Tom Meaglia, ChFC®

Chartered Financial Consultant

AEP®, CLU®, MSFS

Investment Advisor Representative

CA Insurance Lic. #0567507


Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750


Toll Free: 800-386-3700

Bus: 909-593-6105

Cell: 818-681-8600

Fax: 909-593-6120


Email: meaglia@earthlink.net

Website: www.meagliafinancialconsulting.com

January/February 2019

Major 2018 Tax Changes

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As the New Year begins, tax filing time beckons. This year brings new federal tax regulations, so you’ll want to know what deductions and credits are available to you. Consider these tax features:


Lower Rates
Tax rates are lower and brackets expanded for most taxpayers. Check with your tax professional to learn how this affects you.


Bigger Standard Deduction
This deduction almost doubled for most taxpayers. If you’re married and filing jointly, you will see the standard deduction rise to $24,000. Single taxpayers have a $12,000 standard deduction.


Personal Exemptions Gone
If you have many dependents, you might miss the personal exemption, which is now history.


Fewer and Lower Deductions
Taxpayers in high-tax states won’t like the state and local tax (SALT) cap of $10,000 on combined local income and property tax deductions. Mortgage interest and the child tax credit are two other areas of change.


Retirement Account Breaks Live On
It’s good news that the deduction for qualified retirement plan contributions and tax-deferral of growth of most retirement accounts continue. IRAs and 401(k) plans are two good ways to find current and future tax advantages.


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Investment advisory services offered through Fusion Capital Management, an SEC Registered Investment Advisor. 870 S. Denton Tap Road, Suite 250 Coppell, TX 75019
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