Most significant 2018 Tax Changes

2018 will carry the most significant tax change in 30 years. See a brief summary below and plan ahead!!!

• Slightly lower tax rates affecting most brackets and short-term capital gains
• Standard Deduction and Personal Exemption
• Mortgage Interest Deduction Reduction and Funds Usage Adjustment
• Charitable Contributions Deduction Increase
• Medical Deduction
• $10,000 cap on SALT (State and Local Tax) Deduction

Removal of:

• Casualty and theft losses (except those attributable to a federally declared disaster)
• Unreimbursed employee expenses
• Tax preparation expenses
• Other miscellaneous deductions previously subject to the 2% AGI cap
• Moving expenses
• Employer-subsidized parking and transportation reimbursement
• ACA Penalties still in effect until 2019
• Addition of 199A Business Deduction (20% qualifies business income deduction for pass-through entities)
• Change to NOL Carryovers