• 479.478.9166

1611 S. Greenwood Avenue, Fort Smith, AR 72901

Personal & Business Taxes

481(a)

  • Corporate tax rate 21%
  • 199A Qualified Business Income deduction of 20%
  • Net operating losses limited to 80% of taxable income
  • New mortgage interest deduction limits:  loans prior to 12/16/17 Grandfathered in
  • State income tax, property tax, and sales tax limited to $10,000

 

  • Alimony deduction and income after 12/31/18, previous decrees Grandfathered in
  • 20% deduction on pass-through entities, Sec 199A, for investments on cooperative company dividends and REIT
  • Child and family tax credit increased to $2,000 with $1,400 refundable and for dependents over 17, there is a $500 tax credit
  • 529 Education Plans now eligible for use to pay private school K-12, as well as college.  Up to $15,000 per year per child