We help you navigate the ins and outs of the new tax law and get the biggest refund—or lowest tax bill—possible.
Supporters of the Tax Cuts and Jobs Act said the new law would cut taxes for millions of Americans and shrink their returns to the size of a postcard, drastically reducing the amount of time required to file.
The tax overhaul will indeed lower taxes for many taxpayers, but the upcoming filing season—the first since the tax law took effect— could introduce new headaches, complications and unexpected costs. Deductions and other tax breaks that taxpayers have claimed for years have been capped or eliminated. Self-employed people will probably need to hire an accountant to navigate a new money-saving tax break. And that streamlined tax return? While the new Form 1040 is shorter than the old one, it comes with 117 pages of instructions.
The lengthy instruction manual is a non-issue for most taxpayers because the majority use tax-preparation software or hire a tax preparer. But even if you outsource your taxes, filing your 2018 return will probably require extra effort on your part.
To add another layer of complication, in mid-January the IRS was still shuttered as a result of the partial shutdown of the federal government. The agency announced it will bring back some (unpaid) workers to process returns and issue refunds even if the shutdown isn’t over by the time tax season starts on January 28. But don’t look for much live assistance from the agency. Its toll-free help-line numbers weren’t working during the shutdown, and the IRS’s taxpayer assistance centers were closed, too.
BIG CHANGES
The tax overhaul lowered tax rates across the board and expanded income thresholds, so more of your income will be taxed at the new, lower rates. For example, the top rate was reduced to 37% from 39.6%, and for a married couple, it doesn’t kick in until their taxable income exceeds $600,000. In 2017, that couple would have paid the top rate once their taxable income exceeded $470,700.
ãã®èšäºã¯ Kiplinger's Personal Finance ã® March 2019 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã9,000 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã ?  ãµã€ã³ã€ã³
ãã®èšäºã¯ Kiplinger's Personal Finance ã® March 2019 çã«æ²èŒãããŠããŸãã
7 æ¥éã® Magzter GOLD ç¡æãã©ã€ã¢ã«ãéå§ããŠãäœåãã®å³éžããããã¬ãã¢ã ã¹ããŒãªãŒã9,000 以äžã®éèªãæ°èã«ã¢ã¯ã»ã¹ããŠãã ããã
ãã§ã«è³Œèªè ã§ã? ãµã€ã³ã€ã³
MAKING A DIFFERENCE IN THE LIVES OF DISABLED VETERANS
He suffered grave injuries in the line of duty. Now he helps other veterans who have disabilities.
DO YOU NEED UMBRELLA INSURANCE?
A policy can protect you from financially devastating events.
Navigating Finances as a Blended Family
Money matters can get complicated when two families unite. Planning is key.
BREAKING UP WITH YOUR BROKER
Be aware of these challenges when you move your money to a new home.
CHOOSE A MEDICARE PLAN THAT'S RIGHT FOR YOU
Consider your health care needs over the long term as you weigh costs and coverage.
Keep Faith in These Stocks
IN 1997, I coined the phrase âfaith-based investing.â It has nothing to do with religion or with picking stocks at random.
OUR ESG PICKS ARE THRIVING
Despite an ongoing backlash, our favorite stocks and funds focused on environmental, social and corporate governance issues had a good year overall.
MONEY MANNERS FOR THE MODERN AGE
The customs for splitting a restaurant check, purchasing a wedding gift, tipping and more have evolved. These guidelines can help.
ELECTION 2024: POLITICS AND YOUR PORTFOLIO
Who wins the White House mattersâbut only at the margins when it comes to your investments.
YOUR GUIDE TO OPEN ENROLLMENT
With health care costs on the rise, itâs critical to select a plan that fits your needs at the right price.