Tax Reform: Family Deductions and Credit

After much speculation and anticipation, the “Tax Cuts and Jobs Act” was passed into law on December 22nd, 2017. This law will affect your 2018 return, which will be filed in 2019. The new law removes the $4,150 personal exemption for each dependent on your tax return. However, the law raises the child tax credit from $1,000 to $2,000 per …

Tax reform: tax brackets and health insurance

After much speculation and anticipation, the “Tax Cuts and Jobs Act” was passed into law on December 22nd, 2017. This law will affect your 2018 return, which will be filed in 2019. Lets begin with the new tax brackets.There are still seven tax brackets, however all but two tax bracket have experienced a reduction in the marginal tax rate. The …