IRS Redesigned Website for 2018 Tax Reform
To help taxpayers have a better understanding of the tax reform, the IRS has updated information on its website. The Tax Cuts and Jobs Act (TCJA) will affect individuals, businesses, tax exempt and government entities.
There are now three sections for the IRS redesigned website IRS.gov/taxreform page. The three sections are individuals, businesses, and tax-exempt entities. The individuals’ page has a “Paycheck Checkup” link. The IRS is encouraging every taxpayer to check their withholdings to avoid any surprise tax bills at the end of the year. The information on tax credits discusses changes to the child tax credit, additional child tax credit, and information about the new credit for other dependents.
The business page has information for small and/or large businesses how the TCJA could affect the company. There is information on the new 20 percent deductions for pass-through businesses. This new provision allows many owners of a sole proprietorship, partnerships, trusts, and S corporations to deduct 20 percent of their qualified business income. There are new rules and limitations under the TCJA for depreciation and expensing.
The tax-exempt entities page has information on how the Tax Reform affects retirement plans, charities, and government entities. For people that fall in this category, they can see the changes that have been made to retirement plan loan, Roth recharacterizations, tax credit, and direct pay bond.
Make the time to see where you stand with the changes for 2018. That last thing you want is to receive a bill from the IRS at the end of the year. If you have any questions or would like help with Tax Planning, and see how the changes can benefit you, call to speak with one of our tax professionals 888-878-4051 or schedule your appointment online Here.