The new tax reform bill overhauls the Internal Revenue Code and provides broad tax relief to workers, families and businesses of all sizes. Tax rates are lowered for individual taxpayers and businesses, taxed deductions and credits are increased, and various tax deductions and credits are eliminated or reduced. A typical family of four earning $73,000 a year could receive a tax reduction of as much as $2,000. Most of the provisions contained in the tax reform bill apply to tax year 2018 (the taxes filed in 2019) and future years up to December 31, 2025.
Here is a breakdown of some of the major provisions in the new tax bill and how they may impact your clients:
If you have questions on how any of these changes could effect you when you file next year's tax return, feel free to give us a call to look over your current situation. We can be reached at 715-672-8644.