Congress passed the Tax Cuts and Jobs Act Bill (TCJA) in December 2017. Implementation of some key provisions is still being finalized, but the following are major changes that will affect tax returns you file for 2018 through 2025: Changes to Tax Brackets Most taxpayers will benefit from a decreased tax bracket beginning in 2018.
If you’ve never considered tax planning before, this might be the year to reconsider. At a minimum the IRS recommends that every W-2 wage earner should do a “paycheck checkup” and review their withholding. In response to the Tax Cuts & Jobs Act (TCJA), withholding tables changed earlier this year to give employees more money
C Corporation Tax Rate Under TCJA, the tax rate for C corporations is reduced from 35% to 21% and AMT has been eliminated. This change has led some small business owners to wonder if they should become a C Corporation. In most cases, the answer is no, because C Corporations are still subject to double