A Sole Proprietor
On December 22,2017 President Trump signed into law the TCJA(Tax cut and Jobs Act). It took effect on Jan.1, 2018 and was a sweeping overhaul of the tax code, the largest in more than three decades and the signature of his first year in office. The TCJA lowered the individual and corporate tax rates, repealed numerous tax credits and deductions, increased child tax credits and helped small business by expensing certain equipments and repealed the individual mandate that was established by the Afordable Care Act.
The standard deduction increased to $ 24,000 for joint filers and $ 12,000 for individuals . The deduction for personal exemptions and for qualified dependant children and relatives is repealed; instead an expanded child tax credit and a new family tax credit. The child tax credit is increased to $ 2,000 per child per year.
The standard deduction increased to $ 24,000 for joint filers and $ 12,000 for individuals . The deduction for personal exemptions and for qualified dependant children and relatives is repealed; instead an expanded child tax credit and a new family tax credit. The child tax credit is increased to $ 2,000 per child per year.