What the New tax law means for You. The new tax bill passed by Congress on Wednesday and signed into law on Friday is a major coup for U.
The House passed a new tax bill on December 20th, causing a lot of uproar and anger for many. But what exactly is in this tax bill, and what does it mean for you? The most controversial aspect of this bill is the large tax cut for corporations .
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If you’re really a planner, note that currently this rule expires on Jan. 1, 2026, although who knows what might happen to it by that time. But if you moved in 2017, be sure to talk to your accountant or tax preparer about whether you are eligible for the deduction, as this new law didn’t kick in until the 2018 tax year. 2.
“The major issue that we don’t talk about in Congress, you don’t talk about. Tuesday to pay for an infrastructure bill by.
3 Things to Know in the Housing Market Today! Some we just don’t know yet. The following three areas of the housing market are critical to understand: interest rates, building materials, and the outlook for an economic slowdown. 1. interest rates. One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money.
The House passed a new tax bill on December 20th, causing a lot of uproar and anger for many. But what exactly is in this tax bill, and what does it mean for you? The most controversial aspect of this bill is the large tax cut for corporations. While there are some tax cuts for small businesses, the majority of the cuts will go to large.
It’s Official: What the New Tax Bill Means for You. Ultimately, how the bill shakes out for each individual or family depends on income and wealth level, family size, what state you live in and whether you own a home, among other factors. Tim Steffen, director of advanced planning at baird private wealth Management,
· Alimony. The new rules for the treatment of alimony payments are effective for divorce or separation agreements entered into after Dec. 31, 2018. Under the new tax bill, the tax deduction for alimony payments is eliminated, and recipients no longer need.
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Tax relief via the Child Tax Credit. Indeed, in the example above, it would mean saving under the new plan as opposed to paying more. The new tax bill also includes a $300 credit for non-child dependents for five years, after which that provision would go away.