Learn more about the 2018 Tax Plan
Undoubtedly, you’ve heard about the new 2018 tax reform. An overhaul of this size is bound to generate many questions and uncertainties about your 2018 filing. We’ve compiled a list that will help you identify the changes that may affect you. Use this list as a reference, and be sure to ask your CPA before making any changes. Don’t have a CPA? We are happy to help by making a recommendation.
This is part two of a two part series.
1. Under the new tax plan everyone will lose personal exemptions.
This will be slightly offset by increases to child tax credits and the standard deduction.
*Note that the child tax credit does start to decrease when household income reaches $200K.
2. All 2% deductions are going away.
2% deductions include, but are not limited to, the following items:
- Moving expenses related to work
- Mileage expenses related to work
- All unreimbursed employee expenses
3. The limit on non-taxable gifts has been raised to $15K per person.
This means gifting a child and their spouse $30K would not be taxed. This is useful when gifting property, as the property can be gifted on $30K increments over several years.
Don’t have a CPA?
We are happy to help by making a recommendation.
*FinTrust Investment Advisors, LLC and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
