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Tax Cuts and Jobs Act -What’s In it For You

Liberty Bell

It’s time to get above all the politcal noise and find out what is really in the Tax Cuts and Jobs Act and learn how it is going to affect you personally. The first step is to go to the Federal government link and read the summary:

https://static1.squarespace.com/static/598e0867be42d6f782347394/t/5a345b6141920241eb5ff687/1513380705659/TCJA_Conference121517.pdf

For individuals and families, the Tax Cuts and Jobs Act:
• Lowers individual taxes and sets the rates at 0%, 10%, 12%, 22%, 24%, 32%, 35%, and 37% so people can keep
more of their hard-earned money.
• Significantly increases the standard deduction to protect roughly double the amount of what you earn each year
from taxes – from $6,500 and $13,000 under current law to $12,000 and $24,000 for individuals and married
couples, respectively.
• Continues to allow people to write off the cost of state and local taxes – up to $10,000. Gives individuals and
families the ability to deduct property taxes and income – or sales – taxes to best fit their unique circumstances.
• Takes action to support more American families by:
• Expanding the Child Tax Credit from $1,000 to $2,000 for single filers and married couples to help parents
with the cost of raising children. The tax credit is fully refundable up to $1,400 and begins to phase-out for
families making over $400,000. Parents must provide a child’s valid Social Security Number in order to receive
this credit.
• Preserving the Child and Dependent Care Tax Credit to help families care for their children and older
dependents such as a disabled grandparent who may need additional support.
• Preserving the Adoption Tax Credit so parents can continue to receive additional tax relief as they open their
hearts and homes to an adopted child.
• Preserves the mortgage interest deduction – providing tax relief to current and aspiring homeowners.
• For all homeowners with existing mortgages that were taken out to buy a home, there will be no change to the
current mortgage interest deduction.
• For homeowners with new mortgages on a first or second home, the home mortgage interest deduction will
be available up to $750,000.
• Provides relief for Americans with expensive medical bills by expanding the medical expense deduction for
2017 and 2018 for medical expenses exceeding 7.5 percent of adjusted gross income, and rising to 10 percent
beginning in 2019.
• Continues and expands the deduction for charitable contributions so people can continue to donate to their local
church, charity, or community organization.
• Eliminates Obamacare’s individual mandate penalty tax – providing families with much-needed relief and
flexibility to buy the health care that’s right for them if they choose.
• Maintains the Earned Income Tax Credit to provide important tax relief for low-income Americans working to
build better lives for themselves.
• Improves savings vehicles for education by allowing families to use 529 accounts to save for elementary,
secondary and higher education.
• Provides support for graduate students by continuing to exempt the value of reduced tuition from taxes.

Text TAX REFORM to 50589 to stay up-to-date on its status, sent straight to your phone.

 

 


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