U.S. Monday, April 15, 2019 is "Tax Day," the deadline for filing individual tax returns to the Internal Revenue Service (IRS). Those affected are generally self-employed, retirees, investors and those who pay their taxes quarterly, but with recent changes to tax law, many others could be affected. The Tax Cuts and Jobs Act (TCJA) was enacted in December 2017 and was part of President Donald Trump's claimed "biggest tax cuts and reform in American history." The April 15 deadline is the first time taxpayers will have to file under this new legislation. Do the Tax Cuts and Jobs Act law changes affect you? For the majority, yes. TCJA has changed the way tax is calculated for the majority of taxpayers, including those with substantial income not subject to withholding. The law changed: Tax rates and brackets; Business expense deductions; Increased the standard deduction; Removed personal exemptions; Increased the child tax credit; and Limited or … [Read more...] about Tax Day 2019 Deadline: When Are 2018 Taxes Due? How to File on Time or Request an Extension
Tax brackets 2019
By Aimee Picchi Special to USA TODAY Published 12:01 AM EDT Mar 25, 2019 Saving for retirement or other big life moments is often viewed as an end in itself: Sock away a little bit each month, and you’ll achieve your financial goals. But many of these accounts can also play a role in lowering your tax burden here and now. Take Erin Lowry, a self-employed personal finance expert who blogs at BrokeMillennial.com and whose book “Broke Millennial Takes on Investing” will be published in early April. Her transition from company employee with a 401(k) to self-employed worker included the challenge of setting up a new retirement plan. “The advice out there is for the traditional employee, like, ‘Make sure you get the employer match,'” she recalls. “As a self-employed person, retirement is entirely on my shoulders.” That includes navigating a complicated set of issues when it comes to retirement savings, such as deciding which type … [Read more...] about Tax breaks 2019: 5 accounts that shelter your savings from taxes
The tax overhaul altered rates and brackets, but not as much as some proposed. Instead, the major changes affecting Americans often stem from other provisions, such as the expanded standard deduction or child tax credit. Lawmakers also switched to a less generous method for calculating inflation adjustments to tax brackets and other key provisions. They will now be adjusted using the typically slower-moving chained consumer-price index instead of a traditional method of inflation known as the CPI-U. The shift will cost Americans... … [Read more...] about WSJ Tax Guide 2019: Tax Rates and Brackets
The Internal Revenue Service will begin processing tax returns – both paper and electronic – starting today.Tax season officially starts today (Jan. 28), days after the government reopened after a 35-day shutdown that sent many IRS employees home and raised concerns about processing for this year’s returns. The IRS had recalled a “significant” portion of its staff, which is also tasked with handling the first season under President Trump’s tax plan. The plan was signed into law in 2017, taking effect for money earned in 2018.“IRS employees have been hard at work over the past year to implement the biggest tax law changes the nation has seen in more than 30 years,” said IRS Commissioner Chuck Rettig.For most taxpayers, the filing deadline this year is Monday, April 15. Patriot’s Day on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers in those states have until … [Read more...] about IRS accepting tax returns starting today: What are the new federal tax brackets?
Prepare your calculators. The Internal Revenue Service has updated its tax brackets for 2019. This year marks the first under the new Tax Cuts and Jobs Act, an overhaul of the tax code that resulted in lower individual income tax rates, a doubled standard deduction and the elimination of personal exemptions. For the new year, the IRS has bumped up the individual income tax brackets, adjusting them for inflation. See below for your new bracket: The standard deduction has also increased for 2019, rising to $12,200 for single filers (up from $12,000 in 2018). Married joint filers will be eligible for a $24,400 standard deduction, an increase from $24,000 in 2018. Meanwhile, heads of household — that is, filers who are single parents — are getting a $350 boost to their standard deduction. It will be $18,350 in 2019. Personal exemptions, which were eliminated from 2018 through 2025 as part of the Tax Cuts and Jobs Act, will remain at … [Read more...] about Here Are Your New Income Tax Brackets for 2019