5 Big Takeaways for Individuals from the Tax Cuts and Job Act
5 Big Takeaways for Individuals from the Tax Cuts and Job Act
- Loss of personal exemptions-$4,050(2017) to $-0-(2018)
- Increase in standard deduction:
- Single-$6,350(2017) to $12,000(2018P
- Married Joint-$12,700(2017) to $24,000(2018)
- Head of Household-$9,350(2017) to $18,000(2018)
- Additional for Elderly & Blind
- Single-$1,550(2017) to $1,600(2018)
- Married Each-$1,250(2017) to $1,600(2018)
- Real and personal property taxes and state and local income taxes deduction capped at $10,000
- Mortgage interest deduction for new mortgages after 2017 limited to the interest on the first $750,000 of mortgage debt; elimination of the deduction of home equity interest after 2017
- All miscellaneous itemized deductions subject to the 2% of adjusted gross income suspended
