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Taxes Are Easy The Tax Cuts And Jobs Act TCJA An Introduction 2018 Tax Law And Forms(2018 Edition)
Authors:
Michael D Meyer, EA
Cover Type:Hardcover
Condition:Used
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ISBN: 0578570254, 978-0578570259
Book publisher: Independently published
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Book Summary: The Trump Tax Cutsofficially known as the“Tax Cuts and Jobs Act” TCJADid you fully understand your completed 2018 tax return this year? Why did the 1040 forms change? Why can you no longer deduct your unreimbursed job expenses? So many questions? This book explains 41 of the “Tax Cuts and Jobs Act” changes and how those might have affected your 2018 tax return. It is designed for a quick review of all 41 TCJA changes in just the first hour reading the book. You can then study the in-depth topic explanations in each chapter, that are applicable to your 2018 tax scenario.You will understand these changes after reading this book.The 41 topics are:1) The new single-page 2018 Form 1040 postcard with its six new supporting Schedules2) The revised 2018 Individual Income Tax Rate Brackets3) The revised 2018 Capital Gain Tax Rate Schedule4) The Personal Exemption deduction amounts have been removed from the 2018 Form 1040 postcard5) The Child Tax Credit has doubled to $2,000 with $1,400 now refundable as the Additional Child Tax Credit6) A new nonrefundable $500 Credit for Other Dependents added7) The 2018 Standard Deduction amounts have almost doubled8) The phase-out of the Itemized Deductions has been “suspended” for higher-income Taxpayers9) Far fewer taxpayers will now benefit from the Itemized Deductions10) The Miscellaneous Itemized Deductions subject to the 2% of AGI threshold are “suspended” until 01/01/202611) The 7.5% AGI threshold for deducting Medical Expenses as an Itemized Deduction remains for 201812) The new $10,000/$5,000 per tax return limit for the SALT deductions13) The new lower Mortgage Interest Deduction limits for new home mortgages secured after 12-15-201714) The deduction for Interest on Home Equity Loans is now limited15) Mortgage Insurance Premiums are no longer deductible as an Itemized Deduction category16) Fewer Taxpayers will now qualify to deduct their Charitable Contributions17) Charitable Contributions - two rule changes18) Non-disaster Casualty and Theft losses are no longer deductible as an Itemized Deduction category19) The Living Expense deduction for Members of Congress eliminated20) Qualified Moving Expenses are no longer deductible for most taxpayers21) The Qualified Bicycle Commuting Reimbursement Exclusion has been “suspended”22) The Tuition and Fees Deduction was not extended past the 2017 tax year23) The Mortgage Debt Relief Act of 2007 exclusion was not extended past the 2017 tax year24) The Credit for Nonbusiness Energy Property was not extended past the 2017 tax year25) New 2019 Alimony payments are no longer deductible for the Payer or shown as income to the Recipient26) New Discharge of Student Loan Debt exclusion item added27) The Professional Gambler expense deduction rules clarified28) Distributions from 529 Qualified Tuition Program plans expanded29) The ABLE account contribution limits expanded for the Disabled Beneficiary30) The Roth IRA recharacterization rules and the Backdoor Roth IRA explained31) The Penalty Tax for not having Qualified Health Insurance is still in effect for the 2018 tax year32) The two high-income Affordable Care Act taxes have been retained33) Far fewer taxpayers will be subject to the Alternative Minimum Tax (AMT)34) The Kiddie Tax was revised to no longer use the Parent’s marginal tax rate35) New Deferral of Income for Private Company Stock Option Plans36) The Estate and Gift Tax Exemption amounts doubled and the $15,000/year Gift Tax Exclusion amount37) The new 20% Qualified Business Income deduction38) More generous Depreciation rules for Small Business39) Meals and Entertainment deduction changes for Small Business40) Like-Kind Exchange rule changes for Small Business41) Bonuses now subject to a 22% tax withholding rate compared to 25% previously
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