2018 Business Tax Changes | Karla Dennis & Associates

2018 Business Tax Changes | Karla Dennis & Associates

2018 Business Tax Changes  The Tax Cuts and Jobs Act (TCJA)  has some new provisions that dramatically affect businesses and individuals. If you are a 1099 employee, or own a small business, the 2018 business tax changes is a big win. Here are some of the notable 2018 small business tax changes. Corporate Tax Cuts  Corporations will see a big drop in their rate from 35% to 21%. These changes alone are estimated to increase average family income by more than $4,000. The idea behind the $4,000 estimate is this: Corporations will use their new tax savings to invest more in their companies, create more jobs and pay higher wages. An increase of family income of $4,000 are estimated from these changes. read...
2018 Tax Brackets Changed Under the New Tax Law

2018 Tax Brackets Changed Under the New Tax Law

2018 tax brackets have been changed, where does that place you?    The new law will maintain the same seven tax bracket structure under the 2018  changes. However, the rates and income levels at which they apply have been adjusted. Our compare sheet will give you a side by side comparison of 2018 tax brackets vs 2017 tax brackets   Compare Sheet  (click to enlarge)   With an increase in the standard deduction the new law eliminates or restricts many itemized deductions. About 30% of taxpayers have itemized deductions because their total itemized deductions were more than the standard deduction. Know your tax bracket and estimate your tax rate with a tax bracket calculator. read...

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