ARE YOU PREPARED FOR THE NEW CHANGES?

This income tax year brings about new changes to the U.S. tax code from the Tax Cuts and Jobs Act of 2017. 

 

Major tax provisions affecting 2018 income tax returns 

are as follows:

Small Business & Self-Employed 

Limits on interest expense

Maximum corporate tax rate of 21%

 

Elimination of the corporate alternative minimum tax (AMT)

Increase of Sec 179 depreciation deduction threshold from $510,000 to $1,000,000

 

20% income deduction for certain types of partnerships, S-Corps and sole proprietorships






 

Individuals

Lower tax rates & modified income ranges

$500 credit for dependents other than children

Child credit increase from $1,000 to $2,000 per child

Personal & dependent exemptions decrease from $4,050 to $0

Standard deduction increase from $6,350 to $12,000 for single taxpayers

$12,700 to $24,000 for married couples filing jointly

State and local property, income, and sales tax limited to combined $10,000

The uninsured individual health insurance tax penalty eliminated effective January 1, 2019


 

 

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