What is no longer deductible in 2018?

What is no longer deductible in 2018?

The deductions you’ve claimed for costs for things related to your job – such as license fees, required medical tests, clothing, tools and equipment and unreimbursed continuing education – are no longer allowed.

Are there exemptions for dependents in 2018?

There is no personal exemption amount for 2018.

What is the exemption for dependents in 2019?

There will be no personal exemption amount for 2019. The personal exemption amount was set to zero (0) under the Tax Cuts and Jobs Act. Kiddie Tax. The kiddie tax applies to unearned income for children under the age of 19 and college students under the age of 24.

Did exemptions go away in 2018?

For the 2018 tax year and beyond, you can no longer claim personal exemptions for yourself, your spouse, or your dependents. Previously, you could lower your taxable income by about $4,000 for each person in your household. The standard deduction almost doubled for most tax filers.

What happened to dependent exemptions?

One of the biggest changes under the law was the suspension of personal exemptions through 2025, when the TCJA potentially expires. It used to be that you could claim one for yourself, one for your spouse, and one for each of your dependents every year to whittle down your taxable income.

Did IRS get rid of exemptions?

A personal exemption was available until 2017 but eliminated from 2018 to 2025. Taxpayers, their spouses, and qualifying dependents were able to claim a personal exemption. The personal exemption was eliminated in 2017 as a result of the Tax Cuts and Jobs Act.

Do expats pay taxes?

Most expats do not pay US expat taxes because of the Foreign Earned Income Exclusion and Foreign Tax Credit benefits. However, expats still need to file taxes annually if their gross worldwide income is over the filing threshold. So even if you do not owe any taxes to the IRS, you still may need to file.

Do expats have to pay state taxes?

Which States Are Income Tax-Free? Fortunately, for some US taxpayers, state income taxes don’t exist. For expats, this is great news, because it means it doesn’t matter if you’re a resident of the state and receiving income generated in that state won’t be subject to state tax for expats.

Can US citizen live abroad?

No Longer Can One Lose U.S. Citizenship By Living in Another Country. At this time, no penalties exist if a naturalized U.S. citizen simply goes to live in another country. This is a distinct benefit of U.S. citizenship, since green card holders can have their status taken away for “abandoning” their U.S. residence.

Can I still file my 2018 taxes electronically?

Answer: Yes, you can file an original Form 1040 series tax return electronically using any filing status. Filing your return electronically is faster, safer and more accurate than mailing your tax return because it’s transmitted electronically to the IRS computer systems.