wHAT YOU nEED TO kNOW

 

 TAX NEWS

 DEDUCTIONS

 NEED TO FILE

WHAT CHANGES HAVE OCCURRED? 
WHAT ARE YOUR DEDUCTIONS?
WHAT YOU NEED TO BRING?
TAX REFORM CHANGES STARTING IN JANUARY 1, 2018 FOR TAX YEARS 2018
  • Changes the Seven Tax Rates
  • Increase in the Standard Deduction
  • Eliminates the Personal Tax Exemption
  • Decreases the Home Mortgage Interest Tax Deduction
  • Increases the Tax Deduction for Charitable Contributions
  • Increases the Child Tax Credit
  • Adds a New Tax Credit for Non-Child Dependents
  • Reduces the State and Local Tax Deduction
  • Decreases the Medical Tax Deduction Rate
  • Eliminates the Moving Expenses Deduction
  • Eliminates the Tax Deduction for Casualty and Theft Loss:
  • Eliminates the Tax Deduction for Alimony
  • Eliminates the Tax Deduction for  Educator Expenses
  • Eliminates the Tax Deduction for Tax Return Preparation Expenses
  • Doubles the Estate or "Death" Tax
  • Eliminates the Individual Health Care Tax Penalty 

Income Tax Reform. (n.d.). Retrieved December 26, 2017, from https://www.efile.com/tax-news/

 

  • WORK RELATED DEDUCTIONS
  • ITEMIZED DEDUCTIONS
  • EDUCATION DEDUCTIONS
  • HEALTH CARE DEDUCTIONS
  • INVESTMENT RELATED DEDUCTIONS 

Credits & Deductions for Individuals: Internal Revenue Service. (n.d.). Retrieved December 17, 2020, from https://www.irs.gov/credits-deductions-for-individuals

  •  A Copy of Last Year's Return or Transcript

  • Proof of Income and Receipts (Self-employed)

  • Valid Social Security Card and Identification 

  • W-2s, from all of your employers

  • Any 1099s 

  • Any Health Insurance Forms

  • Form 8962, Premium Tax Credit

  • Form 8965, Health Coverage Exemption and ECN 

  • Form 1095A (Marketplace Health Insurance)

TAX ESTIMATOR

UNSURE OF WHAT YOUR REFUND WILL LOOK LIKE? WELL YOU CAN TAKE YOUR LAST CHECK STUB AND CLICK ON THE TAX CALCULATOR BELOW. 

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