{"id":2508,"date":"2018-01-30T15:48:50","date_gmt":"2018-01-30T20:48:50","guid":{"rendered":"https:\/\/new.greatflorida.com\/blog\/?p=2508"},"modified":"2026-04-16T18:56:21","modified_gmt":"2026-04-16T22:56:21","slug":"changes-tax-season","status":"publish","type":"post","link":"https:\/\/www.greatflorida.com\/blog\/2018\/changes-tax-season\/","title":{"rendered":"Changes this tax season"},"content":{"rendered":"

Most people do not look forward to filing taxes, especially with a new tax law in place for the first time in decades. Those changes can induce confusion and stress. This will be the last year for several tax credits as well as the beginning to benefit from some new ones.<\/p>\n

Several tax credits are eliminated for the 2018 tax year. However, they are still available for your 2017 tax return. \u00a0\u201cThis will be the last year to take advantage of some deductions, so it\u2019s important not to miss out on them,\u201d says Dustyn Shroff<\/a>, Vice President of GreatFlorida Insurance<\/a>, Florida\u2019s largest independent homeowners insurance<\/a> agency.<\/p>\n

Investing information company, The Motley Fool<\/a>, reports this will be the last year to take advantage of the following tax breaks.<\/p>\n

Personal exemptions<\/strong><\/p>\n

Property tax deductions<\/strong><\/p>\n

Mortgage interest deduction on home equity loans<\/strong><\/p>\n

Moving expenses<\/strong><\/p>\n

Unreimbursed employee expenses <\/strong><\/p>\n

Tax preparation fees<\/strong><\/p>\n

Investment-related legal and accounting fees<\/strong><\/p>\n

Job search costs<\/strong><\/p>\n

\"\"<\/a><\/p>\n

While several tax breaks will expire after this year, there are new ones are available for this year\u2019s returns. \u201cThis year is unique with overlapping changes, so make sure your taxes are filed correctly, to avoid overpaying the IRS,\u201d warns Buck Vice President of GreatFlorida Insurance<\/a>, Florida\u2019s top independent homeowners insurance<\/a> agency. Error rates for returns filed on paper are at 21 percent, while error rates for those filed electronically are less than one percent.<\/p>\n

Some changes in tax deductions and credits are listed below.<\/p>\n

Tax brackets expand<\/strong>. According to personal finance resource, GOBankingRates<\/a>, \u201cthe federal income tax system uses a progressive tax structure, meaning that as you earn more income, your tax rate goes up as well.\u201d<\/p>\n

The Standard deduction,<\/strong> will experience a slight increase.<\/p>\n

Health savings account<\/strong>– an increase to the contribution limit.<\/p>\n

Earned income tax credit<\/strong>– the maximum income you can have while still qualifying for the EITC increased for each filing status. Also, you can have up to $3, 450 of investment income annually while still qualifying for the EITC.<\/p>\n

Retirement savings credit<\/strong>-there is an increase in income limits.<\/p>\n

Increased employer-paid parking or transit tax breaks<\/strong><\/p>\n

If you are looking for affordable and reliable homeowners insurance<\/a>, give GreatFlorida Insurance<\/a> a call.<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Most people do not look forward to filing taxes, especially with a new tax law in place for the first time in decades. Those changes can induce confusion and stress. This will be the last year for several tax credits as well as the beginning to benefit from some new ones. Several tax credits are […]<\/p>\n","protected":false},"author":1219,"featured_media":2514,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1,3,4,6,30,13,5,7,8,82,89,9],"tags":[],"class_list":{"0":"post-2508","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-floridainsurance","8":"category-auto-insurance","9":"category-boat-insurance","10":"category-commercial-insurance","11":"category-flood-insurance","12":"category-healthcare-insurance","13":"category-homeowners-insurance","14":"category-motorcycle-insurance","15":"category-renters-insurance","16":"category-rv-insurance","17":"category-travel-insurance","18":"category-umbrella-insurance"},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.greatflorida.com\/blog\/wp-json\/wp\/v2\/posts\/2508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.greatflorida.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.greatflorida.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.greatflorida.com\/blog\/wp-json\/wp\/v2\/users\/1219"}],"replies":[{"embeddable":true,"href":"https:\/\/www.greatflorida.com\/blog\/wp-json\/wp\/v2\/comments?post=2508"}],"version-history":[{"count":1,"href":"https:\/\/www.greatflorida.com\/blog\/wp-json\/wp\/v2\/posts\/2508\/revisions"}],"predecessor-version":[{"id":13823,"href":"https:\/\/www.greatflorida.com\/blog\/wp-json\/wp\/v2\/posts\/2508\/revisions\/13823"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.greatflorida.com\/blog\/wp-json\/wp\/v2\/media\/2514"}],"wp:attachment":[{"href":"https:\/\/www.greatflorida.com\/blog\/wp-json\/wp\/v2\/media?parent=2508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.greatflorida.com\/blog\/wp-json\/wp\/v2\/categories?post=2508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.greatflorida.com\/blog\/wp-json\/wp\/v2\/tags?post=2508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}