You may have heard that the Tax Cuts and Jobs Act of 2017 is going to change the way Alimony is handled for tax purposes. In 2018 and prior, the payer of alimony enjoys a tax deduction and the recipient of the alimony pay tax on it. The…
The Tax Cuts and Jobs Act (TCJA) has greatly changed the way you will itemize deductions in 2018 compared to 2017. First, the Act increased the standard deduction to $24,000 for married couples, this means you need at least this amount in itemized deductions to itemize. Second, the…
The Tax Cuts and Jobs Act of 2017 increased the child tax credit for all eligible children to $2,000. The Act also increased the refundable portion to $1,400. This means that even if you pay no income tax you still can take the benefit of the credit. Another…
The new law has greatly changed the way you will itemize deductions in 2018 compared to 2017. First, the Act increased the standard deduction to $24,000 for married couples, this means you need at least this amount in itemized deductions to itemize. Second, the Act has capped the amount…
The Tax Cuts and Jobs Act (TCJA) of 2017 did not repeal the penalty for individuals not having health insurance nor the requirements for businesses to issue you forms related to your health insurance coverage. If you have health insurance through the exchange, you will receive a Form 1095-A. …
