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

Original Post
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?

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. 

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