People also ask
What changes will be made to my taxes in 2018?
The most significant changes introduced by this new tax reform include decreasing the maximum tax rate and reducing the number of tax brackets from 14 to 2. Here is a brief list of what changes you will need to look for in 2018: 鈥?Income averaging for most taxpayers has been eliminated.
What are the new tax exemptions for 2018?
The new tax law doubles these exemptions. Now, for 2018, individuals get a $11.18 million lifetime exemption and married couples get to exclude $22.4 million. As you can probably imagine, this won’t leave too many families paying the estate tax.
What does the new tax law mean for You?
The new tax law also includes changes to other tax brackets. The estate exemption doubles to $11.2 million per individual and $22.4 million per couple in 2018. The child tax credit has been raised to $2,000 per qualifying child, those who are under 17, up from $1,000.
Are there any changes to the tax law for 2019?
While the changes in tax law for this year aren’t as significant as they were for the 2018 tax year, which followed the biggest overhaul in a generation, there are some changes people should be aware of. Here’s what changed for the 2019 tax year.