2. 2018 Tax Rates & Tax Brackets are lowered. Good news for many taxpayers.
3. 2018 Personal Exemption rate of $4050 eliminated. Bad news for all taxpayers.
4. 401{k} Borrowers - Some have more time to repay the loans.
5. ABLE Accounts have more flexibility. Helps some taxpayers
6. Alimony Tax Liability - Major changes here.
7. AMT (Alternative Minimum Tax} - Changes are good for many subject to the AMT.
8. Business Debt - Tax Deductions substantially reduced.
9. Business Deductions - Some increased, and some deleted - major changes here.
10. Business Loss Deductions - Rules changed and limited to some extent
11. C-Corporations - Many important changes.
12. C-Corp - Tax Rate reduced to 21% - Major changes here.
13. C-Corp - AMT Tax Eliminated for corporations - Good news for any corps subject to the AMT tax.
14. Capital Gains tax - important changes for these gains.
15. Casualty Loss deductions - important changes - for these deductions.
16. Charitable Deductions - Need to know the changes-important changes.
17. Child Tax Credit - Doubled, good news for married taxpayers with children.
18. Dependent Care Plans - Improved, important changes.
19. Earned Income Tax Credit - Important changes here.
20. Employee Expenses. Unreimbursed-major changes - not good changes.
21. Employee Fringe Benefits - Lots of changes.
22. Entertainment Deductions for Business - Eliminated - Bad news
23. Estate Tax - Important improvement.
24. Gift Tax Exclusion - small good change.
25. Health Savings Accounts - Still a big deduction.
26. Health Care Expense Deductions - Minor changes.
27. HRA - Health Reimbursement Arrangements - A Big Deduction
28. Hiring Your Kids - Tax Benefits - Major change.
29. Home Office Deduction - Still a good deduction - Few Changes
30. Homeowner Related Deductions - Big changes here.
31. Itemized Deductions - New major limits and eliminations.
32. Kiddie Tax - Much worse under New Rules
33. Like-Kind Exchanges - Big changes.
34. LLCs - Limited Liability Companies - Important changes.
35. NOL - Net Operating Losses - New limitations.
36. Obamacare - Related penalties going away- 1/1/19.
37. Partnerships - Big changes here.
38. Pass-Throughs - Sole Prop.,LLCs, S-Corps, Partners - Big important changes.
39. Recordkeeping requirements - New emphasis.
40. Roth Do-Overs - Eliminated.
41. S-Corporations - Big changes- Pass-Throughs.
42. Sole-Proprietorships - New Opportunities.
43. State & Local Taxes - New important limitations.
44. Student-related deductions - Several changes.
45. Teacher's Special Tax Deduction - Still available.
46. Travel Deductions - For business trips - small changes.
47. Vehicle use for business - Minor changes.
48. Vehicle Bonus depreciation - Still good.
49. Vehicle - Luxury vehicle depreciation - greatly improved.
50. W-4 Payroll Deductions - Major changes.
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