As you know, the Tax Cuts and Jobs Act (TCJA) not only changed what Form 1040 looks like, it changed how we file.
Here’s a quick run-through of what you should expect this tax season.
- Form 1040A and 1040EZ are no longer available to file 2018 taxes
- April 15, 2019 is the tax deadline date
- April 17, 2019 is the tax deadline for taxpayers who live in Maine or Massachusetts because of Patriots’ Day and Emancipation Day in the District of Columbia
- Tax rates are now 10%, 12%, 22%, 24%, 32%, 35%, and 37%
- Standard deductions are now $12,000 for single/married filing separate filers, $24,000 for joint filers, and $18,000 for head of household filers
- Personal exemptions expire
- Social security numbers are required for dependents
- Qualifying dependents who do not have a social security number are eligible for a nonrefundable credit up to $500
- The Child Tax Credit increases to $2,000 per qualifying child
- The Additional Child Tax Credit increases to $1,400
- You can now deduct 20% of your qualified business income starting 2018
- Job related expenses are no longer deductible
- Alternative Minimum Tax (AMT) exemption increases to $70,300 ($109,400 for joint/widower filers, $54,700 for married filing separately)
To read more about tax changes for 2019, click here to view our detailed blog.