Standard Deduction and Personal Exemptions Changes Standard Deduction Taxpayers may reduce their adjusted gross income (AGI) by the standard deduction (or sum of itemized deductions) to determine their taxable income. Under the previous law (for 2017 earnings, which you filed in 2018,) the standard deduction rates were: $13,000 for married individuals filing jointly and surviving […]Read More
The Bottom Line
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Back to School Tax Holiday It’s almost that time again; the dreaded back-to-school shopping time. Good news! We have something that might make back-to-school shopping more bearable. Florida has a back-to-school tax holiday from August 3rd to August 5th – sales tax will not apply for the following items. For more information and terms, please […]Read More
Alimony is No Longer Deductible After December 31, 2018 Divorce is often a sensitive topic. While we hope you never have to go through one, we want to ensure you are aware of the tax implications involved with the new tax laws and help you plan accordingly should divorce be inevitable. Under the new tax […]Read More
In 2017, Congress passed the most significant tax reform since 1986. A specific change to the law is in the Marginal Tax Brackets, or what most people call “Tax Brackets.” Tax brackets are ranges of incomes taxed at a given rate. The new tax bracket rates came into effect on January 1, 2018 and guess […]Read More
Income Tax Projections His pulse raced, his hands and brow dampened, and he squirmed in his chair as he sat across from his accountant. How could I owe $30,000 to the IRS? There had to have been some mistake. He couldn’t possibly owe the IRS $30,000. Unfortunately, this happens more often than you might think […]Read More
With all the new tax changes coming, you might be wondering when they will come into effect. The new tax bill came into effect on January 1st, 2018. Therefore, any income you earn starting on January 1st, 2018 will be under the new bill and taxed at the new rates. The changes, however, do not […]Read More