Here are a few of the tax law changes for your 2018 tax return:

STANDARD DEDUCTION INCREASE:
  • $12,000 for single or married filing separately
  • $24,000 for married filing jointly
  • $18,000 for head of household
  • 65 and over, blind, or disabled add an additional standard deduction
Families: DEPENDeNT EXEMPTION OF $4050 IS eLIMINATED
  • Child tax credit doubles to $2000
  • Adds $500 credit for other types of dependents
HOME MORTGAGES:
  • Mortgage interest paid on new loans is deductible up to $750,000 (or existing loans up to $1,000,000)
  • Interest paid on home equity loan or home equity line is limited to building or improving your home.