Tax Reform - Changes that will affect your 2018 tax return
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Tax Reform - Changes that will affect your 2018 tax return

Higher standard deductions mean filers may see less tax liability in 2018!

by Willie Sims on 12/10/18

Standard tax deduction amounts will increase from 2017 to 2018 tax season. The deductions will almost double for taxpayers. For single filers, deductions will increase from $6,350 to $12,000, while married couples filing joint will see an increase in deductions from $12,700 to $24,000. These increases will mean that fewer people will itemize.

Changes to exemptions for individual filers

by Willie Sims on 12/03/18

Although there was an elimination of the dependent exemption deduction beginning for the tax year 2018, families with kids under 17 may see a bigger tax refund next year. Under the new Tax Cuts & Jobs Act, the child tax credit doubled, going from $1,000.00 to $2,000.00 per child.