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Top 7 New 2018 Income Tax Rules - Bookkeeping Basics Newsletter
May 26, 2018
Top 7 New 2018 Income Tax Rules
2018 Income Tax Rules | Top 7 Tax Changes
There are many BIG CHANGES going into effect for 2018 tax returns.
The changes for individuals were based on new tax legislation enacted in 2017, but most of them weren’t effective for 2017 tax returns as many clients had feared.
Instead, the new 2018 tax rules will be in effect for 2018 tax returns and are temporary, expiring in 2025 unless extended. (Corporate changes will be permanent).
Following are the Top 7 New 2018 Income Tax Rules For Individuals..
2018 Income Tax Brakets | New Personal Changes
The NEW TAX BRACKET LAWS for 2018 are keeping the same number of seven tax brackets, however there will be different tax rates along with different tax income break levels.
An example being the highest individual tax rate will be lowering from 39.6% down to 37% while at the same time that tax rate will start at a higher level of income.
This will mean that no matter what tax bracket you end up falling into, even more of your taxable income will be hit with a lower tax rate. This should be good news!
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Income Tax Deduction Questions | Free Tax Q&ATrying to determine your income tax deductions at tax time can leave you FULL OF QUESTIONS about what kinds of expenses are deductible.
While doing bookkeeping, and using income tax software, it is a really good idea to already know what these deductions are before tax time so that your chart of accounts can be set-up accordingly.
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Thank you!See you next time,
Stephanie Horne, EA
Owner, Enrolled Agent #114752
Horne Financial Services
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