Hi, I am a tax preparer and have been doing taxes for over 20 years. Here are a few changes that are going into effect this year: 

- Personal Exemptions have been removed

- Standard deductions have been almost doubled

- Tax brackets have been changed. They have gone down.

- Business expenses for non self employed personnel have been eliminated.

I will be happy to explain any of these for anyone who would like. Those are just a few. 

- Lisa

Last edited by Lisa Eichinger
Original Post

You can still write off charitable donations; however they fall under the itemized section and if your total itemized deductions are less than the standard deduction, it won't be beneficial to take the itemized deductions.

Yes I would say so. That's what the government was hoping for so it could be easier on the tax payers and less mistakes could be made.

Lisa Eichinger posted:

Hi, I am a tax preparer and have been doing taxes for over 20 years. Here are a few changes that are going into effect this year: 

- Personal Exemptions have been removed

- Standard deductions have been almost doubled

- Tax brackets have been changed. They have gone down.

- Business expenses for noon self employed personnel have been eliminated.

I will be happy to explain any of these for anyone who would like. Those are just a few. 

What are the changes for personal businesses and the self employed?

We're resident aliens and I read somewhere for dependent (kids),  will they still be eligible for child credit or not? Heard there are some changes ?

Lynn - personal businesses and the self employed didn't have much change.  

- You may be able to deduct up to 20% of your qualified business income from your qualified trade or business, plus 20% of your qualified REIT dividends and qualified PTP income. The deduction can be taken in addition to your standard deduction or itemized deductions. 

Amronnie - 

- Yes, dependent children need to have a SSN for the child tax credit.  If they do not have an SSN then there is a new credit for other dependents that the children would fall under.  It is a credit of up to $500 per child.

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