Here’s why your 2018 tax bill may be different

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Image courtesy of Jack Lessenberry at https://www.metrotimes.com/detroit/how-the-gop-tax-bill-would-ruin-michigan/Content?oid=7494081

Even if you received a tax refund in 2017, there are plenty of things that can cause your taxes to rise. Consider the following big tax law changes that could affect what you owe this year:

  • Removal of the personal exemption
  • Capping of the state and local tax deduction (SALT) at $10,000
  • Removal of the deduction for home equity loan interest not used to buy, build or improve your home
  • Removal of the deduction for unreimbursed employee expenses and other miscellaneous expenses

If you have questions about how these changes will affect your situation, call today.

Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter.

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