What the New Tax Bill Means for You

If you’re really a planner, note that currently this rule expires on Jan. 1, 2026, although who knows what might happen to it by that time. But if you moved in 2017, be sure to talk to your accountant or tax preparer about whether you are eligible for the deduction, as this new law didn’t kick in until the 2018 tax year. 2.

The new bill lowers the corporate tax rate from 35 to 21 percent. How does it impact my personal income tax? The bill keeps the seven tax brackets while reducing the rates for five of them.

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What’s in Republicans’ tax plan and what it means for you. By .. ambitious and long-awaited tax bill Thursday that seeks to simplify the tax code and reduce corporate rates, the latest step as.

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What the New tax bill means for You The enactment of the Tax Cuts and Jobs Act represents "the most sweeping overhaul of the U.S. tax code in more than 30 years." 1 For millions of Americans and businesses it means an altered financial and investment landscape with new opportunities and challenges in the years ahead.

The new bill would limit to $10,000 the amount of state and local taxes, including property taxes, that can be deducted annually.

Under the current tax plan, you can take deductions for the taxes you pay in state and local income taxes, real estate taxes, and personal property taxes. That means less of your income will be taxed by the federal government depending on how much you pay in taxes to state and local governments.

Taxation-related bills in the U.S. Congress.. Use this page to browse bills in the U.S. Congress related to the subject Taxation, as determined by the Library of.

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You stand to see a tax cut when you file your 2018 federal income. That means your 2018 tax return – the one you will file in 2019. And analyses tend to agree that smaller tax bills will be the overall effect of the new law.