BKG Accounting & Tax Services

2020 mileage rates issued by IRS

Simplified Tax Rules For year 2018: Standard Deduction jumps from: From $13,000 for a Married filing jointly (MFJ) to $24,000 From $6,350 to $12,000 for Married filing separately (MFS).... From $6,500 to $12,000 for Single filers From $9,300 to $18,000 for Head of Household For people aged 65 and older, as well as blind people, $1,550 more per person or $1,250 more per person if married NO EXEMPTIONS WILL BE ALLOWED FOR YOUSELF, YOUR SPOUSE AND YOUR DEPENDENTS FOR YEAR 2018. Child Tax Credit: Currently $1,000 per child and starts to phase out at Incomes of $110,000 for MFJ and $75K for Single filers New Rule: jumps to $2,000 and 1,400 of that is a refundable tax credit. Phase out starts at $400,000 for MJF and $200,000 for Single filers New Rule for year 2018: A social security number is required to claim the Child Tax Credit. Children with an ITIN cannot be claimed for Child Tax Credit or Additional Child Tax Credit. However, the Dependent Credit (see below) can be claimed for children without SSN. Dependent Credit: A credit of $500 is available for non-child dependent. Unfortunately, no Exemptions are allowed for dependents and for the filers themselves. Medical and Dental expenses: For previous year the unreimbursed medical expenses had to exceed 10% of Adjusted Gross Income (AGI) in order to be deductible, but for year 2018 ONLY it has to exceed only 7.5% of your adjusted gross income. For year 2019 the percentage will go back to 10% of AGI.

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