January 03, 2019
The Tax Cuts and Jobs Act of 2017
Below are listed provisional tax law changes that will impact federal tax filing for tax year ending 2018.
# 1. Tax rates start at a low of 10% and are capped at a high of 37%.
# 2. Standard deductions are increased for single and married filling separate to $ 12,000, head of household to $ 18,000 and married filing jointly to $ 24,000.
# 3. Personal exemptions for dependents are eliminated for 2018 filings.
# 4. Child tax credit for Qualified children up to age 17 is increased to $ 2,000.
# 5. A new credit for other qualified dependent is $ 500.
# 6. Health Insurance coverage must still be reported for all family members.
# 7. Provides a 20% taxable income deduction for Self-employed filers.
# 8. Casualty and theft losses are deductible only for federal declared disasters.
# 9. Charitable contributions is increased to 60% of adjusted gross income.
# 10. Miscellaneous itemized deductions are no longer deductible. These include employee expense such as uniforms, union dues, tax preparation fees and investment fees.
# 11. Unreimbursed Medical expense that exceeds 7.5% of AGI is deductible.
# 12. C corporations are taxed at a flat rate of 21%. Down from 35%.
This list of tax filing changes are the ones that will impact most filers. Should you have any questions, please direct them to my attention.
Thomas Flewellyn,sr Ph # 216 245 6604 Email: thomflewellyn@hotmail.com.
The Tax Cuts and Jobs Act of 2017
Below are listed provisional tax law changes that will impact federal tax filing for tax year ending 2018.
# 1. Tax rates start at a low of 10% and are capped at a high of 37%.
# 2. Standard deductions are increased for single and married filling separate to $ 12,000, head of household to $ 18,000 and married filing jointly to $ 24,000.
# 3. Personal exemptions for dependents are eliminated for 2018 filings.
# 4. Child tax credit for Qualified children up to age 17 is increased to $ 2,000.
# 5. A new credit for other qualified dependent is $ 500.
# 6. Health Insurance coverage must still be reported for all family members.
# 7. Provides a 20% taxable income deduction for Self-employed filers.
# 8. Casualty and theft losses are deductible only for federal declared disasters.
# 9. Charitable contributions is increased to 60% of adjusted gross income.
# 10. Miscellaneous itemized deductions are no longer deductible. These include employee expense such as uniforms, union dues, tax preparation fees and investment fees.
# 11. Unreimbursed Medical expense that exceeds 7.5% of AGI is deductible.
# 12. C corporations are taxed at a flat rate of 21%. Down from 35%.
This list of tax filing changes are the ones that will impact most filers. Should you have any questions, please direct them to my attention.
Thomas Flewellyn,sr Ph # 216 245 6604 Email: thomflewellyn@hotmail.com.
