It’s tax season, folks! You know what that means, right? There have been some significant changes that will affect individuals and businesses beginning after December 31, 2017. This month’s blog will review some of these updates.
"The Tax Cuts & Jobs Act” is the biggest federal tax law change in over 30 years. As a result, people are understandably apprehensive and some of us are even a little confused. Before getting started, let’s review some terms to remember:
AGI = Adjusted Gross Income
AMT = Alternative Minimum Tax
HOH = Head of Household
MFJ = Married Filing Joint
MFS = Married Filing Single
NOLs = Net Operating Losses
PSCs = Personal Service Corporations
QW = Qualified Widower
SMFS = Single or Married Filing Separate
Tax Provisions that were eliminated:
The 2018 standard deduction is:
Tax provisions that were eliminated:
THESE ARE THE FACTS AND FIGURES, PLEASE CONSULT WITH YOUR TAX ATTORNEY OF PREPARER FOR ADVICE REGARDING THE TAX EFFECTS OF THE “TAX CUTS AND JOBS ACT” ON YOUR PERSONAL FINANCIAL PORTFOLIO!
Denise Garrett is a financial counselor at the LDCENY and has more than 25 years experience in financial counseling and retail banking.