* 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