With the the major tax law changes now in affect when filing a 2018 tax return, here is a quick overview of key changes with a link to more information on IRS.gov:
- Tax rates lowered: tax rates are lower for most income brackets
- Standard deduction nearly doubled: Now the standard deduction is $12,000 for singles, $18,000 for heads of household and $24,000 for married couples filing a joint tax return.
- Various deductions limited or discontinued: New limits apply to mortgage interest. Additionally, taxpayers can no longer deduct miscellaneous itemized deductions for job-related costs and certain other expenses.
This is just a few of the many reform changes now in affect for the 2018 tax year. See more at:
If you have questions, or need help in filling your tax return, please call us at (512)244-1516