With the tax season upon us, many are wondering about how all the new Tax Reforms will affect them. Here is your quick guide to the most important changes
2018 Tax Brackets
Standard Deduction and Personal Exemption
The standard deduction has basically doubled for all filers, but the personal exemption has been eliminated. The marriage penalty is also gone.
Child Tax Credit
Education tax benefits
Because of the effect of changes to the standard deduction and limitations on itemized deductions, the use of itemized deductions will likely be reduced for most taxpayers. The income based limit on overall itemized deductions has been eliminated. The following is a summary of changes to itemized deductions:
BUSINESS TAX CHANGES!
Passthrough Deduction for Qualified Business Income
Meals & Entertainment Business Expense Deductions
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