![]() ![]() ![]() A Family with KidsĪlthough there was an elimination of the dependent exemption deduction beginning for tax year 2018, families with kids may see a bigger tax refund next year since the child tax credit doubled and went from $1,000 to $2,000. So just what will these changes mean for your 2018 tax refund? Here is a break down based on your individual tax situation. Increased expense limits for capital assets.20% deduction for “pass-through” entities (sole proprietorship, partnership, S corp.).$10,000 cap on the deduction for state income taxes, sales, and local taxes, and property taxes combined.Elimination of some itemized deductions.Elimination of dependent and personal exemptions.Some of the highlights for taxpayers include: Overall, the changes associated with the new tax law may lower taxes for individuals and small businesses. For most people, these tax changes impact tax year 2018 (the taxes you file in 2019) and not tax year 2017 returns. The new tax law is the largest piece of tax reform legislation in 30 years and was signed into law on December 22, 2017. ![]() We know that you work hard for your money and often a tax refund may be the biggest check you get all year, so we’re here to let you know how the new tax reform legislation may affect your tax refund next year. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |