Most tax brackets decreased 3% with the maximum rate of 39.6% for 2017 and 37% for 2018
401K deferrals are limited to $18,000 in 2017 and $18,500 in 2018
Maximum child tax credit amount per child was doubled for 2018 to $2,000 per “qualifying child” with phase outs as income exceeds $400,000 for married filing joint or $200,000 for all other filers
Standard deduction was increased to $24,000 for married filing joint and $12,000 for single filers. This is expected to decrease the number of people who file a schedule A
Schedule A changes
Mortgage interest deduction– Deduction on interest for qualifying mortgages up to $750,000 for homes under agreement before 12/15/17 and closed by 4/1/18, they are grandfathered in at the old limit of $1,000,000. Home Equity Lines of Credit are deductible in certain cases where proceeds are utilized to acquire or improve a property
State and local tax deduction – limited to $10,000, there was no limit in prior years
Every day in December, winners will be based on the Maryland Pick Three Evening Lottery drawing. Tickets cost $15 each for 31 chances or $10 for the last 12 days of the month. Tickets will be sold in November. The first drawing is on December 1st! Winners will be notified by email and posted on www.GBBR.org. To buy tickets, contact or call (410) 337-7200.