Tax Changes for 2018

2018 Tax Items Include the following:
Revised: 7/31/18
This page is subject to change as tax laws continually change.  
Individuals claiming earned income tax credits, additional child tax credits and/or education credits - ***NOTE*** IRS will delay refunds for returns with any of these three criteria.  The earliest a refund will be issued is pending for 2019.  This is applicable only to those claiming the three credits.  All other taxpayers will NOT expected to be affected by the delays. 

Individual tax rates  Updated - applicable for 2018 tax returns

All the individual marginal tax rates under are retained (10%, 12%, 22%, 24%, 32%, 35% and 37%). 

Capital gains and dividends

Capital Gains Rates Vary depending on numerous factors including the type of transaction generating the capital gain and the effective tax rate of the taxpayer. 

Health Care Reform Act

With the 2018 tax returns, penalties for failure to have health insurance continue.  If you have full year health insurance coverage, Medicare or Medicaid you have met the requirements.  Certain low income taxpayers without coverage will not be penalized.   

Business Tax Changes

See our separate pages for Section 179 & Bonus depreciation and the Business Tax Deduction Checklist pages.

Business e-file is open.  Early filing is recommended.

The IRS and SSA have changed due dates for returns.  ALL W2's and 1099's must be filed by January 31st. There is no extension available for these returns and significant penalties will be imposed for late filing of Forms W2 or 1099's.

All calendar year Partnership returns are due March 15th.  An extension is available.

All calendar year C Corporation returns are due April 15th.  An extension is available.

All calendar year S Corporation returns are due March 15th.  An extension is available. 

Visit our Newsletter Section for more updates.

Myra B. Carlisle, CPA
Myra Carlisle & Company, PC
2107 Martin Street S Suite 100
Pell City, Alabama 35128-2354

IRS Circular 230 Notice: If this e-mail contains tax advice, this written advice was not intended to be used, and cannot be used by anyone,  for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax provisions.