A yellow note is paper clipped to a 1040 tax form as a reminder of the new tax laws implemented for 2018.GETTY IMAGES/ISTOCKPHOTO


Q. How will it affect families and college savings? A. Child tax credit is raised to


$2,000 per child up to age 17. After age 17, a new credit is in effect for $500 as long as they are a dependent up to age 24. The refundable child tax credit is raised to $1,400 per child. The credit doesn’t begin to phase out until the parent’s income exceeds $400,000. There are other limitations so be sure and get with your tax professional. This is beginning in 2018. Also, 529 plans can pay for K-12 private school and tutoring. Q. Are there changes to charitable contributions? A. Charitable contributions have some changes. such as money donated


to a university, like Arkansas, that gives you the right to buy sporting event tickets is no longer deductible begin- ning in 2018. Also, charitable deductions can be up to 50 percent of your income in 2017 and 60 percent in 2018. Q. What are some ways it will affect businesses? A. For businesses, there are many


changes that will affect the taxpayer. h A new family leave tax credit,


when an employee is off work due to maternity leave, you must have a writ- ten plan to qualify. h You can no longer trade equip-


ment tax free; you have to treat the trade as a taxable sale. The basis is the new asset is the total purchase price before the trade.


Sew Unique


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960 E 9th St, Mountain Home,AR (870) 424-4739


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960 E 9th St,MountainHome,AR • (870) 424-4739 T-F 10-5 Sat 10-3 Closed Sun&Mon


h All S Corporations, Partnerships,


Schedule C, Schedule F, Schedule E, have a new deduction: 20 percent of their profits as nontaxable subject to limitations and phase outs, but most small businesses will receive those deductions on their personal returns beginning in 2018. h Luxury auto limits for business


use are raised beginning in 2018. h C Corporations are now subject to


a 21 percent flat tax rate beginning in 2018. h Entertainment expenses for busi-


nesses will be nondeductible, begin- ning in 2018. h All businesses with less than $25


million in gross receipts can be on cash basis, rather than accrual. ■


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Featuring local artists aswell as unique items past present&future


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