2018 Changes due to the Tax Cuts and Jobs Act (TCJA)
On December 22, 2017, the President of the United States signed into law major tax reform in the Tax Cuts and Jobs Act (TCJA). The TCJA made widespread changes to the Internal Revenue Code which will affect your 2018 tax return. Here are some of the more common changes that could affect your tax return.

Changes affecting most taxpayers

The personal exemption is reduced to zero for 2018 through 2025. The standard deduction has increased to $12,000 for Single & Separate, $18,000 for HOH, and $24,000 for Married Filing Joint & Qualifying Widow(er). The child tax credit has been increased from $1000 to $2000 for 2018.

Changes to itemized deductions

State & Local Taxes (SALT): The new maximum deduction for state & local taxes is now at $10,000. The maximum for Married Filing Separate is $5,000. Home mortgage interest: Your mortgage interest deduction may be limited to the first $750,000 of indebtedness;

Employee business expenses

The deduction for unreimbursed employee business expenses has been eliminated under the new law. This change does not affect self employed individuals.

Qualified Business Income Deduction (QBID)

A new deduction for a trade or business, including sole proprietors, S corporations, or partnerships, is available on Form 1040. This deduction is subject to many limitations, such as income level and type of business.

Are You Burdened By Back Taxes?

Clarke & Reilly, Inc. Can Provide IRS Tax Relief



The stress of owing money to the IRS can keep you up at night. Rest easy from now on by coming to Clarke & Reilly, Inc. Our team of accountants can help you find IRS tax relief solutions. We help with different areas in IRS problems. We can help you with your IRS debt and audits, garnishments, tax relief and back taxes.

We'll help you get your financial life back on track. Call our office in Alexandria, Virginia today to learn which IRS tax relief programs can help you.

Clarke & Reilly will solve your IRS tax problems

Tax Consulting

We'll help you prepare for tax season and save you money down the line.

Tax Consulting

Accounting Services

Trust our accounting firm to handle your small business accounting needs.

Accounting Services

Business Services

Reach your financial goals with the help of a dependable accountant.

Business Services

Resources

View our accounting resources for additional information about financial matters.

Resources

Let us help you with your tax needs!

Find out what an accounting firm in Alexandria, VA can do for you

Our Staff has more than thirty- five years of experience in the tax and accounting professions. We work with numerous closely held companies within many industries, including but not limited to, hospitality, fashion, internet, education, professional services, manufacturing and wholesales. In addition we work with nonprofits and prepare trust and estate returns.

We are one of the fastest growing firms in the area with a very competitive fee structure serving our clients' specific needs at the best price. Maybe you're trying to make it through tax season without pulling out your hair. Or maybe you just want some reliable financial advice. No matter why you need professional accounting services, you can trust Clarke & Reilly, Inc. to provide them. Our accounting firm has helped countless commercial clients in the Alexandria, VA area with their financial matters. You can count on us to help you, too.

Call 703-299-6161 today to schedule a consultation with a dependable accounting firm in Alexandria, VA.

Schedule a Consultation

Meet with a reputable accounting firm in Alexandria, VA

Choose an Accounting Firm With 35 Years of Experience

Why trust your finances to Clarke & Reilly?

Why trust your finances to Clarke & Reilly?

Clarke & Reilly is dedicated to providing superior accounting services to clients in Alexandria, VA and the surrounding area. You can trust our accounting firm to give you the tax help and financial guidance you need because:

  • We're skilled: we can draw on over 35 years of accounting and tax consulting experience
  • We're affordable: we work hard to keep our costs low, and we offer a 25% discount to new clients
  • We're versatile: we serve both individuals and businesses