Tax reform
Key tax reform changes 2018 taxes
Standard Deduction
- Increased to $12,000 for single or married filing separately, $24,000 married filing jointly
- Increased to $18,000 for Head of Household
- 65 and over, blind, or disabled will get an additional standard deduction
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An easy, flexible, and popular way to set your business.
Families
- Dependent exemption of $4,050 is eliminated
- Child Tax Credit doubles to $2,000
- Adds $500 credit for other types of dependent
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An easy, flexible, and popular way to set your business.
Home Mortgages
- Mortgage interest paid on new loans deductible up to $750,000 (or existing loans up to $1,000,000)
- Interest paid on home equity loan or home equity line is limited to building and improving your home
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An easy, flexible, and popular way to set your business.
Self-Employed
- New 20% Qualified Business Income Deduction
- Qualified business equipment can be deducted up to $1,000,000
- Potentially a greater business auto depreciation deduction
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Healthcare
- Eliminates tax penalty for not having health insurance (starting in 2019)
- Lowers floor on out-of-pocket medical expenses to 7.5% for 2017 & 2018
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State & local taxes
- State and local property, income, and sales taxes limited to $10,000
- No income tax prepayment for 2019 allowed
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