December 2018 – Q: What impact can we expect from new tax laws? We’re in our mid-40s and have four children.
A: As I write this column, all changes for filing 2018 tax returns have not been published yet.
However, I believe the new tax law will be better for you. Tax deductions have increased by over $12,000, and you can declare $24,000 in credit against your taxes. Also, charitable giving and mortgage deductions will remain important.
Since the income credit has more than doubled, you may find it easier to do the short form as opposed to itemizing deductions. This should be fairly easy for everyone to complete, thus saving you from using and paying an accountant.
Do not get overly concerned about giving Caesar his due. Christians should be honest in filing taxes. We live in the greatest country in the world, and one reason for that is our tax system.
Let’s be grateful that God provides income to care for our families … and pay our taxes.
Dan Celia has been in financial management for more than 30 years. He works closely with AFA Foundation and can be heard six days a week on AFR Talk (afr.net).
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