The special Child Tax Credit is still available for children up to the age of 17.
Unfortunately CA State income taxes are still the highest in America.
For this year of 2018 SOCIAL SECURITY TAX will be deducted from your paycheck all the way up to $128,400.
Save for the future with a Roth IRA contribution. These are not deductible now, but are Tax Free for life. Special rules also pertaining to IRAs pertain to the Roth IRA.
For 2017 you can contribute $5,500 to a Roth or Traditional IRA and for age 50 and over you can contribute up to $6,500. High income earners do not qualify.
For self-employed individuals the maximum contribution to your SEP is $55,000.
401(k) Plan Contributions to your plan at work will now allow up to $18,500 per year. For those aged 50 and older you can make an additional catch-up contribution of $6,000.
The automobile business mileage expense deduction for 2017 was 53.5 cents per mile.
For 2018 it is 54.5 cents per mile.
Up to $2,500 of interest on qualified Student Loans can be deducted. The deduction phases out on joint returns between $135,000 and $165,000 & on single returns between $65,000 and $80,000.
College education credits: These credits can be taken if your income is below $160,000 if married and $80,000 for single filers.
The amount of the Standard Deduction for a single person is $6,350 and married, filing jointly is $12,700 for 2017.This will be much higher in 2018: $12,000 and $24,000 respectively.
Renter's credit for state tax is again available. $60 for single taxpayers that are under $40,078 income. $120 for joint filers less than $80,156.
Estate Tax Exemption: there is a $5,490,000 exemption for 2017. It increases significantly to nearly 11 Millions for 2018
Annual Gift Tax Limit: you can give up to $15,000 per person (This is not a tax deduction but saves on your estate tax when you die).