Taxes are about to get more interesting — or at least different.
President Donald Trump changed the US tax code for the first time in 30 years when he signed the Republican tax bill into law in December. The changes — including new tax brackets and modified tax deductions -- went into effect on January 1. Employees should see a difference in their paycheck by February, according to the IRS.
But there's no need to scramble to understand the new law before Tax Day, which falls on April 17 this year. Your tax return will reflect your 2017 taxes, meaning the new law won't apply.
The IRS begins accepting tax returns on Monday. Here's what to expect during this year's tax season.
You should receive all your tax documents by early FebruaryBefore you file your taxes, you'll need to collect all your 2017 tax documents. If you're an employee, that means your W-2; if you're a freelancer, you may have multiple 1099 forms. In some cases, you may have other statements, such as income earned from an interest-bearing savings account or interest paid on a loan, or even taxable bitcoin gains.
Leave a Reply.
All tax news provided by "Google" or "Bing" search engines. TLOA takes no responsibility or shares the opinion by the giving source.