Posted on Feb 02, 2019
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W. Henry “Hank” Hurst, Jr., CPA - President, & Chief Executive Officer and partner Jaret P. Rice, CPA, Vice President, & Chief Financial Officer of the Hurst Company brought the club up to speed with the new tax laws effective 2019.

 
I'll preface this information with admittance that a lot of information was given and should you want a more clear definition, please contact Mr. Hurst or Mr. Rice for exact clarification.  
 
The Tax Cuts and Jobs Act was signed into law on December 22nd 2017.  Effective for calendar year 2019, there has been some changes with the individual tax rate.  Here is what I captured:
Again....better for you to evaluate this than I!
 
For personal exemptions, the new tax reform suspends deductions to zero.  You can no longer claim personal or dependency exemptions.
Alimony payments are no longer deductible for post 2018 divorce agreements.  Alimony received is no longer taxable for the recipient for post 2018 agreements. So prior divorce agreements are grandfathered in and remain unaffected. 
 
Moving expenses - Job-related moving expenses are no longer deductible.  Certain military personnel are allowed the deduction. The exclusion for moving expense reimbursements has been suspended.
 
 
 
For Standard Deduction of Married Filing Jointly is at $24,000.   For Head of Household is at $18,000 and for Single it's at $12,000.
 
For State & Local Tax Deductions, it has dropped and is "Limited" to $10,000 (married filing Jointly) to $5,000 (married filing single).
 
Mortgage Interest - Only deductible on debt up to $750,000.  Pre December 16, 2017, mortgages are grandfathered in to the previous $1,000,000 debt.  The HELOC is not longer deductible, however, there are some exceptions and you would have to check with your CPA on this subject.
 
Miscellaneous deductions subject to the 2% of AGI limit are no longer allowed! This includes items such as:
Tax preparation fees
Investment and advisory fees
Union Dues
Unreimbursed employee expenses
 
 
There was a lot to the Child & Family Tax Credit so my advice would be to check with your CPA on this subject!
 
Alternative Minimum Tax (AMT) - For Married, it's up to $109,400 and for Single to $70,300
 
 
It went on to become more involved at this point in time but you have the jest of some bigger things.  Your CPA or speak with the Hurst Company CPA's to get even more details of other area's including Business affects and the tax cuts and Jobs Act!
 
This is all I have with this subject for now.