2018 Federal Income Tax Changes

Course Description
Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. In addition, the Tax Cuts and Jobs Act of 2017 became effective in 2018.

This course will examine the tax changes that took effect in 2018 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes. In addition to these customary annual changes affecting various limits, other tax changes effective in 2018 that were brought about by the Tax Cuts and Jobs Act of 2017 will be discussed.

Learning Objectives
Upon completion of this course, you should be able to:

  • list the 2018 changes in various amounts including:
    • standard mileage rates
    • the standard deduction
    • the AMT exemption amount
    • the limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses
    • deductions for qualified long-term care insurance premiums
  • identify the 2018 tax credit changes affecting the:
    • saver’s credit
    • earned income credit
    • adoption credit
  • recognize the 2018 changes affecting:
    • Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits
    • Roth IRA eligibility
    • traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans
  • list the changes effective for 2018 brought about by the Patient Protection and Affordable Care Act with respect to the:
    • individual penalties under the shared responsibility provision mandating insurance coverage
    • small employer premium tax credit
    • applicable large employer mandate
  • identify the principal provisions of the Tax Cuts and Jobs Act of 2017 affecting tax preparers and planners

Tax Year: 2018
Prerequisites: Basic understanding of Federal Tax Law concepts.

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