2018 Tax Changes

Visit my website at http://www.davidasnydercpa.com and call me at 928-445-0104 x9 with any business or tax issues.   I want to thank all my clients for the great year and hope you all have a prosperous and Happy New Year!!

            Item:                       Old Rule                           New-2018

      ____________________                 __________________                           ___________________

       C Corporation Taxes                              15%-35%                                      One bracket – 21%

              Estate Tax                           40% of value over 5.5 M                    40% of value over 11 M

         State & Local Taxes                             unlimited                                Capped at $10,000 total

          Mortgage Interest                   Up to $1 M acquisition                            Up to $750,000

                                                                Up to $100,000 equity                     No Equity, unless Bldg

         Standard Deduction                  $6,350/$9,350/$12,700                    $12,000/$18,000/$24,000

         Personal Exemption                                $4,050                                             None

            Casualty Loss                                 Over 10% AGI                          Only on federal disaster

         Medical Expense                   10% of AGI/Over 65-7.5%                All -7.5% AGI (2017 & 2018)

        Moving Expenses                  Over 50 miles from old job                Only active duty service

               Alimony                                  Deductible/Taxable                Neither Deductible or Taxable

            Misc Itemized                          Deductible > 2% AGI                            No deduction

             Child Credit                                        $1,000                                                $2,000

    Business Entertainment                 50% Tax Deductible                          Not deductible

        Business mileage                             53.5 cents/mile                               54.5 cents/mile

             ObamaCare                           Individual Mandate (IM)                Eliminated IM in 2019