When: March 16th, 2018
Where: Chinese Consolidated Benevolent Association (CCBA), 62 Mott Street

Highlights of the key individual provisions

• Increases child tax credit to $2,000 per qualifying child (of which $1,400 refundable); phase-out starts at AGI over $400,000 (mfj). New $500 nonrefundable dependent credit

• Lowers rates, adjusts rate bracket thresholds; doubles standard deduction; suspends deduction for personal exemptions; repeals overall limitation on itemized deductions; repeals all miscellaneous itemized deductions subject to the 2% floor under present la

• Caps state and local tax deduction at $10,000 which can be taken for the aggregate of state and local real property and income taxes or state and local sales taxes

• Reduces ACA shared responsibility payment (individual mandate) to zero, effective months beginning after 12/31/18

新税法上路，你准备好了吗？ 以及2018 年報稅需知

-         兒童抵稅額從目前每孩1000元提高至2000元，適用於家庭年收入低於40萬元者

-         个人税率调整降低，标准扣除额加倍，个人豁免额取消

-          州，地方所得稅、銷售稅、房地產稅總和，最多只能扣減1萬元

-          2018年底廢除歐記健保的個人強制保險罰款條款