Tax Reform 101: Five Changes That May Affect You
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.
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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.
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