Quick overview of some tax reform changes and where to find more info

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:

https://www.irs.gov/newsroom/heres-a-quick-overview-of-tax-reform-changes-and-where-taxpayers-can-find-more-info

If you have questions, or need help in filling your tax return, please call us at (512)244-1516

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