Category: Uncategorized

Tax Changes Affecting Upcoming Tax Returns

the latest tax changes

April 15th is tax day for most of us, and it’ll be here before you know it. Whether you fill out your income tax returns by hand, use software, or hire a professional, only you can gather the information needed. Before starting, you should be aware of tax law changes that will affect individual 2018 income tax returns. I found a great article detailing the tax changes and you don’t have to be a CPA to understand it! You’ll find the article here: The Motley Fool. A few of the tax changes There are still seven income brackets but the tax rates have changed. The standard deductible has almost doubled, but before you get too excited…. The personal deduction has been eliminated. The child tax credit has doubled. College tuition and fees are no longer deductible. Mortgage interest is still deductible, but there are limits. The amount of charitable contributions you can deduct has increased. Allowable medical expense deductions are no more than 7.5% of your AGI (adjusted gross income). Deductions for state and local taxes, including property taxes, are capped at $10,000. This may be the year to try tax software With all the changes, this might be the […]

Read More +