What’s New for 2018 Taxes?

As you know, the Tax Cuts and Jobs Act (TCJA) not only changed what Form 1040 looks like, it changed how we file.

Here’s a quick run-through of what you should expect this tax season.

  • Form 1040A and 1040EZ are no longer available to file 2018 taxes
  • April 15, 2019 is the tax deadline date
  • April 17, 2019 is the tax deadline for taxpayers who live in Maine or Massachusetts because of Patriots’ Day and Emancipation Day in the District of Columbia
  • Tax rates are now 10%, 12%, 22%, 24%, 32%, 35%, and 37%
  • Standard deductions are now $12,000 for single/married filing separate filers, $24,000 for joint filers, and $18,000 for head of household filers
  • Personal exemptions expire
  • Social security numbers are required for dependents
  • Qualifying dependents who do not have a social security number are eligible for a nonrefundable credit up to $500
  • The Child Tax Credit increases to $2,000 per qualifying child
  • The Additional Child Tax Credit increases to $1,400
  • You can now deduct 20% of your qualified business income starting 2018
  • Job related expenses are no longer deductible
  • Alternative Minimum Tax (AMT) exemption increases to $70,300 ($109,400 for joint/widower filers, $54,700 for married filing separately)

To read more about tax changes for 2019, click here to view our detailed blog.

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