There have been plenty of changes to the 2018 tax returns as a result of the Tax Cuts and Jobs Act. Today we go over some of the big changes that might affect you and your tax return.
Tune in to find out some of the forms that are no longer utilized, how the tax brackets have shifted, the changes to standardized and itemized deductions and more. And if you have a question about the changes made and we don’t cover it today, please feel free to reach out to me and I’d be happy to get you the answers you are looking for. Don’t forget, unless you’re under an extension, your individual taxes must be filed by Monday, April 15th 2019!
What We Will Cover
- Some changes you will see when filing your 2018 tax returns
- Forms that are no longer available
- What the new Schedule 1 is used for
- The adjustments that have been made to the tax brackets (and income thresholds)
- An interesting twist for the new tax brackets for single filers
- What happened to the personal exemption
- Changes to the moving expense deduction and who is still eligible to utilize it
- What’s new with the standard and itemized deductions
- How state income tax is affected by the changes to itemized deductions
- Mortgage interest deduction changes and which mortgages are affected by the change
- Why we can no longer take advantage of the miscellaneous tax deductions (and what falls under this umbrella)
- Medical deduction adjustments that you can take advantage of
- A brief history of the alternative minimum tax (AMT) and the changes made to it this year
- How your child tax credits have changed
- The basics of the Qualified Business Income deduction (but the details can be found in Episode 4)
- Looking ahead and identifying things to watch for in 2019
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