Wednesday, August 22, 2018

SENIOR CONNECTIONS
FARMINGDALE PUBLIC LIBRARY

November/December 2018 Newsletter

Topic of the Month
WHAT THE TAX REFORM BILL MEANS FOR INDIVIDUALS

To inform federal income taxpayers of extensive changes to the tax code prior to upcoming tax preparation period, the Journal of Accountancy in concert with Association of International Professional Accountants, prepared a detailed description of the new Tax Cut and Jobs Act which went into effect 2018. This act, which both houses of Congress passed on December 20,2017 and signed by the President, contains a large number of provisions that affect individual taxpayers. To keep the cost of the bill within Senate budget rules, however, all changes affecting individuals expire after 2025. At that time, if no future Congress acts to extend the provisions, the individual tax provisions would sunset, and tax law would revert to 2017 law. 

The tax law website  provides info on tax rate tables, passthrough income deductions, tax credits, education provisions, itemized deductions, and more.
Visit website: https://www.journalofaccountancy.com/news/2017/dec/tax-reform-bill-changes-for-individuals-201718070.html to view details of the Act or visit us (Senior Connections) at the library.