In December, lawmakers decided on the first significant reform of the U.S. tax code since 1986. The changes won’t affect 2017 taxes, but here are some ways they may impact your 2018 personal taxes:
– A new tax credit is available for non-child dependents, like elderly parents and adult children.
– More parents qualify for the child tax credit, which has doubled.
– The healthcare mandate has been eliminated, so you are not penalized if you don’t have health insurance.
In all cases, it’s a good idea to consult with a tax professional to see if you should change your withholding.
– Sherri Thompson, Our Trouble Free Tax Service