New Tax Law Blog Archives – Page 2 of 3

Four Tax Deductions Eliminated under the New Tax Reform

August 21st, 2018

The New Tax Reform signed into law by President Trump in December 2017 simplified taxes for millions of Americans by almost doubling the standard deduction. Starting with tax year 2018, the IRS expects millions of taxpayers to stop itemizing and star… Read More

3 Ways the Alternative Minimum Tax is Affected by The New Tax Reform

July 20th, 2018

Alternative Minimum Tax (AMT), like its name infers, is a minimum tax applied to taxpayers. Currently, the tax code allows taxpayers to qualify for a lot of different deductions and credits. AMT ensures that high-income earners pay a minimum tax. It… Read More

4 Important Things You Need to Know about How the Child Tax Credit was Affected by the New Tax Reform

July 10th, 2018

Are you one of the millions of Americans who rely on the Child Tax Credit to help offset your annual tax bill and provide you with some extra cash to get caught up on expenses, move, or plan a family vacation? The Child Tax Credit provides some extra… Read More

Four Things You Should Know about How the New Tax Reform Affects Charitable Giving

June 28th, 2018

Like in years past, you must take the itemized deduction to receive any credit for donations of cash or goods to your favorite charities. Eligible donations that are deductible, include money and gifts given to: churches or religious organizations; f… Read More

Will the New Federal Tax Law Mean Ohioans Pay Higher Income Taxes?

June 1st, 2018

It depends. Most taxpayers will not see a significant net tax change. Tax rates are decreasing. The standard deduction is nearly doubling. Deductions are being capped and eliminated. The Alternative Minimum Tax exemption is increasing. The people mos… Read More

Is Mortgage Interest Still Deductible on Your Tax Return?

May 17th, 2018

Currently, for the tax return you will file for 2017, the mortgage interest deduction remains unchanged. The New Tax Reform, signed into law by President Trump on December 22, 2017, changes the deduction significantly for people who have a home equit… Read More

New Tax Laws in 2018

May 11th, 2018

Under the new tax laws, most of the changes will affect your 2018 tax return (taxes you will file in 2019). Many of the changes affect the standard and itemized deductions, including the nearly doubling of the standard deduction and removal or reduct… Read More

Do You Have to Answer the Health Insurance Coverage Question on Your 2017 Tax Return?

May 4th, 2018

The IRS is handling the health insurance coverage question on your 2017 tax return differently this year. For the tax return you will file in 2018 and 2019 for tax years 2017 and 2018 respectively, you will need to answer the health insurance coverag… Read More

How Do I Qualify for the New Business Income Deduction?

April 27th, 2018

President Trump signed into law the new tax reform on December 22, 2017. One of the biggest changes under the new reform is the up to 20% tax deduction of qualified business income for flow-through business entities subject to limitations. This deduc… Read More

Will You Be Able to Continue to Deduct Ohio Income Taxes from Your Federal Taxes?

March 5th, 2018

The new tax reform, signed into law by President Trump on December 22, 2017, brought sweeping changes to the current tax code. One of the biggest changes is the cap on state and local taxes (SALT) and the nearly doubling of the standard deduction tak… Read More

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