Tag: 2018

The now passed GOP/Trump tax bill contains a little known but important $500 credit for non-child dependents - e.g elderly or disabled dependents or children over 17. This credit is to provide some relief to those families who will lose the now defunct personal exemption and are not eligible for the expanded Child Tax…

Quick answer for anyone searching: the personal exemption is permanently gone. The $4,050-per-person deduction last existed on 2017 returns, was suspended by the Tax Cuts and Jobs Act (TCJA) from 2018 through 2025, and Trump's One Big Beautiful Bill Act (OBBBA) made the elimination permanent in 2025. It's not coming…

The title of this article is from a reader (Barry P.) who had this comment on Trump's proposed tax reforms: I live in Massachusetts and make $61,000.00 annually. I own a home and pay mortgage interest of around $12,000 dollars. My state income taxes and property taxes amount to another…

[Updated with latest IRS 401k limits] The IRS has now released its latest annual 401k limits. The table below shows what the contribution limit trends have trended over the last few years at the individual/employee level. Click here for the full set of 401K, Roth IRA and Traditional IRA Contribution Limits…

[Latest update]  Republican lawmakers in the House and Senate have now passed a combined tax reform bill along party lines for President Trump's Tax Reform measures under the Tax Cuts and Jobs Act. See the table below that contrasts changes from earlier versions in each chamber versus what is in the final…

The IRS has released its latest individual employee contribution annual limits for those participating in employer sponsored retirement programs covering 401(k), 403(b), 457 and Government Thrift Savings (TSP) plans. Changes are shown in the table below. The contribution limits are indexed to inflation and as a result are adjusted annually…

The Earned Income Tax Credit (EITC) is the largest refundable federal tax credit for working families and individuals. For tax year 2026 — the income you'll report on the return you file in early 2027 — the maximum credit rises to $8,231 for families with three or more qualifying children.…