Personal Taxes
- Standard Deductions:
- $24,000 for married couples, $12,000 for singles, and $18,000 for the household.
- Taxpayers aged 65 or older and those visual impaired get $1,250 per person if married. $1,550 if not married.
- Itemized Deductions:
- Home mortgage interest can be deducted up to $750,000 from the new acquistion debt on a main or secdonary home generally if incurred after December 14th, 2017.
- Deductions can also occur from residentual property, sales and/or income taxes up to $10,000.
- Personal Exemptions:
- Are allowed for individual filers and their dependents.
- Several Other Write-offs are Eliminated:
- Career related moves with an exception of the military.
- Any write-offs subject to the 2% AGI-threshold, employee business expenses, brokerage, IRA fees, miscellaneous expenses and any tax return preparation fees.
- Burglary losses including individual loses, except those in acknowledged disaster areas.
- 2018 divorce alimonies.
- Child Tax Credit:
- $2,000 each under the age of 17 and dependent with an additional credit refundable up to $1,400 to those who qualify as lower-income taxpayers.