Titanic shifts in the United States tax code continue to rock American taxpayers. Under the Tax Cuts & Jobs Act of 2017 (TCJA) if you are a divorced parent, separated spouses or an unmarried parent, you may now be unable to fight over their children’s dependency exemptions in 2018 because lawmakers have eliminated the exemption.In 2017, the U.S. Congress passed … Read More
You’ll get more money back with the Child Tax Credit
While many aspects of the current tax reform bill are controversial, one of the most talked about part of the Tax Cut & Jobs Act also know as the Trump tax breaks is the Child Tax Credit provision. Married couples everywhere delighted with the announced increase in the child tax credit for 2018. This is the credit that taxpayers receive … Read More
Property, state and local taxes are still deductible, up to a point
A momentous change took place last December 2017 in the form of the Tax Cuts and Jobs Act (TCJA), which is the tax reform bill that placed a new limit on deductions for state and local taxes, including property taxes. Previously these deductions were unlimited for individuals, though many people who owed the alternative minimum tax lost the benefit of … Read More