Santoro Services, Inc.

There are some interesting changes that some people should be aware of: - Itemized deductions for state and local taxes are now limited to $10,000.00 ($5,000 for married filing separate) - Miscellaneous that are subject to the 2% income reduction have been eliminated. - New mortgage loan deductions are limited to $750,000 for joint filers and $375,000 for separate filers. - The limitation of itemized deduction for higher income taxpayers has been suspended. - Personal exemptions have been eliminated but the standard deduction has been greatly increased. - The child tax credit has been increased to $2,000.00 for children under 17 as of 12/31/18. There income limitations to claim the credit. - There is a new $500 tax credit for any dependent over the age of 17. - The income tax withholding rates were lowered in the beginning of 2018. This could mean that more was received in your paycheck which could mean smaller tax refunds when you file.

A family owned/operated Accounting and Tax Business since 1960. We offer bookkeeping, payroll and tax preparation services for individuals and small to medium sized businesses.