No More Paying the IRS With Velmarq's Professional Tax Planning and Accounting Solutions!
Velmarq is the #1 Tax Accounting Service to help you find any tax deduction and credit available for individual & business taxpayers in compliance with current tax laws!
NEW TAX LAW CHANGES:
Mortgage interest, charitable contributions, and medical expenses
These three deductions remain, but there have been slight tweaks made to each.
- First, the mortgage interest deduction can only be taken on mortgage debt of up to $750,000, down from $1 million currently. This only applies to mortgages taken after Dec. 15, 2017; pre-existing mortgages are grandfathered in. And the interest on home equity debt can no longer be deducted at all, whereas up to $100,000 in home equity debt could be considered.
- Next, the charitable contribution deduction is almost the same, but with two notable changes. First, taxpayers can deduct donations of as much as 60% of their income, up from a 50% cap. And donations made to a college in exchange for the right to purchase athletic tickets will no longer be deductible.
- Finally, the threshold for the medical expenses deduction has been reduced from 10% of adjusted gross income (AGI) to 7.5% of AGI. In other words, if your adjusted gross income is $50,000, you can now deduct any unreimbursed medical expenses over $3,750, not $5,000 as set by prior tax law. Unlike most other provisions in the bill, this is retroactive to the 2017 tax year.
Deductions that are disappearing
While many deductions are remaining under the new tax law, there are several that didn't survive, in addition to those already mentioned elsewhere in this guide. Gone for the 2018 tax year are the deductions for:
- Casualty and theft losses (except those attributable to a federally declared disaster)
- Unreimbursed employee expenses
- Tax preparation expenses
- Other miscellaneous deductions previously subject to the 2% AGI cap
- Moving expenses
- Employer-subsidized parking and transportation reimbursement
Obamacare penalties will be going away
Republicans were unsuccessful in their efforts to repeal the Affordable Care Act, otherwise known as Obamacare, in 2017. However, the tax reform bill repeals the individual mandate, meaning that people who don't buy health insurance will no longer have to pay a tax penalty.
It's worth noting that this change doesn't go into effect until 2019, so for 2018, the "Obamacare penalty" can still be assessed.
Education tax breaks
Earlier versions of the tax bill called for reducing or eliminating some education tax breaks, but the final version does not. Specifically, the Lifetime Learning Credit and Student Loan Interest Deduction are still in place, and the exclusion for graduate school tuition waivers survives as well.
One significant change is that the bill expands the available use of funds saved in a 529 college savings plan to include levels of education other than college. In other words, if you have children in private school, or you pay for tutoring for your child in the K-12 grade levels, you can use the money in your account for these expenses.
Velmarq's 1001 Deductions and Tax Breaks policy shows you just how much money you can save on your taxes.
Velmarq helps you put a stop to overpayment so you can keep more of your hard-earned money.
You are entitled to this money under Velmarq's 1001 Deductions and Tax Breaks policy.
Tax breaks and deductions are written into tax law to help everyday Americans like yourself keep more of what you've earned.
Call Velmarq for your ticket to a streamlined filing and potentially substantial savings.
Velmarq identifies all deductions that apply to your situation.
Velmarq finds the most up-to-date requirements for your tax filing.
Velmarq researches for deductible expenses from your business and/or your job.
Velmarq shows you how to utilize deductions and tax breaks correctly.
The irs just sent a letter...
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At Velmarq, we offer a complimentary, no-pressure, no-risk consultation. Together, we discuss your current tax situation and help you determine the best options:
End Penalties & Interest
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- ALL CASES MAY VARY
- Velmarq policies are in compliance with IRS Due Diligence requirements.