Even if you received a tax refund in 2017, there are plenty of things that can cause your taxes to rise. Consider the following big tax law changes that could affect what you owe this year:
- Removal of the personal exemption. While the rates are lower, the personal exemption has gone away.
- Capping of the state and local tax deduction (SALT) at $10,000
- Removal of the deduction for home equity loan interest not used to buy, build or improve your home
- Removal of the deduction for unreimbursed employee expenses and other miscellaneous expenses
- Alimony receipts on a pre-2019 agreement may still be subject to tax.
If you have questions about how these changes will affect your situation, call today for a tax planning appointment before the end of the year. Remember, we now have three offices along the South Coast from which to serve you. Visit
www.jmrcpas.com for more information.
Tags: 2018 tax bill
Written by: Doug Rodrigues