New Tax Law 101
The TCJA was enacted to deliver “tax relief to Americans,” according to a statement made by House Ways and Means Committee Chairman Kevin Brady upon introducing the law. Technically, however, the TCJA doesn’t provide for new tax deductions (a tax deduction lowers your taxable income), Jason J. Howell, CFP explained to Reader’s Digest. Rather, it mostly accomplishes these three changes: It increases certain tax deductions and credits (which reduce your tax bill after your tax rate’s been applied to your taxable income), makes the deductions available to more Americans, and generally lowers tax rates. And while you’ll notice that your paycheck tax withholdings will drop in 2018, most of the following tax changes won’t affect your filings for April 15, 2018. The true impact of the TCJA will kick in when you file your taxes in 2019.
Check out these things IRS agents won’t tell you about taxes.
The post 11 New Tax Deductions and Reductions Under the New Tax Law appeared first on Reader's Digest.
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