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ey-tax-insights-the-3-factors-shapingAs you all know, The President has signed into law on December 22, 2017, represents the most significant changes in tax law in more than 30 years. Whether you gain or loose from the taxes, you will be interested in knowing how these will impact you:

Here is the gist:
Standard deduction and Exemption
• Standard deduction nearly doubled to $24000 (married) and $12000(single)
• Personal exemptions repealed at all income levels
If you are a Homeowner:
• Individual deduction for property taxes, State and local Taxes for income is limited in the aggregate to $10,000 (married and single filers) and $5000/- (married filing separately)
• The mortgage interest deduction cap is lowered for principle residence and second residence mortgages up to a $750,000
• Interest on Home Equity Line of Credit is no longer deductible
• Pre 12/16/2017 mortgages are grandfathered, and new purchase money mortgages may be grandfathered if the purchase contract is dated
Child Tax Credit
• Increase to $2000/- per qualified child
• Phase out for credit begins at $200,000(single) and $400,000 (married)
• Child’s SSN is must to claim this credit
Other Disappearing Deductions
Some deductions did not survive, including the following:
• Moving expenses
• Unreimbursed employee expenses
• Casualty and theft losses
• Employer-subsidized transportation reimbursement

529 Plans
• Contributions to 529 plans can now be used to pay up to $10,000 per year of K-12 education, while in the past they have only been used for post-secondary education expenses. The earnings in these plans are also tax-free if they are used to pay for tuition for kindergarten through college. The contributions are not deductible on your federal tax return, but most states allow the deduction

There are more and many other changes in the legislation, but above are the most will impact your taxes in 2018 (filing in 2019).