Tax & Accounting News

The effects of the Tax Cuts and Jobs Act (H.R. 1) on your tax return.

12/26/2017

If you have been hoping you'd have time to do some tax planning for 2018, the U.S. Congress took the wind out of your sails by passing the Tax Cuts and Jobs Act (H.R. 1) at just about the very last minute possible. Not only are the changes complex, they're also confusing, and by releasing the bill while everybody was getting ready for the holidays, they gave us very little time to prepare for next year.

We've put together a quick summary of what we believe are the changes most likely to have the biggest impact on you. The best way to understand is probably to take out last year's 2016 federal return and reference it as we go through each of the key points.

Personal Exemptions - To compare to your 2016 tax return, look for the $4,050.00 deduction on your 1040 at Line 42, or your 1040A at Line 26.

The Personal Exemption has been completely eliminated. This is one of the most immediate changes that will impact everybody. Where taxpayers filing as single or married filing separately previously took a personal exemption for themselves, married filing jointly each got a personal exemption, and you could also take one for anyone you could claim as a dependent, that is no longer the case.

Standard Deductions - To compare to your 2016 tax return, look at your 1040 Line 40, or your 1040A, Line 24.

Taxpayers have always had a choice between itemizing their deductions or taking the simpler route of opting for the standard deduction. Starting in 2018, there are fewer itemized deductions available, but the standard deduction has increased to almost two times what it was. To see the difference for your filing status, check the chart below.

Itemized Deductions - To compare to your 2016 tax return, review your 1040 Schedule A that was part of your return.

The new law has made significant changes to the itemized deductions that are available to taxpayers. Changes were made to some of the most popular write-off items, including state and local taxes, charitable contributions, gambling losses, casualty losses, and expenses that exceed a percentage of income levels, including medical expenses and employee and investment expenses. Here's a quick rundown of some of the new law's deduction changes:

Home Mortgage Interest - Compare to 2016 Schedule A, Lines 10 to 12

In previous years, interest on up to $1 million of acquisition debt, and up to $100,000 of home equity debt, could be deducted for both first homes and vacation homes. That has been changed, with the limit reduced on home acquisition debt for both first and second homes to $750,000 for couples filed jointly and to just $375,000 for those filing married but separate.

The good news is that the change only applies to new acquisition mortgages: if your mortgage was already in existence prior to December 15, 2017, you will be able to continue deducting interest based on the previous $1 million cap. The bad news is that for those who are carrying equity debt, the deduction will be eliminated entirely. This could have a significant effect on those who took out second mortgages in order to pay for travel, automobiles, schooling, or other expenses.

Taxes - Compare to 2016 Schedule A, Line 9

This is one of the most controversial changes made to America's tax laws, and one that the Congress wrestled with extensively. Where taxpayers were previously able to deduct a number of state and local taxes, including income taxes, real property taxes, and some personal property taxes and sales taxes, the new law limits the amount that can be deducted to just $10,000 per year. For those living in states with notably high income taxes or real estate taxes, this represents a significant loss.

Charitable Contributions - Compare to 2016 Schedule A, Line 19

Not only will taxpayers still be able to deduct their charitable deductions, but to an even greater extent, as the new law increases the percentage of AGI (Adjusted Gross Income) from 50% to 60%.

Medical Deductions - Compare to 2016 Schedule A, Line 4

Where individuals were previously able to deduct any medical expenses that were more than 10% of their Adjusted Gross Income, for tax years 2017 and 2018 the percentage limit of AGI will drop to 7.5%. After this brief reprieve, the limit will return to 10% of AGI.

Job Expenses and Certain Miscellaneous Deductions - Compare to 2016 Schedule A, Line 27

Taxpayers will no longer be able to deduct these expenses.

Casualty and Theft Losses - Compare to 2016 Schedule A, Line 20

Only personal casualty losses that occur within a federally-declared disaster area will be deductible going forward. Other personal casualty losses and thefts will no longer be deductible.

Overall Limit on Itemized Deductions

Between and including tax year 2018 and 2025, higher income taxpayers will no longer be subject to phase out rules for their total itemized deductions.

Tax Rates - Compare to 2016 1040 Line 44, 1040A Line 28

The new income tax rates have changed significantly under the just-passed tax law. To determine your tax bracket for the year 2018, refer to the charts below.

Child Tax Credit - Compare to 2016 1040 Lines 52 and 67, 1040A Lines 35 and 43

The new tax law substantially expands the child tax credit in a number of ways:

The credit per eligible child has increased from $1,000 to $2,000
The amount of the child tax credit that is refundable will be $1,400
There is an additional nonrefundable dependent tax credit of $500 for each dependent that does not qualify for the child tax credit
Where the previous law phased out child tax credits at AGI of $110,000 for couples filing married filing jointly, $55,000 for couples filing married but separate and $75,000 for all other filing statuses, the new law increases the AGI threshold to $400,000 for married filing jointly and $200,000 for all other filing statuses.
There is a new requirement that to qualify for either the nonrefundable or refundable child tax credit, the taxpayer's return must include a Social Security Number for each dependent for whom it is claimed, and that number must have been issued prior to that year's tax return due date.

The summary above barely scratches the surface of all the changes that the new tax law represents. Businesses will see significant impact, as there are new deductions available for partnerships, sole proprietorships and S-corporations, and a number of other new changes. To discuss how the law will specifically impact you, contact a reviewed tax professional to set up an appointment.

Lee Reams Sr., EA writes for TaxBuzz, a tax news and advice website. Reach him at [email protected] or on LinkedIn.

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Lee Reams, BSME, EA

Editor-in-Chief

Besides his role at CountingWorks as an educator and speaker to thousands of accountants nationwide, Lee manages a technical research service for a large group of tax accountants which sharpens his technical skills. Lee served on the Board of Blackline Systems, is a former Board of Director for the California Tax Education Council, is a Past President of the San Fernando Valley Chapter of Enrolled Agents, Member and Past Director for the California Society of Enrolled Agents.

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You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
Liability Limitation and Usage Guidelines for TaxBuzz Ai:
Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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