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Tax Reform: Itemized Deductions, the Standard Deduction and Personal Exemptions

After a year of congressional debate, the Tax Cuts and Jobs Act was signed, and extensive reform to US tax laws takes effect for 2018 tax returns. This new law imposes certain changes that will last until 2025, at which point Congress will need to take action if they want to keep these new tax rules in place. Changes to itemized deductions, the standard deduction and personal exemptions are significant and will affect the majority of taxpayers.

ECS Financial has highlighted some of these changes below: Medical and Dental Expenses Medical and dental expenses continue to be deductible to the extent they exceed a specified threshold. The threshold for deducting medical and dental expenses was reduced from 10% to 7.5% of adjusted gross income (“AGI”) for 2017 and 2018, but returns to 10% for 2019 and future years.

Taxes You Paid