Keep in Sight on 2018 Tax Returns

Tax Rates are Lower

10%, 12%, 22%, 24%, 32%, 35%, 37%

Standard Deduction is Higher

$12,000 Single and Married Filing Separate
$18,000 Head of Household
$24,000 Married Filing Joint

Child Tax Credit Up to $2000 per child under 17, up to $1400 refundable
New! Up to $500 Credit for Other Dependents

6 New Schedules on the newly designed Form 1040

Business Owners of Sole Proprietorships, Partnerships, S-Corporations, and LLCs
you may be able to Deduct Up to 20% of your Net Qualified Business Income

Looking Forward in 2019

If you’ll receive income in 2019 from Interest, Dividends, Self-Employment, Capital Gains or Prizes and Awards you may need to make estimated tax payments during 2019. Now is a good time to plan for these payments.

Withholding has changed. You may benefit from a paycheck checkup and adjustment to the amount of tax your employer withholds from your pay.

SoundCPA Insights Tax & Financial Reporting is open for initial client consultations.
Make an appointment with SoundCPA here.