In addition to lowering the tax rates, some of the changes in the law that affect you and your family include increasing the standard deduction, suspending personal exemptions, increasing the child tax credit, and limiting or discontinuing certain deductions.
Early IRA Distributions are generally subject to a 10% penalty in addition to normal income tax. Plus the move up in tax brackets may affect deductions and credits.
There are various tax credits for post-secondary education expenses. The American Opportunity Credit is available to taxpayers who incur tuition expenses for the first 4 years of qualified post-secondary education for themselves, their spouse, or their dependents.
The fastest way to depreciate your business’s fixed assets is by use to the Section 179 election. Section 179 property is tangible personal property used in the active conduct of your trade or business.