TAX REFORM CENTER

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Key tax reform changes
for 2019 taxes

We understand that tax reform may be a lot to take in. Not to worry, we’ve gathered these key
topics to help keep you informed so you can have peace of mind.

  • Standard deduction

    • Increased to $12,200 for single or married filing separately, $24,400 married filing jointly
    • Increased to $18,350 for
      Head of Household
    • 65 and over, blind, or disabled will get an additional standard deduction
  • Families

    • Dependent exemption
      is eliminated
    • Child Tax Credit doubles to $2,000
    • Adds $500 credit for other
      types of dependents
    Related Articles:
    Tax Reform 101 for Families See all
  • Home mortgages

    • Mortgage interest paid on new loans deductible up to $750,000 (or existing loans up to $1,000,000)
    • Interest paid on home equity loan or home equity line is limited to building and improving your home
    Related articles:
    How Tax Reform Changes Mortgage Deductions See all
  • Tax rates & brackets

    • Most taxpayers will see lower rates
    • Highest rate drops from 39.6% to 37%
    Related articles:
    Tax Reform Changes to Tax Brackets See all
  • State & local taxes

    • State and local property, income, and sales taxes limited to $10,000
    • No income tax prepayment
      for 2019 allowed
    Related articles:
    How Tax Reform Changes State Income, Property & Sales Tax Deductions See all
  • 1040 form

    • New 1040 form with six new schedules
    • Eliminates 1040EZ and 1040A versions


  • Alternative
    minimum tax

    • Raises the income cap so that less people are impacted
    • Single taxpayers exemption raised to $71,700
    • Married Filing Jointly exemption raised to $111,700
    Related articles:
    How Tax Reform Changes the Alternative Minimum Tax (AMT) See all
  • Self-Employed

    • New 20% Qualified Business
      Income Deduction
    • Qualified business equipment can be deducted up to $1,000,000
    • Potentially a greater business auto depreciation deduction
    Related articles:
    Tax Reform Changes for Self-Employed Businesses See all
  • Healthcare

    • Eliminates tax penalty for not having health insurance (starting in 2019)
    • Changes the floor on out-of-pocket medical expenses to 10% starting in 2019
    Related articles:
    How Tax Reform Changes Health Care Laws See all

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