January 9, 2018

What’s New?

2018 Tax Year

 

Filing Requirements:

If you make OVER the amount listed below in your filing status, you are required to file a tax return.

Single (under age 65) – $12,000

Single (age 65 & over) – $13,600

Head of Household (under age 65) – $18,000

Head of Household (age 65 & over) – $19,600

Married Filing Joint (both spouses under 65) – $24,000

Married Filing Joint (one spouse age 65 & over) – $25,300

Married Filing Joint (both spouses age 65 & over) – $26,600

Married Filing Separate (any age) – 0

 

Qualified Business Income Deduction:

For Sole Proprietors, Partnerships, S-Corporations, Corporations, Farms and certain Rental businesses,

there is a NEW potential income deduction of up to 20% of your business income.  This can be a HUGE

tax deduction and benefit.

 

New Tax Forms – simpler or not?

The new promised “post card sized” tax form, sounds simpler, right???

Not always.  The former two page form 1040 has now been stretched to include 8 pages, including 6 additional schedules.

Let the experts help you navigate the new tax law and multiple new forms.  We have trained diligently throughout the year to help

you with your tax needs.