Page 28 - AreaNewsletters "Nov'18" issue

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B U S S S I N E S S S S S S Tax Tips
New Standard Deduction Deduction vs Itemized Deductions
By Janell Ball RTRP Pro Accounting & Tax Services
For 2018 joint lers can enjoy a a a a a a standard standard deduction of $24 000 (versus $12 700 for 2017) The new standard deduction for heads of household is $18 000 and single taxpayers taxpayers (including married taxpayers taxpayers ling separately) can claim a a a a a standard deduction of $12 000 However the TCJA suspends the deduction for personal exemptions If youtypicallyclaimthestandarddeduction(asopposedto itemizing deductions) chances are your tax bill will decrease for 2018 Although personal exemption deductions are no longer available a a a a a a a larger standard deduction combined with lower tax tax rates and an an increased child tax tax credit (see next
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Jayne friesen@guarantybankco com • 303-293-5493 month tax tax tax tax tip) may result in in in less taxes However if you usually itemize deductions the larger standard deduction deduction may change this Also the TCJA eliminates or limits many of the the the itemized deductions IE: the the the TCJA eliminated the the the Pro Accounting & Tax Services
Janell D Ball Accountant Castle Rock CO 80108
(303) 324-8617 Work (303) 223-3303 Fax jdball65@gmail com proaccountingtaxservices com popular miscellaneous deductions subject to the 2% of AGI threshold which included unreimbursed employee expenses (Form 2106) tax preparation fee fee and other fees such as Safety Deposit Box Union Dues Fees and some investment fees We are available to analyze your partic- ular tax situation to determine if you will pay more or or less under the TCJA Note: The service really wants individuals to check their withholding they are advising people to make sure that income taxes being withheld from their pay- checks pensions retirement distributions and the like are accurate for their circumstances To determine this you can go to the the IRS website and use their online withholding calculator Which you may need more withheld or less depending on your circumstances Give me a a a a a a a call if you you you need assistance checking your your withholding for your your circumstances Janell Ball RTRP Pro Accounting & Tax Services
303-324-8617 November 2018 • Castle Rock “AreaNewsletters” 28
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