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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
January/February 2019
Major 2018 Tax Changes
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.GE-2239656d (09/18)(Exp. 09/20)
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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. Equitable Advisors and Equitable Network are brand names for Equitable Advisors, LLC and Equitable Network, LLC, respectively.
GE-4833845.1 (7/22)(Exp. 7/24)
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