The Big Changes You Need to Know Before Tax Day
It’s safe to say this could be one of the most interesting tax filing seasons in the last several decades. This is the first year of filing taxes under the new Tax Cut and Jobs Act. And that means there are significant changes you need to be aware of this tax season.
But first, the tax fling season begins January 28 and returns are due on April 15. The shutdown may or may not cause a delay in getting your refund. But it will definitely reduce your chances of getting assistance from the IRS. So what about those big changes? Here’s what you need to know.
There is no more personal exemption. That means you will no longer be able to claim a personal exemption of $4,050 for you and each of your dependents.
You can now get a $500 temporary credit for non-child dependents, such as adult children with disabilities and elderly parents.
You can no longer claim a deduction on all your state and local taxes (SALT). You can claim up to $10,000, but anything over that amount in no longer deductible.
Your mortgage interest is still deductible, but only up to $750,000 of your mortgage debt. The amount was lowered from $1 million last year. But this does not affect homes already purchased before 2018.
Several other tax deductions have also been eliminated, including:
- Tax preparation
- Alimony payments
- Disaster expenses
- Moving expenses
Marini is a Silicon Valley-based entrepreneur and investor with extensive hands-on management experience in starting and growing new businesses, identifying, and leveraging emerging technologies, developing, and growing great management teams capable of operating on a global level. Marini has been Chairman and CEO of Noventi Ventures, a Silicon Valley-based technology investment firm, which he founded…
Goodbye 2021, hello 2022, finally! Here’s a brief review of our 2021; goals for 2022 to follow shortly. In so many ways we are glad 2021 is behind us. It was a very difficult year for many businesses and individuals; too many had businesses closed, experienced hardships and lives were shattered and lost. Our heartfelt…
This article has been Updated: Why should you be a Philanthropist? Because life is full of opportunities. There are opportunities to start something new, like a business or a family, as well as opportunities to make a difference. Many of the world’s wealthiest people start their road to success and wealth with the single objective…
Pulak is the Founder & CEO of Pepper. Pepper is the next generation of smart digital infrastructure for asset managers bringing together the latest in cloud, artificial intelligence, open architecture, and user interface technologies. Before leaving to start building the digital platform that would become Pepper,Pulak was a founding member of GSO Capital Partners —…