Recent Tax Law Change

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2 hours ago Here are the new brackets for those filing as a single person, under the U.S.’ progressive, or graduated, tax system: The first $9,875 of income (or less) is taxed at 10% .

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1 hours ago Estate Tax Exclusion Increase. The estate tax lifetime exclusion amount — defining how much wealth can be passed on to next of kin before being subject to taxes — also rose in 2020. Estates for those who died in 2020 now have a basic tax exclusion amount up to $11.58 million, compared with $11.4 million the year before.

1. Author: Jeff Rindskopf

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3 hours ago Contribution limits for IRAs remain unchanged at $6,000 if you are under 50 years old and $7,000 if you are 50 or older. However, the IRS did announce a few other tax changes that impact IRAs in 2021.

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6 hours ago There are big changes for the 2021 child tax credit – but, at least for now, they're only temporary. For 2020 tax returns, the credit was worth $2,000 per …

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6 hours ago By 1940, the need for the U.S. to prepare for war and support its allies led to even more aggressive taxation. People with incomes of $500 faced a 23% tax and the rates climbed up to 94%. By 1945

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8 hours ago

1. The home equity loan interest deduction has been wiped out. A home equity loan is one in which your property serves as collateral on the amount you borrow.
2. The moving expense deduction for a new job is now eliminated. It used to be that if you relocated for job purposes, you could deduct expenses associated with that move.
3. Unreimbursed job expenses deduction goes “bye-bye” It used to be that when you incurred job-related costs that your employer didn’t, you could deduct those expenses provided they were directly related to your work and they, along with other miscellaneous deductions, totaled more than 2% of your adjusted gross income (AGI).
4. Investment fee deduction is history. Prior to 2018, you had the option to deduct fees paid to a financial advisor provided that they, along with other eligible miscellaneous expenses of yours, exceeded 2% of your AGI.
5. The alimony deduction is going away…for some. The old tax laws allowed alimony payments as tax-deductible for the ex-spouses responsible for making them.
6. Casualty and theft loss deductions are knocked out. If your property sustained damage due to a flood or fire or you had a piece of valuable artwork stolen, it used to be that you could claim an income tax deduction for any such personal losses.
7. Deduction for fees you pay for your tax return preparation disappears. Thinking of hiring a tax professional this year? If you need the help, by all means you have to go for it—but know that you won’t snag a tax break in the process.
8. Business entertainment expense tax deductions are erased. There are several aspects of the new tax laws that are designed to benefit businesses, but entertainment expenses are one place they might lose out.
9. State and Local Sales Tax deductions get limited. Though the SALT (state and local tax) deduction has not disappeared completely, it looks very different in 2018 compared to years prior.
10. Mortgage interest deductions are reduced. The new law now will cap your income tax deduction for your mortgage to the first $750,000 of debt and not the previous $1,000,000 maximum on your first or second home.

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2 hours ago In many cases, low-income households owe no income tax. All households can claim a standard deduction to reduce their taxable income, and many families with children can offset income taxes with the child tax credit. In 2020, the standard deduction is $24,800 for married couples, $18,650 for single parents, and $12,400 for singles.

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8 hours ago Explain China’s new tax laws for foreigners, like we are 5 years old. The current Individual Income Tax Law allows foreigners to enjoy allowances, such as rental, meal, children’s school fees, and so on, which can be deducted from the taxable income; therefore, reducing the individual income tax (IIT) payable.

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Just Now On Friday, December 22, 2017, the "Tax Cuts and Jobs Act" (H.R. 1) was signed into law by President Trump. Almost all of these provisions go into law January 1, 2018. We have put together a side-by-side comparison of current law and the "Tax Cuts and Jobs Act" (H.R. 1) changes. There are numerous tax planning issues facing both individuals and

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9 hours ago BUFFALO, N.Y. (WKBW) — As 2019 winds down, there are some new tax law changes that will affect many taxpayers when they prepare their returns and plan tax strategy starting in January 2020.

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7 hours ago Generally, the proposed effective date for any enacted tax law changes is expected to be January 1, 2022. However, some of the proposed tax law changes (for example, higher capital gains rates on the sale of an asset) could be made effective to an earlier date, such as the date of the enactment of the new tax legislation.

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8 hours ago Changes to the Tax Code . President Trump signed the Tax Cuts and Jobs Act (TCJA) into law on Dec. 22, 2017, bringing sweeping changes to the tax code. How people felt in principle about the $1.5

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Just Now With those changes, of the 45 states that have a general sales tax, 43 have now adopted an economic nexus law or rule since Wayfair. According to Peterson, two states, Florida and Missouri, have

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1 hours ago

1. You are no longer allowed to deduct interest for home equity loans/lines of credit. Now, the only allowable mortgage interest deduction is for your primary residence and only up to a maximum indebtedness of $750,000.
2. Employees who incur unreimbursed expenses associated with their employment may no longer use an itemized deduction for them.
3. If you have a 529 savings plan, you can now use distributions for private education tuition, as opposed to just post-secondary education.
4. Alimony payments from post-December 31, 2018 divorce settlements are no longer tax deductible. Also, alimony received is no longer taxable.
5. Self-employed individuals can now take advantage of a deduction on their self-employment income, which is subject to phase outs.
6. The itemized deduction for taxes—property, state income, and sales—is now limited to a maximum of $10,000. This change primarily affects individuals who pay a large amount of state income tax or who live in high property tax states, so it isn’t as detrimental in Tennessee.
7. The standard deduction is increased to $12,000 for individuals and to $24,000 for married filing jointly.
8. The personal exemption, currently $4,050 per individual/dependent, is now repealed.
9. The child tax credit increased from the current $1,000 per child per year to $2,000 per child per year.
10. Payments made for the right to purchase athletic tickets will no longer count as a charitable deduction. (Sorry to be the bearer of bad tidings football fans!)

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1 hours ago The Tax Cuts and Jobs Act changed the way taxable income is calculated and reduced the tax rates on that income. The IRS had to address and make changes to income tax withholding in response to the new law as soon as possible after it passed. This issue affects every taxpayer who receives a paycheck.

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7 hours ago NEW LAWS FOR FEDERAL TAX RETURNS FOR 2020 The following tax law changes affect 2020 Federal income tax returns and in some cases other year returns prepared in 2020. Any changes in other year’s returns will be noted. The Tax Cuts and Jobs Act (TCJA) signed into law on December 22, 2017 has had the most broad and wide sweeping changes to tax

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8 hours ago The reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the most sweeping federal tax legislation in more than three decades. While many of the new law’s provisions affect businesses, it also includes significant changes for individual taxpayers, most of which take effect for 2018 and expire after 2025.

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9 hours ago Individual Tax Rates. There are still seven tax brackets, however the rates have dropped in all except the lowest bracket. The new maximum tax rate was reduced from 39.6% to 37%, which applies for those earning over $500,000 annually, if single, or $600,000 if married. While these changes are likely good for everyone, KRS does have some clients

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Just Now Biden’s tax plan is estimated to raise about $3.33 trillion over the next decade on a conventional basis, and $2.78 trillion after accounting for the reduction in the size of the U.S. economy. While taxpayers in the bottom four quintiles would see an increase in after-tax incomes in 2021 primarily due to the temporary CTC expansion, by 2030 the plan would lead to lower …

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7 hours ago A. The Tax Cuts and Jobs Act made significant changes to individual income taxes and the estate tax. Almost all these provisions expire after 2025, while most business provisions are permanent. The new tax law made substantial changes to the tax rates and the tax base for the individual income tax. The major provisions follow, excluding those

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6 hours ago The tax law changed significantly at the end of 2017, and by now we’ve had at least one tax year to consider and react to the new laws. We have previously written about some of the more important changes in the new tax law, e.g., pass-through deductions for S-Corps., LLCs and partnerships, and the increased standard deduction ($12,200 for single filers and …

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2 hours ago A Guide to the Tax Changes. The Tax Cuts and Jobs Act is now law. The House and Senate approved the bill on Dec. 19. It passed 227-203 in the House with no Democratic votes and 12 Republican “no

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8 hours ago Family shocked by tax bill 02:09. While many Americans may bemoan smaller income tax refunds this season, the new federal tax law is proving to be a windfall for U.S. banks, which saw their

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5 hours ago The tax law change covered in the revenue procedure was added by the Taxpayer First Act of 2019, which increased the failure to file penalty to $330 for returns due after the end of 2019. The new penalty will be adjusted for inflation beginning with tax year 2021. The tax year 2020 adjustments generally are used on tax returns filed in 2021.

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7 hours ago Under previous tax law, a 0% long-term capital gains tax rate applied to individuals in the two lowest marginal tax brackets, a 15% rate applied to the next four, and a 20% capital gains tax rate

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1 hours ago Latest news on tax and superannuation law and policy. On this page: Budget 2021–22; MYEFO 2020–21; Budget 2021–22. The government handed down the 2021–22 Budget on 11 May 2021, with several changes to tax and superannuation laws (see budget.gov.au) External Link.

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8 hours ago The New Tax Law. January 12, 2018 [email protected] The new tax law was signed by Donald Trump in December. This is the most sweeping change in tax laws in over 30 years. While many of its provisions are clear-cut and easy to follow, some measures remain vague and will require additional study and interpretation.

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6 hours ago With tax reform, that top rate was lowered to 37% and only applies to married couples making more than $600,000 in taxable income, much more income than before. Former Marginal Tax Rates (2017 and

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21.086.4172 hours ago

1. The top marginal tax rate for ordinary income is reduced to 37%. The top rate for long-term capital gains and qualified dividends remains at 20%. The 0% rate for QSBS and the 3.8% tax on net investment income remain unchanged. However, gain on the sale of a carried interest in an investment partnership is taxed as short-term capital gain unless the interest is held for more than three years. The debt limit for the home mortgage interest deduction is generally $750,000 for debt incurred on or after December 15, 2017, and $1 million for debt incurred before that date. The itemized deduction for state and local income taxes, sales taxes, and property taxes is limited to $10,000 combined. Prepayments of state and local income taxes made in 2017 for a later tax year are treated as paid in the later year in applying the $10,000 limit. The percentage limit on certain cash charitable contributions is increased from 50% to 60%. For divorce or separation instruments executed in 2019 or therea...

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7 hours ago For individual taxpayers, the new tax law — commonly known as the Tax Cuts and Jobs Act (TCJA) — includes many expected changes, some unexpected ones and some that didn't make the final cut. Here are the most important things that individual taxpayers need to know about the TCJA, which was signed into law on December 22, 2017.

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21.086.4171 hours ago

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3 hours ago Changes this tax season 04:03. A majority of Americans see the recent changes to the tax laws as benefiting the wealthy and large corporations, and most feel their own taxes have not gone down

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Just Now Lower Tax Rates and Changed Income Ranges. The bill retains the seven tax brackets found in current law, but lowers a number of the tax rates. It also changes the income thresholds at which the rates apply. The brackets before tax reform were: 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. The 2019 brackets are: 10%, 12%, 22%, 24%, 32%, 35% and 37%.

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4 hours ago

1. Your income may put you in a different tax bracket now. Tax rates have changed a bit under the new tax law. You want to note the changes and what they mean for those filing single and those filing jointly.
2. A majority of American taxpayers will pay lower tax rates. Taxes will be lower for many. For example, single taxpayers who earn between $38,701 and $82,500 will reduce their tax liability from 25% to 22%.
3. The standard deduction goes up and the personal exemption goes away. The new tax plan increases the standard deduction from $6,350 to $12,000 for individuals and from $12,700 to $24,000 for married couples.
4. Tax preparation fees are no longer deductible. Tax preparation fees used to fall into the category of miscellaneous fees on Schedule A of form 1040. But, you can’t write off your prior year’s tax preparation fee anymore.
5. You can’t write off mileage if you’re a W-2 employee any more. Previously, you could write off work-related mileage that exceeded 2% of your adjusted gross income (AGI).
6. Taxes on business ownership have gone down. If you own a business, you now have a flat tax of 21%, instead of the 35% tax rate previously in place.
7. The child tax credit doubled—from $1,000 to $2,000. If you have a child under the age of 17 or other dependents who lived with you at the end of the year, you qualify for the child tax credit of $2,000 per dependent.
8. Medical and dental expense deductions are more accessible—sort of. While the deductible percentage for medical and dental expenses has gone up and down over the years, the most recent requirement was that they had to exceed 10%of your AGI to write them off.
9. Alimony is off the table for deduction and taxation. Under the new tax law, alimony is longer be deductible income for the person paying it. And it longer counts as taxable income for the person receiving it.
10. The limits on mortgage interest deductions are lower. Securing a good home mortgage interest rate may matter more now, thanks to this change. That’s because deductible home mortgage interest on a loan to buy or improve a home is now limited to $750,000 of the loan’s principal.

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9 hours ago The new tax law approximately doubles the amount of exempt level to $11,200,000 for individuals and $22,400,000 couples. Although the tax code has been “simplified”, there still exists many nuances, phase-outs, and thresholds that require careful consideration and discussion.

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7 hours ago On December 22, 2017, the current administration signed into law The New 2018 Tax Law (Tax Cuts and Jobs Act). The hotly debated new law has many tax-paying homeowners concerned, especially those who live in higher-end real estate markets such as California. Limits the deduction on mortgage interest to $750,000, down from $1,000,000.

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1 hours ago REG CPA Exam 2021 Tax Law Changes. REG is all about tax and allots anywhere from 55-85% of each exam to addressing federal taxation topics. The REG CPA exam section usually starts testing on the latest tax law changes on January 1. REG CPA Exam Section Content. Again, a major portion of REG has the potential to deal with federal taxation.

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3 hours ago The new tax law keeps the AMT, but raises both its exemption amount (to $109,400 if you’re married filing jointly, and $70,300 for other types of filers) and the income at which the exemption starts to phase out ($1 million for …

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4 hours ago Under the new tax law for 2019, the tax rate for this bracket has been reduced to 22%, while the range has been shifted to households earning between $77,401 – $165,000. Low Income Households The two lowest tax brackets experienced some shifts as well that may be largely beneficial for households at these after-tax income levels.

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4 hours ago The changes that would affect trusts and estates relate to the federal estate tax and capital gains tax. Since 2018, only estates valued at …

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6 hours ago 3. Individual tax rates are lower. Roughly half of respondents did not know that tax rates for all seven income tax brackets decreased in 2018, as part of …

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6 hours ago Alcohol minimum pricing comes into force in Wales in March (Image: PA). The Welsh Government is planning on a new law setting minimum alcohol prices, WalesOnline reports. Currently set to come into force on March 2, 2020, ministers want retailers and bars to charge a minimum of 50p per unit - meaning a can of cider could cost at least £1 and a bottle …

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9 hours ago With Americans focusing on taxes as the April 17 deadline approaches, these charts show why the tax law enacted in December needs wholesale restructuring: it will increase inequality, reduce revenues at a time when the nation needs to increase them, and invite rampant tax avoidance. As our major new report details, the new law:. 1.

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3 hours ago The Chicago Tribune takes a detailed look at how the new tax law will affect most Americans during the course of the next year and in 2019, in “What happens next with the Republican tax plan, month by month.”. There are a couple of things to keep in mind. One is that the details won’t be ironed out until the IRS releases new regulations based on the changes

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6 hours ago Many of the tax breaks in recent tax-relief bills were designed to be phased in over a number of years, or are indexed to inflation. To help you determine how these tax laws affect your long-term planning, this article explains the …

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1 hours ago What taxes are included in the new Philippine tax reform program, also known as TRAIN? We summarize below a list of revised and brand-new taxes that are part of the approved Tax Reform for Acceleration and Inclusion or TRAIN law initiated by the Department of Finance (DOF) and ratified by Congress. Implementation of the new taxation under TRAIN begun on January 1, …

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9 hours ago The new tax law also made significant changes to the tax brackets. There are still seven different brackets, just as there were before the passage of the law. And the lowest rate is still 10 percent. The top income tax rate is down to 37 percent, however, from 39.6 percent.2 There are similar cuts throughout the rest of the brackets as well.

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6 hours ago Under previous tax law, a 0% long-term capital gains tax rate applied to individuals in the two lowest marginal tax brackets, a 15% rate applied to the next four, and a 20% capital gains tax rate

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Frequently Asked Questions

What does the new tax law mean for consumer prices?

The new tax law uses a metric known as the Chained CPI instead, which makes the assumption that if a particular good or service becomes too expensive, consumers will begin buying a cheaper alternative.

When do the new tax laws go into law?

Almost all of these provisions go into law January 1, 2018. We have put together a side-by-side comparison of current law and the "Tax Cuts and Jobs Act" (H.R. 1) changes. There are numerous tax planning issues facing both individuals and business owners.

What is the corporate tax rate under the new law?

The law creates a single corporate tax rate of 21% and repeals the corporate alternative minimum tax. Unlike tax breaks for individuals, these provisions do not expire. Combined with state and local taxes, the statutory rate under the new law will be 26.5%, according to the Tax Foundation.

What does the new tax law mean for single taxpayers?

Increased standard deduction: The new tax law nearly doubles the standard deduction amount. Single taxpayers will see their standard deductions jump from $6,350 for 2017 taxes to $12,000 for 2018 taxes (the ones you file in 2019).

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