What We Provide
Key Tax Reform Changes
You Need To Know About
Tax rates & brackets
- Most taxpayers will see lower rates - Highest rate drops from 39.6% to 37% - Average marginal corporation tax rate reduced to 21%
Self-Employed Taxes
- New 20% Qualified Business Income Deduction - Qualified business equipment can be deducted up to $1,000,000 - Potentially a greater business auto depreciation deduction
Standard Deduction
- Increased to $12,000 for single or married filing separately, $24,000 married filing jointly - Increased to $18,000 for Head of Household - 65 and over, blind, or disabled will get an additional standard deduction
State & Local Taxes
- State and local property, income, and sales taxes limited to $10,000 - No income tax prepayment for 2019 allowed
Families
- Dependent exemption of $4,050 is eliminated - Child Tax Credit doubles to $2,000 - Adds $500 credit for other types of dependents
Healthcare
- Eliminates tax penalty for not having health insurance (starting in 2019) - Lowers floor on out-of-pocket medical expenses to 7.5% for 2017 & 2018