Page 5 - TASTAX Brochure 2017-1

Major Tax Changes Impacting the 2018 tax year:

 Higher Standard Deductions

 Personal Exemptions Eliminated

 Lower Marginal Tax Rates

 Marriage Penalties Eliminated

 Higher child tax credit up to $1600 per child

 Limitation of $10,000 on State and Local taxes

 Medical expense deduction minimum decreased to 7.5% from
10% for taxpayers under 65 years of age

 Health Insurance Penalty Eliminated

 Flexible 529 plans

Tax Scams - The IRS will never:

 Call to demand immediate payment using a specific payment
method such as a prepaid debit card, gift card or wire transfer.

Generally, the IRS will first mail you a bill if you owe any taxes.

 Threaten to immediately bring in local police or other law-
enforcement groups to have you arrested for not paying.

 Demand that you pay taxes without giving you the opportunity
to question or appeal the amount they say you owe.

 Ask for credit or debit card numbers over the phone.

Identity theft is serious and can take a long time to resolve. Take
preventative measures and file your taxes early. Protect your finan-
cial data by using the File Share site instead of using email to send

documents with Social Security Numbers. Notify IRS by completing
Form 14039 if you become a victim. See Publications 5027 and 4524

on www.irs.gov.