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    • Home
    • Contact Us
    • CARES Act
    • Tax Cuts and Jobs Act
    • Refund Status
    • Fax/Email Your Tax
    • Send A Friends
  • Home
  • Contact Us
  • CARES Act
  • Tax Cuts and Jobs Act
  • Refund Status
  • Fax/Email Your Tax
  • Send A Friends

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Tax Cuts & Jobs Act

Health Insurance

Personal Exemptions

Personal Exemptions

As of 2018 Taxpayers will 

No longer be penalized for not having Health Insurance on their Tax Returns. 

Personal Exemptions

Personal Exemptions

Personal Exemptions

 The personal exemption for

 all taxpayers has be eliminated. 

Moving Expenses

Personal Exemptions

Child Tax Credit

Job related Moving Expenses are 

NOT deductible except for Military Personnel.

Child Tax Credit

Child Tax Credit

Child Tax Credit

The Child Tax Credit has Increased from $1,000 to $2,000 of support for the dependent if you are to claim them on your Tax Return.

Standard Deductions

Child Tax Credit

Standard Deductions


The Standard deduction will increase from $6,000 to $12,000 if filing Single from $12,000 to $24,000 if filing Married filing Jointly and from 

$9,000 to $18,000 if filing Head of Household

Tax Cuts & Jobs Act

Medical and Dental Expenses

Medical and Dental Expenses

Medical and Dental Expenses

 As of 2017 Medical and Dental Expenses Incurred that exceed 7.5% of AGI 

Are deductible on Schedule A.

Home Mortgage Interest

Medical and Dental Expenses

Medical and Dental Expenses

Mortgage Interest incurred after December 14, 2017  will be capped at $750,000 instead of the higher $1,000,000.

Interest on Home Equity Loan

Medical and Dental Expenses

Interest on Home Equity Loan

 As of 2018 Interest on Home Equity Loans is only deductible on loans to maintain or improve your home.  

Interest

Casualty and Theft

Interest on Home Equity Loan

Interest on equity loans for purchasing a personal car, vacation, paying off credit cards, and the like are NOT deductible.

Business Expenses

Casualty and Theft

Casualty and Theft

All expenses subject to the 2% of adjusted gross income deduction (Employee Business Expenses) are NOT deductible  As of 2018 

Casualty and Theft

Casualty and Theft

Casualty and Theft

Personal Casualty and Theft losses may  No longer be declared unless from a Presidentially Declared Disaster Area. 

Business Income

Businesses that are self-employed, Partnerships, LLC's, and S-Corporations

Receive a Pass-through Deduction on 20% of their Taxable Income.

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My Tax Pros Inc

520 North Brookhurst Street Suite 130, Anaheim, CA 92801, US

(714) 842-2500

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