Allstate Journal

New 2018 Tax Changes Revealed By New ATLAS Workbase Report on Federal Tax Code Updates

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Taxes are a universally stressful and daunting issue for business owners, but unraveling the mystery and knowing the facts can alleviate that stress. Read Lane Kawaoka’s contribution published on ATLAS Workbase to learn more. You will be well-informed and ready to plan your efficiently plan your activities in 2018.

At ATLAS Workbase we constantly think about the needs and challenges of business owners and working professionals. Recently, significant changes have been made to the federal tax code for 2018. To help clarify the most relevant and impactful updates, we collaborated with financial enthusiast Lane Kawaoka to publish the most important 2018 tax changes.

Kawaoka’s review of the new year’s standards led to numerous findings. Between standard deduction changes and adjustments in alimony requisites, quite a lot has changed. Kawaoka explains the changes in their entirety in a report published on the ATLAS Workbase website. This release is an abbreviated summary of the complete report..

Prior to 2018, large enterprises faced high taxes on all foreign profits. Even if the gains did not cross beyond national boundaries, a significant tax rate was still applicable. As of 2018, however, this high taxation is no longer in effect.

Deductions related to drastic life changes – such as moving expenses or the unexpected casualty of household leading income earners – have been omitted from the 2018 tax laws. Alimony payments are still in effect, and expected in a timely manner, but the way in which they are reported has been adjusted. The former partner required to pay alimony can no longer claim their payments as a tax deduction. Similarly, the ex-spouse who receives payment is no longer obligated to include alimony as part of his or her income.

The rates of estate tax exemption doubled for both single and married people, as did the tax credit per dependent.  There is a new strategy designed to benefit families on a budget by inspiring them to save money for future college tuition, called the 529 plan. As of 2018, its funds have been opened to all years of education, beginning with kindergarten. It is no longer strictly only for higher level, college education.

Another important area of the tax code that has been updated is deductions relating to medical expenses. The gross income threshold (GIT) has been lowered by 2.5% for the next two years. The new percentage makes deductions more probable because a family’s GIT can be lower while still achieving eligibility for medical deductions.

Tax-exempt parking and discounted services, such as transit passes and subsidies, will be discontinued. The new tax code has also disallowed entertainment deductions for business owners. Some of the most controversial tax laws – such as the heavy fee, imposed by the Affordable Healthcare Act (also known as Obamacare) and accrued by people who opt out of healthcare despite having the means to afford it – has been eradicated.

All in all, numerous modifications were made to the tax laws for 2018. Tax season is a universally stressful and daunting time for people, but unraveling the mystery and knowing the facts can alleviate that stress. Read Lane Kawaoka’s contribution published on ATLAS Workbase to learn more. You will be well-informed and ready to plan your efficiently plan your activities in 2018.

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