​Certified Public Accountants | Mount Sterling, Kentucky  |  859-498-9915

2018 IRS Standard Mileage Rates

​Business: 54.5 cents per mile

Medical/moving: 18 cents per mile        click 

​Charitable: 14 cents per mile  


Office Hours

Monday-Thursday ~ 8:30-4:30

Friday ~ 8:30-3:00

Tax Tables - 2017

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John T. Lane & Associates LLC

Tax Tables - 2018

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How long should you keep your tax records?

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Department of Labor Posters

Are you compliant? Click here to check, and you can order posters for free.    click

2017 IRS Standard Mileage Rates

​Business: 53.5 cents per mile

Medical/moving: 17 cents per mile        click 

​Charitable: 14 cents per mile  


IRS Forms

You can order IRS forms for free by clicking here.    click

Tax Cuts & Jobs Act (Tax Reform)

Standard Deduction Increased

New Law---For tax years beginning after December 31, 2017 and before January 1, 2026, the standard deduction is increased to $24,000 for married individuals filing a joint return, $18,000 for head-of-household filers, and $12,000 for all other taxpayers, adjusted for inflation in tax years beginning after 2018.  No changes are made to the current law--additional standard deduction for the elderly and blind.


Personal Exemptions Suspended
New Law---For tax years beginning after December 31, 2017 and before January 1, 2026, the deduction for personal exemptions is effectively suspended by reducing the exemption amount to zero. 

Kiddie Tax Modified
New Law---For tax years beginning after December 31, 2017, the taxable income of a child attributable  to earned income is taxed under the rates for single individuals, and taxable income of a child attributable to net unearned income is taxed according to the brackets applicable to trusts and estates.

INCOME FROM PASS-THROUGH ENTITIES
New Deduction for Pass-Through Income--ask us about this.

Deduction for Personal Casualty & Theft Losses Suspended
New Law---For tax years beginning after December 31, 2017 and before January 1, 2026, the personal casualty and theft loss deduction is suspended, except for personal casualty losses incurred in a federally-declared disaster.

Child Tax Credit Increased
New Law---For tax years beginning after December 31, 2017 and before January 1, 2026, the child tax credit is increased to $2,000, and other changes are made to phase-outs and refundability during this same period.

Phase-out--The income levels where the credit phases out are increased to $400,000 for married taxpayers filing jointly ($200,000 for all others taxpayers) (not indexed for inflation).

Non-child dependent--In addition, a $500 nonrefundable credit is provided for certain non-child dependents.

State and Local Tax Deduction Limited
New Law---For tax years beginning after December 31, 2017 and before January 1, 2026-subject to the exception described below-state, local and foreign property taxes, and state and local sales taxes are deductible only when paid or accrued in carrying on a trade or business or an activity described in code section 212.

However, a taxpayer may claim an itemized deduction of up to $10,000 ($5,000 for a married taxpayer filing a separate return) for the aggregate of (1) State and local property taxes not paid or accrued in carrying on a trade or business or (2) activity and state and local income (or sales taxes in lieu of income) paid or accrued in the taxable year.

No Deduction for Amounts Paid for College Athletic Seating Rights.

Miscellaneous Itemized Deductions Suspended
New Law--For tax years beginning after December 31, 2017 and before January 1, 2026, the deduction for miscellaneous itemized deductions that are subject to the 2% floor is suspended. This suspension includes deductions for unreimbursed employee expenses.

Moving Expenses Deduction Suspended.                                                                                           

Repeal of Obamacare Individual Mandate
New Law---For months beginning after December 31, 2018, the amount of the individual shared responsibility payment is reduced to zero.