Child Deductions

$2,000 Child Tax Credit for children under the age of 17 Maximum of $1,400 of this credit is refundable $500.00 Non-refundable credit for children and dependents over age 17

Standard Dections

Standard Deductions have changed. NO PERSONAL EXEMPTIONS FOR ANYONE $12,000 Single and Married Filing Separate $24,000 Married filing Joint $18,000 Head of Household $1,300 Single: Additional blind, disabled or over 65 exemptions $1,600 Married filing Joint:...

2018 Tax Brackets

Tax Brackets Tax brackets have changed. Tax rates for basically reduced for all tax brackets and the brackets have changed. MFS – Married Filing Single, MFJ – Married Filing Joint, S – Single, FS – Filing Single Tax Rate Single and MFS MFJ Head...

New Qualified Business Income Deduction

(199a Deduction) 20% of the lesser of net trade / business income or taxable income becomes a deduction on your personal tax return if taxable income is less than $315,000 for married filing joint or $157,500 if you are single. Taxpayers with relatively ‘high’ taxable...

Depreciation

Vehicles For the year 2018, you can expense up to $1,000,000 in heavy vehicles and equipment. This also includes appliances and furniture purchased for hotels, rental property, commercial property roofs, air conditioners, and security systems. Note: SUVs with less...