*  Qualified small businesses can exclude 20% of their income from federal income tax.

* The standard deduction has doubled so fewer taxpayers will itemize.

* There is no longer a deduction for personal exemptions.

* The Child Tax Credit has effectively doubled.

* The state and local tax deduction is capped at $10,000.

* Far fewer taxpayers will be subject to the alternative minimum tax.

* Medical expenses will still be deductible subject to income limitations.

* The $250 teacher expense deduction remains.

* 529 plans can now be also used for elementary school and high school.

* Asset management fees are no longer deductible.

Please consult with Brover & Associates for additional details.

Important Tax Updates as of 1-1-18