Having only been in the works for a little over a year, the Tax Cuts and Jobs Act is bringing what most consider to be the most significant changes to the way we do taxes in THREE decades! That’s an entire 30 years this bill needs to make up for. So what does this change mean for you?
You know those tax brackets we all fit into based on our income? Those are now expanded in order to create more income to lower tax rates (yay!).
Deductions are our favorite part to taxes, and with this bill the standard nearly DOUBLES to $12,000 if you file as single, and $24,000 for those married and filing jointly.
While things are changing, what is staying the same? Plenty, such as charitable deductions, medical expenses, and tax on children.
Are you interested in how the laws are changing, but not quite a master of taxes? We love educating our followers and helping our customers here at Hoods Tax and Accounting! Make an appointment today, and get your taxes out of the way!
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