Exciting new changes are in store for 2018 returns. If you have a small business, there is a new 20% deduction now available on qualified business income.
Even though the exemption for children and other family members is gone, there are great tax credits for family members who qualify. Also, State returns are still providing an exemption for dependents, so please keep track of them.
There are many other changes along with the actual decrees in tax rates to be aware of.
If you have any questions, please let me know.
Dave Magruder, CPA