Elvira's Tax & Bookkeeping Services, LLC
P.O. Box 113930
North Providence, RI 02911
401-205-1346
Fax 401-205-1347
EIN 27-1207269
Tax Updates...
You need to know
2018 changes
Tax preparation fees and unreimbursed business expenses are not deductible.
Only active-duty members of the military may deduct cost to move.
Limitation for contributions of money has been increased to 60% of adjusted gross income.
Medical expense deduction will remain in place with deduction for expenses of & 7.5% all taxpayers for 2017 & 2018.
Casualty loss deductions have been eliminated, except for losses incurred in federally declared disaster areas
Deduction for taxpayer, spouse, and each of their dependents has been eliminated
Standard deduction: $12,000 for singles
$24,000 for married couples filing jointly
$18,000 for heads of household
$750,000 threshold on new mortgages taken after 12/14/17. Mortgages taken prior are still subject to the $1 million limit.
State and local sales, income and property taxes are capped at $10,000.
Doubles the estate tax exemption to nearly $11 million per taxpayer.
Unearned income over $2,100 will now be taxed based on rates that are applicable to estates and trusts.
$2,000 per child, refundable up to $1,400. A $500 credit for other qualifying dependents has been added, temporarily.
$15.5 tax on post - 1986 accumulated foreign earnings held in cash or cash equivalents and 8% tax on post - 1986 accumulated foreign earnings held in liquid assets.
100% deduction for foreign -source portion of dividends received from specified 10%-owned foreign corporations.
Entertainment as a business expense, including amusement, recreation, and club membership dues are not deductible.
Depreciation for business for automobiles limits increased to $10,000, $16,000, $9,600, and $5,760 got years 1,2,3 and thereafter, respectively.
Maximum corporate income tax rate is reduced to 21%.
Pass-through business owners and sole proprietors may be eligible to deduct up to 20% of that business-related income. No deduction exists for certain service business when taxable income exceeds $207,500 for individuals, $415,000 for married couples filing jointly.