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2018 Tax Info
Dated: March 14 2019
Views: 126
Have you started thinking about your taxes yet? If you are one of the early filers, then you may have already encountered the many changes implemented in the 2018 tax reform bill.
Below are a few key things to be aware of:
- Increased standard deduction
The new tax law nearly doubles the standard deduction amount. Single taxpayers standard deductions increase from $6,350 for 2017 taxes to $12,000 for 2018 taxes. Married couples filing jointly will see an increase from $12,700 to $24,000. - Home mortgage interest deductions
Prior to 2018, if you itemized your deductions, you were allowed to deduct the interest you paid on your primary residence and/or second home, as long as your original mortgage principal owed wasn't more than $1 million. With the new reform bill, the maximum mortgage principal amount has now been lowered to $750,000. - Increased child tax credit
The new bill increases the child tax credit from $1,000 to $2,000 per qualified child, and raises the income limits for the credit from $110,000 to $400,000 for those filing jointly and from $75,000 to $200,000 for those filing individually.
For a more in depth look, you can check out IRS 2018 tax changes at
Cyndi Cobb
I am a family oriented person who loves to assist people in their Real Estate needs. I have worked in Real Estate nearly my whole life, When I was growing up I worked with my parents in their Constru....
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