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Waived penalty for those of you whose tax withholding and estimated tax payments fell short in 2018

January 24, 2019

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Five major changes to know before filing your taxes

January 17, 2019

 

The filing season begins Jan. 28. But because of the shutdown, help from the Internal Revenue Service will be greatly limited. This can create a difficult situation for those of you filing your 2018 taxes, given the major changes under the Tax Cuts and Job Acts of 2017.

 

Tax code changes were approved last year by Congress and signed by President Donald Trump.

This has been the first major overhaul to the tax code since 1986.

While the changes made to both individual and corporate tax rates and are expected to increase the debt by about $1.46 trillion over the next 10 years, among the changes include adjustments to the tax brackets.

 

Seven tax brackets remain, but the rates for some of the brackets have been adjusted.

  • 10% (income up to $9,525 for individuals; up to $19,050 for married couples filing jointly) - unchanged for individuals, but the income for marr