Julie Jeffers | Jeffers & Company | 1635 Hawthorne Drive, Plainfield, IN 46168 | 317-837-7720

       




 

Other Articles

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This Month's Feature Articles

 

- Year in Review: Tax Changes for Individuals
 

- Recap of Business Tax Provisions for 2018
 

- Avoid these Five Common Budgeting Errors
 

- Eight Tax Breaks for Parents
 

- Tax Transcript Email Scam Alert

 

Tax Tips

 

- Retirement Contributions Limits Announced for 2019
 

- Transition Rule for Rehabilitation Tax Credit
 

- Depreciating Farming Business Property
 

- Take Retirement Plan Distributions by December 31
 

- New Depreciation Deduction Benefits Business





 

 








 

[fname] there are 25 Changes in 2018 Tax Laws, Here are 4 + I'll Host an Online  Webinar on 21 Others


[fname], the Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified several tax provisions starting in 2018.

 

Here are 5 of some 25 changes individuals, families & businesses need to know as they get ready for tax season. I'll cover these in more depth AND the other 21 changes on an upcoming webinar (click here to Register).

 

1) Personal Exemptions - Personal exemptions are eliminated for tax years 2018 through 2025.

2) Standard Deductions - The standard deduction for married couples filing a joint return in 2018 is $24,000. For singles and married individuals filing separately, it is $12,000, and for heads of household, the deduction is $18,000. 

 

The additional standard deduction for blind people and senior citizens in 2018 is $1,300 for married individuals and $1,600 for singles and heads of household.

3) Income Tax Rates - In 2018 the top tax rate of 37 percent affects individuals whose income exceeds $500,000 ($600,000 for married taxpayers filing a joint return). Marginal tax rates for 2018 are as follows: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While the tax rate structure remains similar to prior years (i.e., with seven tax brackets), the tax-bracket thresholds increased significantly for each filing status under tax reform.

4) Estate and Gift Taxes - In 2018 there is an exemption of $11.18 million per individual for estate, gift, and generation-skipping taxes, with a top tax rate of 40 percent. The annual exclusion for gifts is $15,000.

5) Alternative Minimum Tax (AMT) - For 2018, exemption amounts increased to $70,300 for single and head of household filers, $109,400 for married people filing jointly and for qualifying widows or widowers, and $54,700 for married taxpayers filing separately.

Summary
As I mentioned these are just 5 of the 25 different changes for individuals and businesses that will affect you as we move from 2018 into 2019.  I'll cover them all in more depth on the upcoming webinar - look for an email from me on that in the next few days.

As always please contact the office for assistance with following these and other year-end planning strategies that might be suitable for your particular situation.

 

Don't hesitate to call us if you need help or want to get started on tax planning for the remainder of 2018 (or a jump start on 2019)!  If you have comments or questions on the information in these articles, as usual feel free to call our offices.  Thanks!  Julie Jeffers


Feel free to give us a call if you have a question about these topics or issues or if you need help or want to get started on tax planning for the rest of 2018!  If you have comments on the information in these articles, feel free to call our offices.

     

     
 
       
       

Julie Jeffers | Jeffers & Company | 1635 Hawthorne Drive, Plainfield, IN 46168 | 317-837-7720