Get Acquainted: The 2018 IRS Withholding Calculator Has Launched

Are you feeling anxious about how the recent Tax Reform will affect your finances?  Did you know that there are several helpful tools at the IRS.gov website to help you navigate the questions about your particular tax situation? Ease the stress and check out the easy to use  Interactive Tax Assistant for topics including Claiming Dependents, Your  Filing Status, Pensions and IRAs, Credit Eligibility and more.

The latest, the  2018 Withholding Calculator has just been launched. Some key changes included are:

2018 Standard Deductions (Personal Exemptions Eliminated):

  • Single or Married Filed Separately- $12,000
  • Married Filing Jointly- $24,000
  • Head of Household- $18,000
  • Over 65 or Blind, add $1300 per person

2018 State and Local Taxes– The itemized deduction is limited to $10,000 for both income and property taxes paid during the year

2018 Misc Deductions– Gone , including unreimbursed Employee expenses and tax prep and investment fees

2018 Child Tax Credit– $2000 per child to age 17; $500 available for other Dependents

One final tip, be sure to review my blog on reviewing withholding. If you have any questions, or need assisting with organizing your business or personal books, Call or Email MJB’s Bookkeeping Solutions, LLC  for a clearer economic path.

 

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