
Same Old, Same Old Tax Returns? NOT!
By Ina Fernandez, CPA President & CEO, Fern Capital Inc. With April is here and, you may find yourself sympathizing with the Beatles in “Taxman”: “There’s one for you, nineteen for me.” In reality, the significant changes made to the tax laws affecting the 2018 tax year may hold a few pleasant surprises for most of us. Here is a sampling: Tax Brackets: Tax brackets have changed for 2018. There are still 7 brackets, but the intention of these changes was to reduce taxes paid at lower income brackets. So expect good news in general in this category. Standard Deductions: The standard deduction almost doubled from 2017 to 2018. For singles, it is now $12,000 (versus $6,350 in 2017). For married couples filing jointly, it is now $24,000 (versus $12,700).…