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Concerned About the New Tax Laws and New Tax Forms?

We've relocated our office to:

3949 Pender Drive. Suite 120, Fairfax, VA 22030  Tel 703.223.7300  Fax 703.563.6225

Our hours Monday-Friday 9:00AM - 6:00PM, Saturday 9:00AM-2:00PM

(The front door locks at 6:00PM every evening and on Saturday it locks at 1:00PM.)

 

New Tax Law - We're Here For You!

The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers.
 
Below are highlights of some of the most significant changes affecting individual taxpayers. Except where noted, these changes are effective for tax years beginning after December 31, 2017.
 

• Drops of individual income tax rates ranging from 0 to 4 percentage points (depending on the bracket) to 10%, 12%, 22%, 24%, 32%, 35% and 37% — through 2025

• Near doubling of the standard deduction to $24,000 (married couples filing jointly), $18,000 (heads of households), and $12,000 (singles and married couples filing separately) — through 2025

• Elimination of personal exemptions — through 2025

• Doubling of the child tax credit to $2,000 and other modifications intended to help more taxpayers benefit from the credit — through 2025

• Reduction of the adjusted gross income (AGI) threshold for the medical expense deduction to 7.5% for regular and AMT purposes — for 2017 and 2018

• New $10,000 limit on the deduction for state and local taxes (on a combined basis for property and income taxes; $5,000 for separate filers) — through 2025

• Reduction of the mortgage debt limit for the home mortgage interest deduction to $750,000 ($375,000 for separate filers), with certain exceptions — through 2025

• Elimination of miscellaneous itemized deductions subject to the 2% floor (such as certain investment expenses, professional fees and unreimbursed employee business expenses) — through 2025
 
It's a big change and we're here to take care of it for you!

 

TURBO TAX USERS - If the new tax laws have you concerned we can import your 2017 TurboTax file and complete your 2018 tax returns. No need to send us a paper copy. And, once you have our secure portal access credentials, you can simply upload your 2017 Turbo Tax file and 2018 tax documents (W-2, 1099's, ...).

  • Telephone...
  • (703) 223-7300
  • Fax...
  • (703) 563-6225
  • Dean, Li and Magner, LLC
  • 3949 Pender Drive
  • Suite 120
  • Fairfax, VA 22030

You can also send us a message directly through the contact page of this website.