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TAX REFORM ACT - HOW DOES IT AFFECT YOU?
The standard deduction has doubled for all taxpayers. This increase may cause some of you to no longer have high enough deductions to itemize. • Married filing jointly - $24,000 • Head of Household - $18,000 • Single/Married filing separately - $12,000 You are entitled to an additional standard deduction of $1,600 ($1,300 if married) if you are age 65 or older, or blind.
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14 hours ago  ·  

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TAX REFORM ACT - HOW DOES IT AFFECT YOU?

Tax Rates Tax rates are lower for all taxpayers in all income brackets. There are now seven rates: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Depending on your income and other deductions, you may see a larger refund or lower balance due as a result of these new rates. To accommodate the lower rates, the withholding tables have been revised. Review your pay stub and consider making any necessary adjustments to your withholding by completing a new W-4.
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2 days ago  ·  

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Mailing addresses for federal tax returns change regularly. If you need to mail a tax return, check the Where to File Paper Tax Returns page to find the correct address. You should also ensure any pre-printed envelopes reflect the correct mailing address. ... See MoreSee Less

3 days ago  ·  

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Effective Jan. 1, 2018, pursuant to the Tax Cuts and Jobs Act, a conversion from a traditional IRA, SEP or SIMPLE to a Roth IRA cannot be recharacterized. The new law also prohibits recharacterizing amounts rolled over to a Roth IRA from other retirement plans, such as 401(k) or 403(b) plans. ... See MoreSee Less

6 days ago  ·  

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Filing to get a refund. Even if a taxpayer doesn’t have to file, they should file a tax return if they can get money back. If a taxpayer answers “yes” to any of these questions, they could be due a refund: ◦Did my employer withhold federal income tax from my pay?
Did I make estimated tax payments?
Did I overpay last year and have it applied to this year’s tax?
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7 days ago  ·  

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