Tax Reform (Tax Cuts and Jobs Act)

IRS5307

As 2019 is coming near, we are getting more requests about how the Tax Cuts and Jobs Act (Tax Reform) will affect taxpayers.

Whether you are serviced by Hampton Roads Accounting or another tax professional, we strongly urge you to download and review IRS Publication 5307 (Tax Reform: Basics for Individuals and Families)

Here are just some of the topics covered:

  • Changes in Tax Rates
  • Adjusting your Federal income tax withholding
  • Paycheck Checkup
  • Step-by-Step Instructions for Using the IRS Withholding Calculator
  • Updating Form W-4 After Doing a Paycheck Checkup
  • Making Estimated or Additional Tax Payments
  • Changes to Standard and Itemized Deductions
  • Changes to medical and dental expenses
  • Changes to deduction of state and local income, sales and property taxes
  • Changes to deduction of home mortgage and home equity interest
  • New limits for charitable contributions
  • Changes to deduction for casualty and theft losses
  • Suspension of miscellaneous itemized deductions
  • Suspension of deduction and exclusion for moving expenses
  • Changes to Benefits for Dependents
  • Suspension of deduction for personal exemptions
  • Changes to Child tax credit and additional child tax credit
  • Increase of Alternative Minimum Tax (AMT) exemption amount
  • Repeal of deduction for alimony payments
  • Changes to treatment of student loans discharged due to death or disability
  • Changes to reporting Health Care Coverage
  • Roth Conversions, Disaster Relief, 529 Plans, and more

At minimum, reviewing Publication 5307 before it is tax preparation time will give you an opportunity to make a list of questions for your tax professional.

You can download Publication 5307 HERE or HERE.  If you have any specific questions, just send us an email.