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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.
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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 - Dependent exemption
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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 -
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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 - New 20% Qualified Business
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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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