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Tax Reform 101: Five Changes That May Affect You

Authored By: Intuit TurboTax on 2/10/2019

With so many changes under the new tax reform law, Manatee Community Federal Credit Union breaks down the top 5 to help you understand how you may be affected.

Don’t worry, TurboTax Has You Covered

TurboTax is always up to date with the latest forms and 100% accurate calculations. With TurboTax, you can file your taxes with complete confidence – and get your biggest possible refund, guaranteed. AND, as a credit union member you can save up to $15 on TurboTax federal products. Click here to access TurboTax and your savings!

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Five Changes That May Affect You

Lower tax rates, more money. One of the biggest changes is the reduced tax rates, about 1 – 3% for the majority of taxpayers so you may be seeing more money in your paycheck.

Elimination of personal and dependent exemptions. Personal and dependent exemptions of $4,050 were eliminated. This can mean a big reduction in the number of write-offs you once had.

Increase in the Child Tax Credit. The new tax reform law increased the Child Tax Credit from $1,000 to $2,000 per child and it raises the income threshold, which means more people could be eligible for the credit.

Changes if you’re a homeowner. The new law limits the amount of state and local property, income, and sales taxes that can be deducted to $10,000.

Elimination of tax deductions. The new tax reform law eliminated several popular tax breaks starting in tax year 2018 (the one you file in 2019) like miscellaneous itemized deductions.

Don’t worry about knowing the new tax laws. TurboTax has you covered and will be up to date with the latest forms and 100% accurate calculations. When you are ready to file, click here to access TurboTax and your savings!

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