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Posted on March 28, 2019 - 07:34 AM
by Diana Walton
Increased standard deduction
Single taxpayers standard deductions increase from $6,350 for 2017 taxes to $12,000 for 2018 taxes. Married couples filing jointly will see an increase from $12,700 to $24,000.
Home mortgage interest deductions
Prior to 2018, if you itemized your deductions, you were allowed to deduct the interest you paid on your primary residence and/or second home, as long as your original mortgage principal owed wasn't more than $1 million. With the new reform bill, the maximum mortgage principal amount has now been lowered to $750,000.
Increased child tax credit
The new bill increases the child tax credit from $1,000 to $2,000 per qualified child, and raises the income limits for the credit from $110,000 to $400,000 for those filing jointly and from $75,000 to $200,000 for those filing individually. Please remember to consult with your tax advisor for more information. I hope this information was helpful