Standard deductions
Those who are married and filing jointly will have an increased standard deduction of $25,100
Single taxpayers and those who are married and file separately now have a $12,550 standard deduction
Unmarried Individuals (other than Surviving Spouses and Heads of Households) $12,550
For heads of households, the deduction will be $18,800
Personal exemption
The personal exemption remains at $0 with the tax reform bill. **
Items eliminated:
2% business deduction on the schedule A, which included: professional attire, moving expense, travel, union dues, home office use, entertainment, and tax fees
Tip-I am advising some of my clients who are claiming 4 or more deductions or exemptions to change their W4 to 0 exemptions. ***Before making any adjustments to your own personal filings, please consult with your tax adviser**
Child tax credit
The child tax credit is fully refundable for qualifying taxpayers
Qualifying child age has increased to younger than 18 (previously 17)
The credit amount increased to $3,000 (ages 6-17) and $3,600 (ages 5 and under)
A $500 nonrefundable credit is available for dependents for qualifying dependents other than qualifying children.