Enrolled Agents at Santos Associates Accountants Educate Taxpayers on 2018 Tax Reform
Tax reform in 2018 has become a reality. "Changes have been made to both individual and corporate taxes," said
To educate taxpayers about tax reform in 2018, Santos lists the following ten changes:
No. 1: New income tax rates and brackets. 2018 federal withholding tax rates have changed and taxpayers may see changes in their W2 wages based on their personal allowances. New rates are 10%, 12%, 22%, 24%, 32% 35% and 37%.
No. 2: The standard deduction has nearly doubled. "For Single filers, it has increased
No. 3: Personal exemptions are eliminated. "The
No. 4: The child tax credit has doubled to
No. 5: Casualty losses will be limited. Deduction is only for official national disasters.
No. 6: The individual mandate on health insurance has dropped. The elimination of the Affordable Care Act individual mandate, which penalizes people who do not have health care, goes into effect in 2019.
No. 7: Alimony. "Beginning with new divorces in 2019, alimony payments to an ex-spouse are not deductible and not taxable to the recipient," stressed Santos.
No. 8: C-corporate tax rates are coming down. The c-corporate tax rate has been cut to 21% and corporate AMT has been eliminated.
No. 9: Rule change on recharacterization of
No. 10. New uses of 529 plan distributions. "It expands the use of qualified higher education expenses (up to
About Santos Associates Accountants
Santos Associates Accountants is a family owned and operated business including tax practitioners
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Read the full story at http://www.prweb.com/releases/2018/02/prweb15199040.htm
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