Carl Esposito, Enrolled Agent

The Tax Cuts and Jobs Act was signed into law on 12/22/2017. Here are some items for individuals to consider going into 2018:

1. Seven tax brackets retained; top rate 37%
2. Larger standard deduction; repeal of personal exemptions
3. Retained individual AMT tax with higher exemption amounts
4. New limits on deduction for state and local taxes
5. Expanded child tax credit
6. Elimination of penalty for failure to purchase health insurance (the ACA's individual mandate)
7. All of these (other than ACA mandate change) sunset after the end of 2025

If anyone needs further explanation on any of these items, please respond. Thank you and Happy Holidays!

For anyone in need of tax preparation services in the winter of 2018, please contact me at 347-452-3620 or [email protected]. Thank you.