New federal taxes for 2017

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The IRS is working on implementing the Tax Cuts and Jobs Act (TCJA). This major tax legislation will affect individuals, businesses, tax exempt and government entities. The top rate is now , down from 39. The tax brackets, or income ranges, have shifted slightly too. See all full list on paychex.

The new tax law nearly doubles the standard deduction amount. These increases mean that fewer people will have to itemize. IRS deposited the first Economic Impact Payments into taxpayers’ bank accounts today.

Every Tax Situation, Every Form - No Matter How Complicate We Have You Covered. The fast, easy, and 1 accurate way to file taxes online. Earned Income Tax Credit. The credit is $4for one chil $6for two children, and $3for three or more children. But before you do, use MarketWatch ’s Trump tax calculator to see if you.

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All unearned income in excess. Various tax changes inevitably occur from year to year. These can range from minor adjustments to the complete elimination of various tax provisions. Brittany Jones-Cooper.

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We will cover more on the new tax plan soon, however, some things you need to be aware of include the doubling of the standard deduction and child tax credits and the elimination of personal exemptions.

And this will be the last time you can use some deductions since the new tax law eliminated. Your biggest refund possible is waiting. But with new tax rules taking effect.