Other 2018 Tax Law Changes to Make Note of; A Follow Up to Our Post Dated December 27, 2017
Other 2018 Tax Law Changes to Make Note of
Follow up to our post dated December 27, 2017
The Affordable Care Act required individuals (except those who qualified for hardship exemptions) to have a certain level of health insurance coverage or face a penalty. The mandate made individuals responsible for obtaining health coverage for themselves and dependents for the whole year. Effective for tax years beginning after December 31, 2018, the new tax bill eliminates the penalty for individuals who do not have adequate health coverage.
Moving expenses related to a job change are no longer deductible except for active members of the military.
529 account holders can now use up to $10,000 per year to pay for tuition for elementary or secondary public, private, or religious schools.
The annual gift exclusion increased from $14,000 to $15,000 per person per donor.
The lifetime estate tax exemption doubled from $5.6 million to $11.2 million for individuals and from $11.2 million to $22.4 million for married couples.
The act disallows a deduction for membership dues for any club organized for business, pleasure, recreation, or other social purposes.
Meals & Entertainment: