Resources

2018 Questionnaire (pdf)

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Client data sheet 2018 (pdf)

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2018 Mileage Rates

Business

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 54.5 cents for every mile of business travel driven 

Charitable Service

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 14 cents per mile driven in service of charitable organizations 

Medical or Moving

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 18 cents per mile driven for medical or moving purposes 

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Tax Changes

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  • The standard deductions have been nearly doubled, the personal exemption eliminated, and allowable itemized deductions dramatically altered.  
  • Small Business: The bill introduced a 20% income reduction calculations for S corps, partnerships, and sole proprietors.  100% first year bonus depreciation is available once again with a $1 million limit for Section 179 expensing.  
  • Beginning in 2018, the child tax credit (CTC) doubles to $2,000 per qualifying child.  The new bill introduces a new $500 family credit for other dependents and it makes up to $1,400 of the credit refundable.  In other words, even if you owe no income tax, you can receive money back using the new rules.  

How Alimony Tax Changes in 2018 may affect you:

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One of the changes to the law made by the Tax Cuts and Jobs Act is the elimination of the tax effects of alimony payments as of January 1, 2019. Prior to January 1, 2019, in most cases, alimony is a tax deduction for the payor and is taxable income of the recipient. As of January 1, 2019, however, alimony payments are not deductible by the payor and are not included as income by the recipient. This change is expected to reduce the amount of alimony payments, because it is will reduce the cash flow of both the payor and the recipient. It may also impact child support, which is determined in large part based on the incomes of the parties.