Recent tax law changes will likely have an effect on your 2018 returns. Most of the individual provisions are temporary and set to expire in 2025. Although the changes may simplify tax returns for some, there are many complex issues to consider. We can help you navigate these changes and minimize your tax liability to enhance your financial position.
Did you know?
The standard deduction increased substantially, and there is no longer a deduction for personal exemptions. There were also many changes made to itemized deductions.
The IRS never calls or emails about outstanding tax due. Be alert for tax scams!
There is a new deduction available for qualified business income.
For 2018, the penalty for not having health insurance is still in place. The penalty is reduced to zero starting in 2019.
More people will be able to take advantage of the child care credit due to the increase in income phase-out limits.
Home equity interest may still be deductible! Deductibility depends on several factors including how you spent the funds acquired from the debt.
There is a $10,000 ($5,000 for married taxpayers filing separately) limitation on the deduction of state and local taxes.
Key changes to the treatment of alimony could affect taxpayers finalizing their divorces after Dec. 31, 2018.
This document outlines several areas that could impact individuals, families, business owners, and the elderly.