Friday, December 29, 2017

New Tax Law for 2018

How will it affect you?  Click on the link below for a great explanation (with easy-to-understand charts) presented by Kiplinger Magazine...

Here is a list of the topics covered in the presentation:

1. Bigger Standard Deduction, Goodbye Exemptions
2. Say Hello to a Higher Child Tax Credit
3. Tax Bracket Bingo
4. Squeezing Homeowner Tax Breaks

5. Deduction for State and Local Taxes6. Casualty Losses
6. Casualty Losses
7. Estate Tax Dodges a Bullet (again)

8. Medical Deductions Survive . . . and Get Healthier
9. Alimony Becomes Tax Free . . . but Not Until 2019
10. Status Quo for Teachers' Tax Break
11. Squeezing Commuter Benefits

12. Tax Breaks for Students Survive
13. A Reprieve for Dependent Care Plans
14. No More Roth Do-Overs
15. Investors' Control Over Tax on Capital Gains
16. 0% Capital Gains Rate Survives
17. Like-Kind Exchanges Survive ... But Only for Real Estate
18. Fewer Taxpayers Need Fear the AMT

19. Tax Relief for Passthrough Businesses
20.  (This one appears to be missing from the presentation... but, there are two #22s.)
21. Deductions (That Lots of People Take) Get the Ax but Two Credits Survive
22. Kiddie Tax Gets More Teeth
22. Individual Mandate: Dead or Alive?

23. Wither Withholding?
24. 529 Plans Aren’t Just for College Anymore
25. Expanded ABLE Accounts
26. Relief for Some 401(k) Plan Borrowers

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