the first Wednesday of each month, from 7 to 8:30 a.m. at Grace Community Church, 9475 Grace Church View in Falcon.
