Changes for 2018


The Tax Cuts and Job Act of 2017 (Tax Reform) changed many things

THIS JUST IN - Changes in Mileage for 2019


  • Business Mileage - 58 cents
  • Medical Mileage - 20 cents
  • Charitable Mileage - 14 cents

Items that have NOT CHANGED


  • Educator Expense deduction
  • Student Loan Interest deduction
  • Alimony deduction (will change in 2019)
  • Education Credits
  • Child Care Credit

Items that have been ELIMINATED


  • Personal exemption for any individual
  • Deductions for unreimbursed expenses such as mileage, meals & entertainment
  • Moving expenses

Items that have CHANGED


  • Standard Deduction Changes
    *Single $12,000
    *Married Filing Joint $24,000
    *Head of Household $18,000
  • Child Tax Credit is now $2,000 per qualifying child under the age of 17
  • 529 Plans (education savings plan) can be used to pay for elementary and secondary schools. Private or public schools

Itemized deduction CHANGES


  • State and local Income Taxes & Real Estate Taxes are limited to $10,000
  • Mortgage Interest is limited to homes valued at $750,000
  • Home equity interest deduction is not allowed

Itemized deductions that have been ELIMINATED


  • Unreimbursed expenses (claimed on form 2106)
  • Income tax preparation fees
  • Investment fees expenses
  • Legal fees
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