Here are some important things you need to know about the 2018 Tax Act!

-Increased standard deduction Single: $12,000, Head of Household: $18,000, Married Couples: $24,000
-No more personal exemptions.
-Child Tax Credit doubled to $2,000 for each child 16 & under.
-Moving expense deduction has been eliminated.
-Misc.deductions that have been subject to a 2% limitation are no longer deductible, i.e. non-reimbursed employee business expenses.
-Created a $10,000 limit for the amount of state income tax & real estate taxes that are deductible on the federal return.
-Any mortgage interest expense over $750,000 is no longer deductible.
-Medical expenses remain intact as an itemized deduction.
-Education credit & Capital Gains provisions in the tax code basically remain the same.

The new tax law passed gave tax breaks specifically for regular corporations where their tax rate was reduced from 35% to 21%. To make it more fair, they created a 20% deduction to assist s-corps, sole proprietors, & partnerships to make the tax more comparable to what the regular corporations will be paying at 21%.

Please give us a call at 435-654-2053 & we can help you with all the new requirements or with any tax questions you might have!