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New 2018 tax laws: What every taxpayer needs to know

Source: nbc-2.com - Jan 19, 2018

Did you hear that there are tax changes for 2018? Unless you've been in a coma or vacationing in North Korea over the last several months, you probably know that recent sweeping changes were made to the tax laws. However, you may not be sure how the Tax Cuts and Jobs Act and other tax changes will affect you in the upcoming year. We're here to help you decipher some of the most important revisions.

Tax Brackets For 2018, the seven tax brackets have been changed to 10%, 12%, 22%, 24%, 32%, 35%, 37% and the threshold values have also changed. Most taxpayers should see a decrease in their 2018 taxes as a result, and therefore see an increase in take-home pay once the withholding values have been adjusted sometime in January or February. Details on the new tax brackets and thresholds are available online.

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Category: General Business