What’s changing at the federal level
Every year brings about changes. Laws, regs and this year, amendments all will be changing the way stuff happens in Florida. Without getting too far into the weeds, here are some of the most effectual changes in Florida brought about by changes in federal laws and regs.
Medical costs: Effective January 1st, medical service providers must post standard procedure costs online to allow for greater transparency.
Alimony: Effective January 1st, new alimony cases won’t treat alimony as taxable income.
Tax rates: Effective January 1st, new tax tables take effect raising the amount of income earned in each tax bracket by 2% before entering a higher tax bracket. Effectively lowering the tax burden on increased income for all Americans who earn less than $510,300 dollars.
Standard tax deduction: Effective January 1st, the standard tax deduction also rises by about 2%.
Retirement contributions: Effective January 1st, the limits for retirement contributions rise by $500 across the board.
The end of the ACA tax: Effective January 1st, those who don’t obtain health insurance won’t be taxed for not having it as had been the case under the ACA.
Photo by: Getty Images