Filing your 2018 Income Tax Return – Lots of Changes

If you haven’t already, it’s time to file your 2018 income tax return, but be prepared, there are lots of changes this tax season. The Tax Cuts and Jobs Act became law on December 22, 2018.  Listed below are the major changes that will affect your individual tax return.  New Forms IRS Forms 1040, 1040A and 1040EZ have been combined into one simplified individual tax return. The new design consists of a two-sided, half-page form. Some sections from the previous design were moved to supporting schedules. Standard Deduction Married taxpayers receive a much higher standard deduction of $24,000. In 2017, the deduction was just $12,700. For single taxpayers and married filing separately, the new standard deduction is $12,000 (compared to $6,350 in 2017). Heads of the household will get a standard deduction of $18,000, up from $9,550. Since the standard deduction is so much higher, fewer taxpayers will be able to itemize deductions. The IRS estimates that…

Read more detail on Recent Estate Planning posts –

This entry was posted in Estate Planning and tagged , , , , , . Bookmark the permalink.

Leave a Reply