|LC Classifications||KF6415 .L43 1987|
|The Physical Object|
|Pagination||240 p. :|
|Number of Pages||240|
|ISBN 10||0933893264, 0933893329|
|LC Control Number||86072777|
A new law passed in December has extended tax breaks but also caused delays for many forms, instructions, and publications. These new changes are separate from the big ones that went into effect in from the Tax Cuts and Jobs Act of That law . This book is an excellent place to start if you don’t know the first thing about taxes. This isn't a mere laundry list of what you are eligible to deduct—it also teaches you how the law has recently evolved, which types of income are never taxed, how to claim things correctly, and how to read your financial records as a seasoned accountant would. In tax year , prudent savers can sock away more money tax-free than ever before. If your employer has a (k) or (b) plan, you can invest up to $19, The new tax law greatly simplifies and lowers taxes for companies. Corporations will now pay a flat rate of 21 percent on all profits, down from as much as 35 percent under the previous law.
What’s the estate tax? Basically, the estate tax is a tax you pay on inherited money and property. Simple enough, right? Before the tax reform bill, there was a 40% tax rate on any inherited property valued over $ million. With the new tax reform bill, in you could inherit a total of $ million before the estate was hit with the. The Marriage Penalty. The marriage penalty is the result of federal tax brackets. Couples who are married and who file joint tax returns have historically been able to enjoy more income before moving into a higher tax bracket, and that makes sense because there are two of them. But here’s the problem. Those tax brackets haven’t always exactly doubled to accommodate two earners. As tax expert Bernie Kent explains, “Consider a taxpayer who has $1 million of AGI for and would like to make a $3 million charitable contribution this year. In prior years the income tax. Under the new law, this percentage is expected to decrease. Increased Child Tax Credit: For, families with children the Child Tax Credit is doubled from $1, per child to $2, In addition, the amount that is refundable grows from $1, to $1, The bill also adds a new, non-refundable credit of $ for dependents other than children.
Defines tax terms, words, and phrases used in modern American tax law, providing a working knowledge of over 6, expressions. Book $ The new law also created a second smaller credit of up to $ per dependent aimed at taxpayers supporting older children and other relatives who do not qualify for the Child Tax Credit. “As we approach the tax-filing season, I want to remind taxpayers to take advantage of this valuable tax credit if they are eligible to claim it. Episode Make More Money With The Tax Law Description: Understanding the new tax code not only allows you to pay less taxes, it may also encourage you to make more money. In this episode, hear a real-life case study of how a real estate investor educated himself, paid less taxes and used the. The largest tax burden for households in the bottom income quintile (the bottom fifth) tends to come from the payroll tax, followed by excise taxes and a small amount of corporate tax. The average federal tax burden tends to be much lower for low-income households than for high-income households.