New Information for 2018

Submitted by nadira on Tue, 01/09/2018 - 20:20

Personal Taxes

  1. 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. 
  2. 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.
  3. Personal Exemptions: 
    • Are allowed for individual filers and their dependents. 
  4. 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. 
  5. 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.