The Tax Cuts and Jobs Act of 2017 made headlines as being one of the largest tax overhauls in recent history. Its changes are continuing to take effect across the country—but how will it impact you this tax season? Below are a few highlights to help you understand the new tax laws:

Marriage penalty is mostly eliminated, except for couples earning more than $400,000.
Standard deduction doubled for all filing statuses.
Personal exemption is eliminated.
Child tax credit for qualified children under age 17 doubled from $1,000 to $2,000 and refundable credit increased to $1,400.
Lifetime Learning Credit and Student Loan Interest Deduction remain in place.
Mortgage interest deduction decreased on loans from $1 million to $750,000 and home equity interest deduction has been eliminated.
State and Local Tax deduction has been capped at $10,000. This will affect taxpayers in high tax states such as California, New York & New Jersey.
Deductions that are eliminated: casualty and theft loss (except for those attributable to a federally declared disaster), unreimbursed employee expenses, tax preparation expenses, other miscellaneous deductions previously subject to the 2% AGI gap, moving expenses, employer-subsidized parking, and transportation reimbursement.
Obamacare penalties will be eliminated in 2019. They are still in effect for 2018.
Most changes to the individual tax breaks are temporary. They will expire in 2025.

Still have questions on how the new laws may impact you? Call us today at 443-605-3167 to setup a free consultation for a personalized assessment.