Dependents

  • Tax Treatment of Dependents is a Different World Now

    The passage of the Tax Cut and Jobs Act in December, 2017 marked a sea change in how dependents are treated on the average Form 1040. The new law eliminates exemptions for dependents starting in tax year 2018 through 2025. The exemptions were replaced by a larger standard deduction, which ballooned from $6,350 to $12,000…