Question 1

The standard deduction has nearly doubled:

Accepted Answer

This is the deduction allowed according to filing status: Single, Married Filing Jointly, or Separate, and Head of Household:

$31,500 for married couples filing jointly
$15,750 for single filers and married individuals filing separately
$23,625 for heads of household

Question 2

The state and local tax (SALT) deduction now has a $40,000 ceiling:

Accepted Answer

You can now only deduct up to $40,000 of some combination of a) state and local property taxes or b) state and local income taxes or sales taxes per year. For Married Filing Separate, the SALT deduction limit is just $20,000.

Question 3

The Child Tax Credit is up to $2,200:

Accepted Answer

This year, as much as $1,700 of it is refundable. Phase-out thresholds for the credit have risen substantially. They are now set at the following modified adjusted gross income (MAGI) levels:
Single filer or head of household: $200,000 (was $75,000 in 2017)
Married couples filing separately: $400,000 (was $110,000 in 2017)

Question 4

Some itemized deductions are history, no longer allowed:

Accepted Answer

The list of disappeared deductions is long and includes the following tax breaks:
Home equity loan interest deduction
Moving expenses deduction
Casualty and theft losses deduction (for most taxpayers)
Unreimbursed employee expenses deduction
Subsidized employee parking and transit deduction
Tax preparation fees deduction
Investment fees and expenses deduction
IRA trustee fees (if paid separately)
Convenience fees for debit and credit card use for federal tax payments
Home office deduction for employees
Unreimbursed travel and mileage deduction for employees

Question 5

Many small businesses have the ability to deduct 20% of their earnings:

Accepted Answer

Small businesses are growing specially under the new Gig Economy. The basic benefit is that business owners whose firms are LLCs, partnerships, S corporations, or sole proprietorships can now deduct 20% of qualified business income, which should  reduce your  tax liability. (Trusts, estates, and cooperatives are also eligible for the 20% pass-through deduction.)

Question 6

No more penalty for lack of health insurace:

Accepted Answer

The Affordable Care Act instituted tax penalties for individual taxpayers who went without health coverage. Adults who do not have qualifying health coverage will no longer face an individual minimum penalty of $695 this year. Also, no penalty for dependent children.

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Importante Reforma Tributaria