Major changes in 2018 tax laws and how does it affect your 2018 US taxes?

  • Standard Deduction limit increases:
    1. Single/MFS – $12,000
    2. MFJ/QW  – $24,000
    3. HOH – $18,000
  • You may not need to itemize deductions
  • Cannot claim the personal exemption amount
  • Child Tax Credit has been increased  to $2,000
  • A new credit of up to $500 is available for each qualifying dependent
  • The marginal tax rate changed from 39.60% to 37%.

Please refer to https://www.irs.gov/newsroom/individuals for other changes and additional information.

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