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2018 New Tax Plan

2018 New Tax Plan – Everything You Need to Know

Standard Deduction “Doubled”?

The new standard deduction has been simplified.

With the elimination of the valuable personal exemption, the standard deduction has roughly doubled for all filers. For example, currently a single filer would be entitled to claim a standard deduction of $6,500 and personal exemption of $4,150 in 2018, totaling $10,650 in income exclusions. While the standard deduction under the new tax plan is higher at $12,000, it hasn’t exactly “doubled”.

Tax Breaks for Parents

The loss of the personal exemption would hit households with larger families the hardest.  To offset this loss, the new tax plan has expanded Child Tax Credit, doubling the credit from $1,000 to $2,000, and also increased the amount of the credit that is refundable to $1,400.

Disappearing Deductions

While many deductions remain under the new tax law, there are several that didn’t survive, including:

  • Casualty and theft losses (except those attributable to a federally declared disaster)
  • Unreimbursed employee expenses
  • Tax preparation expenses
  • Other miscellaneous deductions previously subject to the 2% AGI cap
  • Moving expenses
  • Employer-subsidized parking and transportation reimbursement

Affordable Care Act (Penalties)

Republicans were unsuccessful in their efforts to repeal the Affordable Care Act (Obamacare) in 2017.  However, the tax reform bill repeals the individual mandate, meaning that people who don’t buy health insurance will not have to pay a tax penalty.  However, this change won’t go into effect until 2019, so for 2018, the “ACA Penalty” can still be assessed.

Still Have Quetions?

Consult with ATC tax service experts, they can answer questions about the new tax bill. In addition, if you could use and advance on your taxes early, you have the option of applying for our interest free tax refund loan instead of waiting for the IRS to process your return. Tax service and Tax Related Financial Products are available – many locations to serve you in Atlanta and Milwaukee markets, Book Now.

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Have you heard about child tax credit?

Here is a short checklist for you to know and learn everything on how you and your kid can qualify for the child tax credit. Click here: https://t.co/DjQYtj7rCL

Have you heard about child tax credit?  Here is a short checklist for you to know and learn everything on how you and your kid can qualify for the child tax credit. Click here: https://t.co/DjQYtj7rCL

Friday Fun Fact

Form 1040 has been replaced with a new look. The New Tax Form is now Postcard-Size reducing from 79 lines down to 23 lines.

The goal is to simplify and for the millions of taxpayers could save a bit of time on their filings this year.

Do you agree on thi

Friday Fun Fact  Form 1040 has been replaced with a new look. The New Tax Form is now Postcard-Size reducing from 79 lines down to 23 lines.  The goal is to simplify and for the millions of taxpayers could save a bit of time on their filings this year.  Do you agree on thi

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SPECIAL THANK YOU: to all the wonderful customers we've served over the years (150K+ tax returns filed). This year we got over the 10,000 tax returns mark. It is truly a pleasure and a privilege and we are most grateful to ALL of YOU - our valued customers!

Our ATC tax experts are ready to assist you all the way. Get in touch and connect with us right now.

Find your nearest ATC office and make an appointment today.

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Our ATC tax experts are ready to assist you all the way. Get in touch and connect with us right now.  Find your nearest ATC office and make an appointment today.  https://t.co/1sza246SWm

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Tax Returns get audited every year.  Get Accuracy, Assistance, and Audit protection---the ATC triple promise that your return will be done right. And will be right by your side if you are audited by the IRS.

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