2018 Annual Tax Update – Tax Cuts and Jobs Act (TCJA) and More!

Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial details the changes applicable to tax year 2018 per the Tax Cuts and Jobs Act (TCJA) as well as other major changes (including the New Form 1040).

You may skip ahead to any particular section using the links below (please click the pertinent timestamp):

0:28 – 1. The Brand New Form 1040 (Postcard Filing)
7:59 – 2. Increased Standard Deductions
10:12 – 3. Exemptions Are No Longer Applicable
12:06 – 4. New ,000 Limitation for State and Local Taxes
15:20 – 5. Miscellaneous Itemized Deductions (2%) Have Been Eliminated
17:45 – 6. New Limitations for Mortgage Interest Deductions
19:33 – 7. Alternative Minimum Tax Changes for Individuals
20:36 – 8. Limits on Itemized Deductions Have Been Eliminated
21:14 – 9. New Qualified Business Income (QBI) Deduction (Section 199A)
24:18 – 10. DANCE PARTY
24:35 – 11. Changes to the C-Corporation Tax Rate and the Alternative Minimum Tax (AMT)
25:21 – 12. Wrap-Up

Efros Financial is a Los Angeles-based CPA firm providing financial planning and tax preparation/resolution services. Learn more at www.efrosfinancial.com.

Have questions? Send them to questions@efrosfinancial.com to be featured in an upcoming video!

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